Patriot National Bancorp announced on March 20, 2025, the completion of a $57.75 million private placement of common and preferred stock. This capital infusion is a critical step to bolster the bank's capital ratios and address regulatory requirements.
As part of the transaction, approximately $7.0 million of Senior and Subordinated Notes were converted into common stock. The remaining Senior Notes' maturity was extended to April 15, 2028, with an interest rate increase to 10% effective January 1, 2026, and Subordinated Note interest will be paid-in-kind through March 30, 2026.
The company also announced the departure of Chief Executive Officer David Lowery, effective by April 15, 2025. Steven Sugarman, who was appointed President in January, will become the highest-ranking executive, leading the bank's future direction.
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