Patriot Bank (CT) is headquartered in Stamford and is the 15th largest bank in the state of Connecticut. It is also the 821st largest bank in the nation. It was established in 1994 and as of September of 2019, it had grown to 130 employees at 9 locations. Patriot Bank (CT)'s money market rates are 5X the national average, and it has a B health rating.
I opened a Patriot Bank Online Money Market account last week as their rate is competitive. Nowhere in their deposit account agreement could I find mention of any ACH transfer limits. Unfortunately, after speaking with a CS rep I was informed that there is a strict limit of $10,000 per ACH transfer both inbound and outbound, regardless of where the transfer is initiated from. In effect this means that it is not possible to transfer more than $60,000 out of the account via ACH in a month (and it would take 6 x $10,000 withdrawals to do so).
I jumped through all the hoops that this bank requires to open a money market account. But after all my effort they were unable to connect to my checking account at another (well-established) bank.
They also failed to send me a notice that there was any problem associated with my application, and, when I inquired, they would not identify the problem. This bank has a flawed application process.
|FDIC Certificate #||33928|
|Return on Assets - YTD||-0.01%|
|Return on Equity - YTD||-0.07%|
|Annual Interest Income||$32.7MM|
|Assets and Liabilities|
|Assets||Q3 2019vs Q3 2018||$972.2MM$915.4MM|
|Loans||Q3 2019vs Q3 2018||$796.0MM$756.6MM|
|Deposits||Q3 2019vs Q3 2018||$765.6MM$724.6MM|
|Equity Capital||Q3 2019vs Q3 2018||$96.6MM$95.5MM|
|Loan Loss Allowance||Q3 2019vs Q3 2018||$8.4MM$6.6MM|
|Unbacked Noncurrent Loans||Q3 2019vs Q3 2018||$19.2MM$24.9MM|
|Real Estate Owned||Q3 2019vs Q3 2018||$2.4MM$991.00K|
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|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|Patriot Bank (CT) Locations|
|Greenwich Branch||100 Mason Street||Greenwich, CT 06830|
|Norwalk Branch||16 River Street||Norwalk, CT 06852|
|Fairfield Branch||1755 Black Rock Turnpike||Fairfield, CT 06825|
|Westport Branch||415 Post Road East||Westport, CT 06880|
|Scarsdale Branch||495 Central Park Avenue||Scarsdale, NY 10583|
|Milford Branch||771 Boston Post Road||Milford, CT 06460|
|Darien Branch||800 Post Road||Darien, CT 06820|
|Stamford Branch||900 Bedford Street||Stamford, CT 06901|
|Orange Branch||7 Old Tavern Road||Orange, CT 06477|