Pryor Cashman client Patriot National Bancorp, Inc. has successfully entered into securities purchase agreements to raise over $50 million in a private placement and agreed to issue shares of common stock and non-voting preferred stock to a diverse group of accredited investors. This strategic equity recapitalization is expected to result in strong balance sheet and robust capital ratios for Patriot National Bancorp and its wholly owned banking subsidiary, Patriot Bank, N.A.
Steven Sugarman, the President of Patriot National Bancorp, said, "I am humbled by the strong investor demand to invest in Patriot Bank and our management team. I am excited to have the opportunity to work with Patriot's existing employees and to add additional Directors, Officers, and bankers to our team. The new capital will enable Patriot to meet the bespoke needs of its clients, safely and soundly. The future is bright for Patriot."
Pryor Cashman Partner Pinchus D. Raice, co-chair of the Financial Institutions Practice, and Counsel Dustin N. Nofziger, a member of the Financial Institutions Practice, served as regulatory counsel on this deal for Patriot National Bancorp, Inc. and Patriot Bank, N.A. Patriot National Bancorp, Inc. is a registered bank holding company supervised by the Board of Governors of the Federal Reserve System ("Federal Reserve") and Patriot Bank, N.A. is a national banking association supervised by the Office of the Comptroller of the Currency ("OCC").
Learn more using the link below.
Resources
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
