Patriot Bank Exits Regulatory Restrictions, Accelerates Private Banking Expansion

Patriot Bank, the $1.3 billion-asset subsidiary of Patriot National Bancorp, was on the brink of collapse just over a year ago. The Office of the Comptroller of the Currency imposed a formal 40-page agreement on January 14, 2025, requiring the bank to rebuild its risk-management and anti-money-laundering controls. Ending the agreement not only reduces regulatory costs but also allows the bank to redirect resources toward high-net-worth clients and fintech partnerships.

The OCC terminated the agreement on June 30, 2026, ending 17 months of heightened supervision. CEO Steven Sugarman said consultants, audits and additional hiring cost more than $5 million in total. The bank’s Beverly Hills location, which opened on June 29, has already attracted more than $100 million in deposits, and it plans to open a flagship location in Palm Beach, Florida, by the end of 2026.