PNBK News & Events

Patriot Bank, the wholly owned subsidiary of Patriot National Bancorp, announces the election of Richard Smith, Jeffrey Seabold and Thedora Nickel to serve on the Patriot Bank's Board of Directors and the appointment of the following leaders to the management team: Paul Simmons as Executive Vice President, Chief Credit Officer; Nicole L. Wells as Senior Vice President, Head of Operations; Rebecca Mais as Senior Vice President, High Net Worth and Specialty Deposits; Raquel Gillett as Senior Vice President, Digital Automation and Risk Analytics

Patriot National Bancorp announced the departure of CEO David Lowery and the execution of a long-term employment agreement with President Steven Sugarman. Sugarman previously served as the Founder, Chairman, President and CEO of Banc of California, Founder and Chairman of COR Clearing, and continues to serve as Founder and CEO of The Change Company CDFI. Lowery will remain in his current role through April 15 or as otherwise determined by Lowery and Patriot National Bancorp, to ensure a seamless transition.

Patriot National announced that it has entered into securities purchase agreements to raise over $50M in a private placement and agreed to issue shares of common stock and non-voting preferred stock to a diverse group of accredited investors. Net proceeds from the offering will be used to increase the equity capital and strengthen the balance sheet of Patriot National Bancorp and its wholly owned banking subsidiary, Patriot Bank NA. The private placement was led by Sugarman and co-led by affiliates of FlyHouse Management, LLC. Performance Trust Capital Partners, LLC served as strategic advisor to the Company and placement agent for the private placement. Michelman & Robinson LLP served as counsel for the lead investor and Blank Rome LLP, Pryor Cashman LLP, and Robinson & Cole LLP served as counsel for Patriot National Bank.