Bankwell CEO Ordered to Address Unpaid Amex Bills

Peyton Patterson, president and chief executive of Bankwell Financial Group (BWFG) in New Canaan, Conn., has been ordered by a judge to pay more than $350,000 to American Express to address unpaid credit card bills.

Patterson, who joined the $780 million-asset company in 2012, has also been ordered by judges presiding over separate lawsuits to make payments to two country clubs, the Hartford Business Journal reported Monday. She has also reached an agreement with Madison, Conn., to pay back taxes to the town.

"This is a personal matter which I take very seriously and am actively addressing," Patterson, who received nearly $1.1 million in compensation last year, said in a written statement sent to American Banker through a Bankwell spokeswoman. "The items are being resolved or are the result of legitimate disputes."

Patterson told Bankwell's board about the issues in late May, Blake Drexler, the company's chairman, told the Hartford publication.

"I think we're very comfortable with the circumstances and we're confident she's going to resolve them," he added. "It's a set of circumstances that could happen to any of us, to be quite candid. She's an outstanding president and CEO, she's done great things for the bank and our customers."

Bankwell recently raised nearly $50 million in an initial public offering. The company agreed in April to buy Quinnipiac Bank & Trust in Hamden, Conn. It also bought Wilton Bank in Wilton, Conn.