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DRB & Patriot Financial Partners raise $20M

Press Release

Published September 14, 2017

Darien Rowayton Bank, a financial technology firm specializing in student loan refinancing and lending developed a strategic relationship with Patriot Financial partners and raised $20M in invested capital. The relationship signifies an alignment of strategy, a consultative approach to partnership and mutual business value.

Patriot Financial Partners, led the investment round. As a result of the investment, Michael High, a Partner at Patriot, will join the board of directors at Darien Rowayton Bank.

Darien Rowayton Bank’s online lending division known as Laurel Road, is a trusted lending and banking partner to tens of thousands of high-achieving professionals. Laurel Road offers its customers the simplicity and ease of a digital platform with the security of a bank. “We are pleased to be working closely with Patriot as a strategic partner,” says Gary Lieberman, CEO and Chairman of the Board for Darien Rowayton Bank. “Our capacity to originate loans is strong, and we continue to position the bank for ongoing responsible growth. This new partnership aligns with our strategic vision, and will allow us to tap into the vast experience and network of the Patriot team.”

Patriot Financial Partners is a private equity firm focused on investing in community banks, thrift and financial services related companies. Mr. High has more than 40 years of banking and investment experience. “For us, Darien Rowayton bank aligns perfectly with our objective to seek superior risk-adjusted returns through a partnership approach,” says Mr. High. “We look forward to partnering together to ensure our extensive industry knowledge, business contacts and operating backgrounds add incremental value and opportunities for growth and support of the business.”

Houlihan Lokey served as financial advisor to Darien Rowayton Bank on this transaction.


About Darien Rowayton Bank and Laurel Road:

Laurel Road is the national online lending division of Darien Rowayton Bank. FDIC-insured and established in 2006, Darien Rowayton Bank has helped thousands of professionals with graduate and undergraduate degrees across the country to refinance and consolidate over $2.5 billion in federal and private school loans, saving these borrowers thousands of dollars each.

Darien Rowayton Bank is a Connecticut-chartered bank, Member FDIC, and an Equal Housing/Opportunity Lender.