Patriot National Bancorp Announces Over $50 Million Private Placement

Core Viewpoint - Patriot National Bancorp, Inc. has announced a private placement to raise over $50 million to strengthen its equity capital and balance sheet [1] Group 1: Capital Raise and Financial Strategy - The company has entered into securities purchase agreements to raise over$50 million through the issuance of common stock and non-voting preferred stock [1] - Net proceeds from the offering will be utilized to enhance the equity capital and bolster the balance sheet of both Patriot National Bancorp and its subsidiary, Patriot Bank NA [1] - The capital raise is seen as a positive inflection point for the bank, enabling it to pursue market opportunities [3] Group 2: Leadership Changes - Steven Sugarman has been appointed as the new President and has entered into a long-term employment agreement [2] - The current CEO, David Lowery, will remain in his position until April 15, 2025, to ensure a smooth transition [2] - Lowery expressed pride in leading the successful recapitalization of Patriot Bank and acknowledged the efforts of the employees [3] Group 3: Advisory and Legal Support - Performance Trust Capital Partners, LLC acted as the strategic advisor and placement agent for the private placement [4] - Various law firms provided legal counsel for the transaction, including Michelman & Robinson LLP and Blank Rome LLP [4] Group 4: Future Outlook - The company remains committed to enhancing its digital payments platform and supporting entrepreneurs and business leaders in the tri-state community [8]