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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.
June 19 -
Bankwell Financial Group (BWFG) of New Canaan, Conn., raised nearly $49 million through its initial public offering.
May 15 -
Most of the bankers highlighted a year ago made headlines, took bold steps or had successful years. As expected, some bought other banks, rebranded or repositioned their companies for the future.
December 20 - WIB PH
The tireless Peyton Patterson says she has a five-year strategic plan for Connecticut's BNC Financial. If the first 12 months of her tenure are any indication, it's going to be a busy five years.
September 18
Peyton R. Patterson resigned from the helm of Bankwell Financial in New Canaan, Conn., on Thursday.
Her resignation from the positions of chief executive, president and board member comes less than two months after the well-known banker
Patterson did not specifically address her financial problems in a press release announcing her resignation, but she did say the departure from the $901 million-asset company was prompted by personal issues.
"I am incredibly proud of what we achieved during my time at Bankwell and did not want my personal matters to overshadow the accomplishments and hard work of our team," Patterson said in the press release. "I am certain the company's comprehensive product offerings, strong financial position and experienced leadership will ensure its continued success."
A company spokeswoman declined to comment beyond the press release.
The company said in the release the Chairman Blake S. Drexler would assume Patterson's responsibilities while a search committee seeks a permanent replacement. The committee will consider internal and external candidates.
In June, Drexler told the business journal that the board was confident Patterson would resolve the issues and called her an outstanding president and CEO.
Drexler said in the press release Thursday that Patterson, who joined the company in 2012, "was a key component of our successful initial public offering, and we wish her the best in her future endeavors."
The company
Before coming to Bankwell, Patterson was the CEO of NewAlliance Bancshares, which under her leadership grew from a small thrift to one of New England's largest community banks. It
Bankwell last week reported net income of $1.2 million in the second quarter, down 16% from a year earlier. However, the company said that, excluding merger-related expenses and securities gains, net income improved 23% year over year.
"We are pleased with the performance of the bank, having just reported another successful quarter and remain on track with all our strategic initiatives including
