Company Overview
Patriot Community Bank is an independent state co-operative chartered bank with consolidated assets of $208 million as of December 31, 2021. Patriot Community Bank is a full-service community bank headquartered in Woburn, Massachusetts. The bank provides a full range of consumer and commercial deposit and lending products to the communities surrounding Woburn.
Situation
Patriot Bank was founded in 2006, became profitable quickly by 2009 and has posted consistently strong returns over its lifetime (average ROA of 0.96% over the last twelve years). The bank is in a strong demographic market with an attractive combination of active commercial construction origination balanced with a residential mortgage origination and sale platform. The bank has never charged off a loan during its existence and made it through the COVID-19 pandemic with pristine credit.
Patriot was initially formed through the investment of a small group of influential leaders, and 15 years later, the bank began to anticipate a potential need for liquidity on the part of this group. It was important for the bank to partner with an institution that would provide the same culture and service to its employees, customers and communities.
Solution
On February 23, 2022, Patriot announced a merger with East Cambridge Savings Bank (“ECSB”) which combined two like-minded institutions and extended the footprint of ECSB into neighboring and strategically significant markets. ECSB is a mutual dating back to 1854 that prides itself on customer experience and playing a meaningful role in its communities.
John O’Donnell, President and CEO of Patriot, will remain with the bank post-closing as an Executive Vice President and senior commercial lending officer. Most of the employees of Patriot will retain their jobs in the new company. Both banks are on the same operating platform which should allow for a smooth and seamless conversion. The transaction closed on July 31, 2022.
For more information on this transaction, Richard L. Quad, Head, Depository Institutions, at 646.254.6387, Alan Grover, Senior Vice President, at 610.478.2008, or Christopher P. Adams, Analyst, at 610.205.6016.
