Highest-materiality recent filing
OCC terminates Formal Agreement with Patriot Bank; regulatory overhang removed
OCC terminated Formal Agreement effective June 30, 2026, citing safety and soundness no longer requires it.
Entered indemnification agreements with directors Anahit Magzanyan, Jonathan Roth, Mario De Tomasi, Carlos P. Salas, and Jeffrey Seabold.
Raised nearly $100M in common equity in 2025; Tier 1 capital ratio >18% as of Sept 30, 2025.
Patriot National Bancorp EVP and CIO Steven Grunblatt Passes Away
Steven Grunblatt, Executive Vice President and Chief Information Officer, died on December 18, 2025.
Offering consists of 19.2M voting common shares and 12.8M non-voting shares (via warrants), plus warrants for additional shares.
Patriot National Bancorp dismisses RSM, taps Baker Tilly as auditor; CEO Sugarman to become Chairman
RSM US LLP dismissed as auditor on Aug 22, 2025; Baker Tilly appointed for fiscal 2025. No disagreements or reportable events.
Patriot National Bancorp appoints Salas CFO, converts $2.8M debt to equity; De Tomasi named director
Unity and AmBank converted $2.8M aggregate principal/interest into 3.7M shares at $0.75/share.
Patriot National Bancorp completes $10.7M registered direct offering at $1.25/share
Gross proceeds of $10,655,200 from sale of 8,524,160 shares at $1.25 per share.
Patriot National Bancorp raises ~$10.5M in registered direct offering of 8.5M shares at $1.25/share
Issued 8,524,160 shares at $1.25 each in registered direct offering to accredited investors.
Patriot National Bancorp appoints new directors, C-suite officers; $1.9M debt converted to equity
Converted $1.9M in Senior Notes into 2.5M common shares; includes Chairman's entity.
Patriot National Bancorp completes $57.75M private placement; CFO resigns
Private placement of 60.4M common shares at $0.75/share and 90,832 Series A Preferred convertible into 7.27M common shares.
Raises minimum $50M via common stock at $0.75/share and Series A Preferred at $60/share.
Nasdaq granted financial viability exception under Listing Rule 5635(f) for a transaction requiring shareholder approval.
Patriot National reports preliminary Q4 net loss of $9.5M; book value crashes to $1.07 from $11.16
Preliminary Q4 2024 net loss ~$9.5M ($2.40 loss per share) vs prior year net income $0.9M ($0.23 EPS).
OCC found unsafe/unsound practices and BSA/AML, credit, and strategic planning violations; Bank must take corrective actions.
Steven Sugarman appointed President and board member effective December 30, 2024.
Patriot National Bancorp CFO retiring; Chief Risk Officer resigning; interim replacements named
CFO Joseph Perillo to retire by July 31, 2024; will assist transition for a new CFO.
Patriot National Bancorp restates Q1/Q2 2023 due to CECL error; equity impact ~$5.3M
Audit committee concluded no reliance on Q1 and Q2 2023 10-Qs; restatements to be filed.
Patriot National Bancorp Q2 net loss $546K vs $1.3M profit a year ago
Net loss of $546K ($0.14 diluted loss per share) in Q2 2023 vs net income of $1.3M ($0.32 EPS) in Q2 2022.
Patriot posts Q1 net loss of $53K, EPS $(0.01); provision for credit losses $1.3M
Net loss $53K ($0.01 per share) vs Q1 2022 net income $800K ($0.20 EPS).
Patriot National Bancorp CEO Robert Russell resigns; David Lowery named successor effective April 21
Robert G. Russell, Jr. resigned as President, CEO and Director, effective April 21, 2023.
Patriot National Bancorp reports Q4 2022 net income $1.8M, full year $6.2M
Q4 net income $1.8M ($0.45 EPS); full year $6.2M ($1.56 EPS) vs $5.1M in 2021.
Patriot National outlines growth strategy; may consider merger or sale of bank
Leveraging low-cost funding of Patriot Bank to build scale and profitability.
Patriot National Bancorp Q3 net income $2.3M ($0.59 EPS); hires Tom Slater as Chief Credit Officer
Net income of $2.3 million, $0.59 per share, vs $1.3 million ($0.34) in Q3 2021; nine-month net income $4.4 million ($1.11).
Patriot National Bancorp Chief Credit Officer retiring; interim duties assigned
Karen Rojeski, EVP & Chief Credit Officer, retires effective Sept 2, 2022.
Patriot National Bancorp Q2 net income $1.3M, EPS $0.32; loans up 16.2%
Net income $1.3M ($0.32 EPS) vs $1.0M ($0.26 EPS) in Q2 2021; 6-month net income $2.1M.
Patriot National Bancorp and American Challenger mutually terminate merger agreement
Termination effective July 18, 2022; boards of both companies approved unanimously.
OCC conditionally approved Patriot Bank's asset composition change on June 30, 2022.
The Company has previously reported that Angie Miranda was appointed as the Executive Vice President and Chief Risk Officer of the Bank, to be effective as of May 6, 2025, and that the compensation to Ms. Miranda was being negotiated.
On May 13, 2025, William Paul Simmons was appointed as the Executive Vice President and Chief Credit Officer of Patriot Bank, N.A., the Company’s wholly-owned subsidiary (the “Bank”).
On April 30, 2025, Steven Sugarman was appointed President, Chief Executive Officer and Director of Patriot Bank, N.A.
Angie Miranda was appointed Executive Vice President, Chief Risk Officer of the Bank, to be effective as of May 6, 2025.
On March 28, 2025, Thomas Slater submitted his notice of retirement as Executive Vice President and Chief Credit Officer of Patriot Bank, N.A. (the "Bank"), a wholly owned subsidiary of Patriot National Bancorp, Inc., effective May 15, 2025.
On March 24, 2025, David Finn submitted his resignation as Executive Vice President and Chief Financial Officer of the Company and the Bank, the Company’s wholly-owned subsidiary, effective as of May 15, 2025 or as otherwise determined by Mr. Finn and the Company, to ensure a seamless transition.
On March 20, 2025, David Lowery announced his resignation as Chief Executive Officer of the Company and as President and Chief Executive Officer of the Bank, the Company’s wholly-owned subsidiary, effective as of April 15, 2025 or as otherwise determined by Mr. Lowery and the Company, to ensure a seamless transition.
Effective on January 14, 2025, David Finn was appointed as Chief Financial Officer of Patriot and the Bank.
On October 30, 2024, Patriot National Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Patriot Bank, N.A. (the “Bank”) appointed Mr. David Finn as their Interim Chief Financial Officer and Executive Vice President, effective on October 30, 2024.
As result of the appointment of Mr. David Finn, the Company hereby confirms the retirement of Joseph Perillo as the Chief Financial Officer and Executive Vice President of the Company and the Bank, effective on October 30, 2024.
Upon Ms. Corprew’s resignation, Senior Vice President and Head of Digital Payments Compliance, Joshua Oliver, will be acting Chief Risk and Compliance Officer until a permanent replacement is appointed.
Additionally, on April 5, 2024, Judith Corprew, Chief Risk and Compliance Officer and Executive Vice President of the Bank, provided her notice of resignation to the Company.
Max materiality 0.95 · Median 0.60 · Most common event other_material