Patriot National Bancorp

Patriot National Bancorp, Inc. operates as a bank holding company. The firm offers consumer and commercial deposit accounts, such as checking, interest-bearing negotiable order of withdrawal, money market, savings, prepaid deposit, online national money market, individual retirement accounts, and health savings accounts, as well as certificate of deposit account registry services. Its loan portfolio consists of commercial real estate, commercial business, SBA, construction, purchased residential real estate, and various consumer loans. The company also offers automated clearing house transfers, lockbox, Internet banking, bill payment, remote deposit capture, debit cards, money orders, traveler's checks, and automatic teller machine services. The company was founded in 1999 and is headquartered in Stamford, CT.

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STAMFORD, Conn., Aug. 11, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A.

Patriot Reports Second Quarter Results

STAMFORD, Conn., July 21, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced that Grace Doherty, of Milton MA, has been appointed to the Board of Directors of the Bancorp and the Bank.

Patriot Bank Announces Appointment of Grace Doherty to the Board of Directors

STAMFORD, Conn., May 12, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A.

Patriot Reports Break Even First Quarter

STAMFORD, Conn., March 29, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced the promotion of David Lowery to become President and CEO of the Bank, succeeding Robert Russell.

Patriot Bank Announces Promotion of Chief Lending Officer to President & CEO

Pre-tax Income and Net Interest Margin buoyed by exceptional loan and deposit growth Pre-tax Income and Net Interest Margin buoyed by exceptional loan and deposit growth

Patriot Reports Fourth Quarter 2022 Net Income of $1.8 million, $0.45 per share; Full Year Net Income of $6.2 million, $1.56 per share

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STAMFORD, Conn., Dec. 21, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, National Association (the “Bank”), today announced the issuance and sale (the “Offering”) of $12 million in aggregate principal amount of 8.50% Fixed-Rate Senior Notes due 2026 (the “Notes”). The Company used the proceeds from the Offering to repay in full its 7.50% Senior Notes, due on December 31, 2022.

Patriot National Bancorp Announces Completion of $12 Million Senior Debt Offering

Patriot Reports Third Quarter 2022 Net Income of $2.3 million, $0.59 per share; continued growth in loans and deposits

STAMFORD, Conn., Sept. 23, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. ("Patriot") (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the "Bank"), today announced that the Bank has promoted Al Botta, Jr. to Executive Vice President and Chief Payments Officer.

Patriot Bank elevates leader in payments to Executive Vice President and Chief Payment Officer

STAMFORD, Conn., Aug. 05, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced net income of $1.3 million, or $0.32 basic and diluted earnings per share for the quarter ended June 30, 2022, compared to $800,000, or $0.20 per basic and diluted earnings per share for the first quarter of 2022 and net income of $1.0 million, or $0.26 basic and diluted earnings per share reported in the second quarter of 2021. The 2021 second quarter included the benefit of a non-recurring employee retention tax credit (“ERC”) of $1.1 million.

Patriot Reports Second Quarter 2022 Net Income of $1.3 million; continued growth in loans and deposits

STAMFORD, Conn., July 20, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc., a Connecticut corporation (“Patriot”), today announced the termination of the Merger Agreement, dated November 14, 2021, between Patriot and American Challenger Development Corp. (“American Challenger”), as amended (the “Merger Agreement”). The parties have mutually determined that not all closing conditions of the Merger Agreement can be satisfied under the current structure and agreement. Although the parties remain in active discussions regarding a modified transaction, it is uncertain whether a new agreement can be reached. Accordingly, it was by mutual agreement of the companies and was unanimously approved by the Boards of Directors of each company to terminate the existing Merger Agreement. Pursuant to the parties' mutual termination and release agreement, the parties have agreed to release each other from any claims relating to or arising out of the Merger Agreement or the transactions contemplated thereby.

Patriot Bank Announces Termination of Merger Agreement with American Challenger

STAMFORD, Conn., July 06, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc., a Connecticut corporation (“Patriot”), announced today that, on June 30, 2022, the Office of the Comptroller of the Currency (the “OCC”) conditionally approved the application of Patriot Bank, National Association (“Patriot Bank”) to substantially change its asset composition under 12 CFR 5.53 in connection with the transactions (the “Proposed Transactions”) contemplated by the Merger Agreement, dated November 14, 2021, between Patriot and American Challenger Development Corp. (“American Challenger”), as amended (the “Merger Agreement”). This OCC approval is a requisite regulatory approval under the Merger Agreement.

Patriot Bank Receives Conditional OCC Approval Required under Merger Agreement with American Challenger

STAMFORD, Conn., June 24, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot”) (NASDAQ: PNBK) announced today that it had formally extended the maturity of its $12 million senior notes (the “Notes”) that were to mature on June 30, 2022. The extension provides for a new maturity date of December 31, 2022. The interest rate shall be increased 25bps from 7.0% to 7.25% per annum from the period of July 1, 2022, through September 30, 2002. In the event the Notes remain outstanding beyond September 30, 2022, the interest rate shall be increased another 25bps to 7.50% per annum through the maturity date. The notes can be repaid anytime on or before December 31, 2022. The purpose of the extension is to provide Patriot with the additional time needed to complete the proposed merger of American Challenger Development Corp. (“American Challenger”) into Patriot, which was announced on November 15, 2021. Completion of the merger remains subject to certain closing conditions, shareholder approval and regulatory approval, which is nearing conclusion.

Patriot National Bancorp Extends Maturity of $12 million of Senior Notes

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STAMFORD, Conn., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced net income of $1.9 million, or $0.48 basic and diluted earnings per share for the quarter ended December 31, 2021, compared to a net loss of $1.4 million, or $0.35 basic and diluted loss per share reported in the fourth quarter of 2020. For the year ended December 31, 2021, net income was $5.1 million, or $1.29 per fully diluted share, compared to a net loss of $3.8 million, or $0.97 fully diluted loss per share for the year ended December 31, 2020.

Patriot Reports Fourth Quarter 2021 Net Income of $1.9 Million and full year Net Income of $5.1 Million; continued growth in loans and deposits

STAMFORD, Conn., Nov. 18, 2021 (GLOBE NEWSWIRE) -- Kroll Bond Ratings Agency (“KBRA”) assigned a preliminary deposit and issuer rating of BBB, and preferred stock rating of BBB- to the digital-first national bank being created by the proposed merger of American Challenger Development Corp. (“American Challenger”) with Patriot National Bancorp, Inc. (“Patriot”) (NASDAQ: PNBK), the holding company of Patriot Bank, N.A., a national bank headquartered in Stamford, Connecticut.

Patriot Bank Obtains Preliminary Investment Grade Rating

NEW YORK, Nov. 15, 2021 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Patriot National Bancorp, Inc. ("Patriot National" or the "Company") (NASDAQ: PNBK), in connection with the Company's proposed merger with American Challenger Development Corp. ("American Challenger") under which Patriot National will acquire American Challenger via a reverse subsidiary merger.  Under the terms of the merger agreement, at the effective time of the merger, American Challenger common stockholders will receive shares of Patriot National common stock as consideration and American Challenger preferred stockholders will receive cash.

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Combination will create a purpose-driven, digital-first national bank offering better rates and a premium customer experience

Patriot National Bancorp and American Challenger Development Corp. agree to merge and create largest digital challenger bank in America

STAMFORD, Conn., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced net income of $1.3 million, or $0.34 basic and diluted earnings per share for the quarter ended September 30, 2021, compared to a net loss of $87,000, or $0.02 basic and diluted loss per share reported in the third quarter of 2020. On a year-to-date basis, net income was $3.2 million, or $0.81 per fully diluted share, compared to a net loss of $2.4 million, or $0.62 fully diluted loss per share during the same year-to-date period in 2020.

Patriot Reports Third Quarter 2021 Net Income of $1.3 Million

STAMFORD, Conn., Sept. 27, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced that David Lowery has been promoted to Executive Vice President and Chief Lending Officer.

Patriot elevates David Lowery to the Executive team as EVP & Chief Lending Officer

STAMFORD, Conn., Sept. 24, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced the passing of Raymond B. Smyth on September 22, 2021 who had been battling a severe illness. Mr. Smyth had proudly served as a longstanding Director of Patriot Bank since 2008.

Patriot Bank Expresses Condolences for the Passing of Director Raymond B. Smyth

Patriot Reports Second Quarter 2021 Net Income of $1.0 Million

STAMFORD, Conn., May 13, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced pre-tax income of $1.2 million and net income of $854 thousand, or $0.22 basic and diluted earnings per share for the quarter ended March 31, 2021, compared to a net loss of $1.1 million reported in the first quarter of 2020.

Patriot Returns to Profitability and Reports First Quarter 2021 Net Income of $854 thousand

STAMFORD, Conn., April 29, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot”) (NASDAQ:PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced it has two executive hires and a promotion. Karen Rojeski has joined Patriot as its Executive Vice President and Chief Credit Officer. Steven Grunblatt has been promoted to Executive Vice President and Chief Information Officer. David Lowery has been hired as Head of Lending.

News for Patriot National Bancorp Stock (PNBK)