Patriot Bank, N.A., a subsidiary of Patriot National Bancorp, entered into a formal agreement with the Office of the Comptroller of the Currency (OCC) in January 2025. This agreement followed OCC findings of 'unsafe or unsound practices' within the bank.
The regulatory action cited violations related to strategic planning, capital planning, and Anti-Money Laundering (AML) risk management. The bank is now required to take remedial steps to address these deficiencies.
The agreement established new minimum capital ratios for the bank, including a Common Equity Tier 1 capital ratio of 10%, a Tier 1 capital ratio of 10%, a Tier 1 leverage ratio of 9%, and a Total capital ratio of 11.5%.
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