secwatch.observer — SEC 8-K summary
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Issuer:     PATRIOT NATIONAL BANCORP INC (PNBK)
CIK:        0001098146
Form:       8-K
Filed at:   2026-07-01T10:09:49+00:00
Accession:  0001437749-26-022212
Event type: regulatory
Sentiment:  positive
Materiality: 0.85
Item codes: 7.01, 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

OCC terminates Formal Agreement with Patriot Bank; regulatory overhang removed
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- OCC terminated Formal Agreement effective June 30, 2026, citing safety and soundness no longer requires it.
- Patriot spent over $5M on compliance since 2025; expects costs to decline sharply going forward.
- Assets grew from $1.1B to $1.3B in H1 2026; loan originations >$40M/month at ~7% yield.
- Beverly Hills location has >$100M in deposits; expansion into Greenwich and Palm Beach underway.
- Board decided not to pursue reverse stock split; targeting $2B in assets for further scale.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1098146/000143774926022212/0001437749-26-022212-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1098146/000143774926022212/pnbk20260701_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-26-022212

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer