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Patriot National Bancorp Inc - PNBK STOCK NEWS

Welcome to our dedicated page for Patriot National Bancorp news (Ticker: PNBK), a resource for investors and traders seeking the latest updates and insights on Patriot National Bancorp stock.

Patriot National Bancorp Inc (PNBK) is a premier community and commercial bank headquartered in Stamford, Connecticut. Established in 1994, Patriot Bank has played a pivotal role in fostering the growth of individuals, small businesses, nonprofits, and municipalities within Fairfield and New Haven Counties in Connecticut and Westchester County in New York. The bank's comprehensive suite of financial services includes checking accounts, savings accounts, money market accounts, time certificates of deposit, and individual retirement accounts (IRAs).

Patriot Bank's lending portfolio is robust, featuring commercial mortgage and construction loans, commercial loans, home improvement loans, home equity lines of credit, and various personal loans. This extensive range of products ensures that the financial needs of both consumers and businesses are met with tailored solutions.

The bank has earned recognition for its performance and service quality. In 2015, Sandler O’Neill & Partners named Patriot Bank one of the nation’s top-performing small-cap banks, marking it as the only bank in New England to receive such an honor. The bank continues to uphold this standard of excellence through its innovative banking products and exceptional customer service.

Beyond traditional banking, Patriot Bank offers a suite of digital services, including online and mobile banking, interactive teller machines, and various card options such as credit and debit cards. These services are designed to provide customers with convenient, round-the-clock access to their banking needs.

Patriot Bank’s bankers are not only experts in the financial industry but also possess deep local knowledge, ensuring they can provide personalized and impactful advice to their clients. This focus on community, combined with professional acumen, has helped Patriot Bank maintain a strong and loyal customer base.

For the latest updates and to experience Patriot Bank's superior customer service, visit their branches or use their live banker ATMs. You can also contact them at 1-888-PATRIOT or visit their website at www.bankpatriot.com.

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Patriot National Bancorp (NASDAQ: PNBK) has announced the promotion of David Lowery to President and CEO of Patriot Bank, effective late April 2023, succeeding Robert Russell. Russell is leaving to pursue another career opportunity after enhancing earnings and operations during his tenure. Lowery, who served as Chief Lending Officer for two years, has significantly contributed to the bank's growth in commercial and consumer sectors. The Board of Directors has expressed unanimous support for Lowery's promotion and is committed to providing resources for continued growth.

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Patriot National Bancorp reported Q4 2022 net income of $1.8 million ($0.45 per share), down from $2.3 million in Q3 2022. Annual net income rose to $6.2 million for 2022, a 21.6% increase from 2021. Pre-tax income grew 95% to $7.8 million, excluding non-recurring items. Notable growth in loans (14.7%) and deposits (14.9%) was achieved, with net interest margin increasing to 3.77% in Q4 2022. Total assets reached $1 billion, while non-interest income declined to $3.6 million due to lower SBA loan sales. Shareholders' equity decreased to $59.6 million, resulting in a book value of $15.03 per share.

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Patriot National Bancorp (NASDAQ: PNBK) has announced the issuance of $12 million in 8.50% Fixed-Rate Senior Notes due 2026. The proceeds will be used to fully repay its existing 7.50% Senior Notes, due at the end of 2022. These new Notes will earn interest semi-annually, starting July 15, 2023. The Chairman, Michael Carrazza, highlighted the strategic importance of this refinancing, which will provide the company with more time to achieve its objectives. The offering was facilitated by Keefe, Bruyette & Woods and PNC FIG Advisory.

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Patriot National Bancorp (PNBK) reported a net income of $2.3 million for Q3 2022, up from $1.3 million in Q2 2022 and Q3 2021. Earnings per share rose to $0.59, with total assets reaching $1.1 billion, supported by a 16.7% loan growth and an 11.5% increase in deposits. The net interest margin improved to 3.68% as net interest income rose 46.9% year-over-year. Notably, the company appointed Tom Slater as Chief Credit Officer. Despite a drop in book value per share from $17.02 to $14.66, excluding valuation impacts, the adjusted book value per share increased to $18.21.

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Patriot National Bancorp, Inc. (NASDAQ: PNBK) announced the promotion of Al Botta, Jr. to Executive Vice President and Chief Payments Officer. Botta, who joined Patriot Bank in 2018, has over 20 years of experience in the payments industry, significantly growing the Bank's payments division. President and CEO Robert Russell praised Botta's leadership and expressed confidence in enhancing the Bank's revenue streams. Founded in 1994, Patriot provides banking solutions to individuals and small businesses across the U.S., emphasizing community involvement and client relationships.

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Patriot National Bancorp (NASDAQ: PNBK) reported a net income of $1.3 million for Q2 2022, translating to $0.32 per share, an increase from $800,000, or $0.20 per share in Q1 2022. Total assets rose to $1.0 billion, with loan and deposit growth of 16.2% and 13.1% respectively. Net interest income grew by 30% year-over-year to $7.7 million, supported by improved net interest margins of 3.17%. The company faced a provision for loan losses of $275,000, and total shareholders' equity decreased to $59.8 million, impacted by declining market values amid rising interest rates.

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On July 20, 2022, Patriot National Bancorp announced the mutual termination of its Merger Agreement with American Challenger Development Corp. Initially dated November 14, 2021, the agreement was terminated due to unmet closing conditions. While both parties are in discussions for a modified transaction, the outcome remains uncertain. The Boards of Directors for both companies unanimously approved the decision to terminate, releasing each other from any claims related to the agreement.

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FAQ

What is the current stock price of Patriot National Bancorp (PNBK)?

The current stock price of Patriot National Bancorp (PNBK) is $3.7143 as of April 16, 2024.

What is the market cap of Patriot National Bancorp (PNBK)?

The market cap of Patriot National Bancorp (PNBK) is approximately 14.8M.

What services does Patriot National Bancorp Inc offer?

Patriot National Bancorp Inc provides checking and savings accounts, money market accounts, CDs, IRAs, and a wide range of loan options including commercial mortgages, construction loans, home improvement loans, and personal loans.

Where is Patriot Bank headquartered?

Patriot Bank is headquartered in Stamford, Connecticut.

In which areas does Patriot Bank operate?

Patriot Bank operates in Fairfield and New Haven Counties in Connecticut and Westchester County in New York.

What is unique about Patriot Bank’s service?

Patriot Bank combines deep local knowledge with extensive banking experience to offer personalized, top-tier banking products and creative solutions.

What digital services does Patriot Bank offer?

Patriot Bank offers online and mobile banking, interactive teller machines, and a variety of credit and debit cards.

How can I contact Patriot Bank?

You can contact Patriot Bank at 1-888-PATRIOT or visit their website at www.bankpatriot.com.

When was Patriot Bank founded?

Patriot Bank was founded in 1994.

Has Patriot Bank received any notable recognitions?

Yes, in 2015, Sandler O’Neill & Partners named Patriot Bank one of the nation’s top-performing small-cap banks.

What types of loans does Patriot Bank offer?

Patriot Bank offers commercial mortgage and construction loans, commercial loans, home improvement loans, home equity lines of credit, and personal loans.

Can I access banking services outside of branch hours?

Yes, Patriot Bank provides online and mobile banking services, as well as interactive teller machines, allowing for 24/7 access.

Patriot National Bancorp Inc

Nasdaq:PNBK

PNBK Rankings

PNBK Stock Data

14.77M
3.98M
39.29%
42.14%
0.07%
Banks - Regional
National Commercial Banks
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United States of America
STAMFORD