Patterson Resigns as Bankwell's CEO

Peyton Patterson, the CEO of New Canaan’s Bankwell Financial Group, has resigned in the midst of personal financial woes.

According to reports, Bankwell announced Patterson’s resignation Thursday, and replaced her with Blake S. Drexler will serve as interim CEO while the board of directors conducts a search for a permanent replacement, Bankwell said. The bank operates branches in New Canaan, Stamford, Wilton, Fairfield and Bridgeport.

According to The Hartford Business Journal, Patterson said in a press release, “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. 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’s financial woes were reported earlier this summer by the Hartford Business Journal. Citing court records, The Journal reported that judges have ordered Patterson to repay nearly $393,000 owed to American Express, two private country clubs and a contractor who performed work at her New Canaan home.

Before joining Bankwell, Patterson was CEO of New Alliance Bank in New Haven and after its $1.5 billion sale to First Niagra in 2010, Patterson reportedly left the institution with a compensation package of at least $16 million.

The full Hartford Business Journal story can be found here.