Patriot National Bancorp enters OCC agreement over unsafe practices; bank now in 'troubled condition'

PATRIOT NATIONAL BANCORP INC

OCC found unsafe/unsound practices and BSA/AML, credit, and strategic planning violations; Bank must take corrective actions.
By Feb 28, 2025, Bank must achieve minimum capital: CET1 10%, Tier1 10%, Total 11.5%, Leverage 9%.
OCC designated Bank as 'troubled condition'; prior individual minimum capital ratios terminated Jan 17, 2025.
David Finn appointed permanent CFO (effective Jan 14, 2025); previously interim CFO since Oct 2024; no compensation change.
Multiple plans (strategic, capital, BSA/AML, risk management) must be submitted to OCC within 30-90 days.

item 1.01 item 5.02 item 9.01

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Appointed

David Finn

Chief Financial Officer

PNBK · PATRIOT NATIONAL BANCORP INC

Effective: 2025-01-14
Filed: January 21, 2025, 6:59 PM ET

Effective on January 14, 2025, David Finn was appointed as Chief Financial Officer of Patriot and the Bank.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 1.0

David Finn was appointed as Chief Financial Officer at PATRIOT NATIONAL BANCORP INC.

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

Effective on January 14, 2025, David Finn was appointed as Chief Financial Officer of Patriot and the Bank.

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Source: SEC EDGAR

accession 0001437749-25-001434

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