Patriot National Bancorp issues $10.0M 8.5% subordinated notes due 2036

PATRIOT NATIONAL BANCORP INC

Issued $10.0M aggregate principal of 8.5% Fixed-to-Floating Rate Subordinated Notes due Sept 30, 2036.
Fixed 8.5% to Sept 2031, then resets to 3-month SOFR + 416 bps, paid quarterly.
Notes intended to qualify as Tier 2 capital; proceeds for general corporate purposes and bank investment.
Redeemable on/after Sept 30, 2031; subordinated to senior debt, not convertible; no sinking fund.
Placement agent: Performance Trust Capital Partners; UMB Bank as paying agent and settlement agent.

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