- Chief Executive Officer, President and Board Member Peyton R.
Patterson Resigns -
- Chairman Blake S. Drexler to serve as Executive Chairman -
- Board forms search committee to find a new CEO -
NEW CANAAN, Conn.--(BUSINESS WIRE)--
Bankwell Financial Group, Inc. (NASDAQ:BWFG) announced today that Peyton
R. Patterson has resigned from her positions as chief executive officer,
president and board member, effective immediately. Chairman Blake S.
Drexler has been appointed executive chairman by the Board of Directors
and will assume Ms. Patterson’s responsibilities. The board has formed a
search committee to identify a qualified candidate to serve as chief
executive officer. The board will consider internal and external
candidates for the role. Once the search is complete, Mr. Drexler will
return to his former role of non-executive chairman.
On behalf of the board, Mr. Drexler stated, “I would like to express our
gratitude and appreciation to Peyton for her significant contributions
to the company during her tenure. Peyton’s leadership and dedication was
a key component of our successful initial public offering, and we wish
her the best in her future endeavors. One of her greatest legacies is
the strong, experienced executive team she helped assemble. This will
allow for a smooth transition of responsibilities without any
disruptions to the business. I am confident the depth of our executive
team, strong financial position and talented employees will ensure
Bankwell continues on its upward trajectory.”
“After careful consideration and discussions with the board, I have
decided it is in the best interests of the company to resign from my
positions,” said Ms. Patterson. “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. I am
certain the company’s comprehensive product offerings, strong financial
position and experienced leadership will ensure its continued success.”
Mr. Drexler continued, “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 the acquisition of Quinnipiac
Bank & Trust.”
About Bankwell Financial Group
Bankwell is a commercial bank that serves the banking and lending needs
of residents and businesses throughout Fairfield County, CT. For more
information, visit www.mybankwell.com
This press release may contain certain forward-looking statements
about the Company. Forward-looking statements include statements
regarding anticipated future events and can be identified by the fact
that they do not relate strictly to historical or current facts. They
often include words such as “believe,” “expect,” “anticipate,”
“estimate,” and “intend” or future or conditional verbs such as “will,”
“would,” “should,” “could,” or “may.” Forward-looking statements, by
their nature, are subject to risks and uncertainties. Certain factors
that could cause actual results to differ materially from expected
results include increased competitive pressures, changes in the interest
rate environment, general economic conditions or conditions within the
securities markets, and legislative and regulatory changes that could
adversely affect the business in which the Company and its subsidiaries
are engaged.
Bankwell Financial Group, Inc.
Diane Knetzger, 203-652-6319
dknetzger@mybankwell.com
Source: Bankwell Financial Group, Inc.