Patriot National Bancorp, Inc. Completes Private Placement of $10 Million in Fixed-To-Floating Rate Subordinated Notes Due 2028
July 02, 2018 at 09:50 am EDT
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Patriot National Bancorp, Inc. announced that it has completed the private placement of $10 million in fixed-to-floating rate subordinated notes due 2028 (the “Notes”). A material portion of the proceeds from the sale of the Notes will be down-streamed to Patriot as regulatory capital, which will be used for financing of its pending acquisition and for general corporate purposes. The Notes will initially bear interest at 6.25% per annum, beginning June 29, 2018 through June 29, 2023, payable semi-annually in arrears. From June 30, 2023 through June 29, 2028, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month LIBOR plus 332.5 basis points, payable quarterly in arrears. Beginning on June 30, 2023 through maturity, the Notes may be redeemed, at PNBK’s option, on any scheduled interest payment date. The Notes will mature on June 30, 2028.
Patriot National Bancorp, Inc. is a one-bank holding company for Patriot Bank, N.A (the Bank). The Bank has a total of nine branch offices comprised of eight branch offices located in Fairfield and New Haven Counties, Connecticut and one branch office located in Westchester County, New York. It offers commercial real estate loans, commercial business loans, small business administration (SBA) loans and a variety of consumer loans to individuals, small and medium-sized businesses and professionals. Its consumer and commercial deposit accounts offering include checking, interest-bearing negotiable order of withdrawal, money market, time certificates of deposit, savings, prepaid deposit accounts, on-line national money market accounts, certificate of deposit account registry service, individual retirement accounts and others. Other services offered by the Bank include lockbox, Internet banking, bill paying, remote deposit capture, debit cards, money orders, travelers' checks, and ATMs.
PATRIOT NATIONAL BANCORP, INC. 
