Patriot National Bancorp Announces Director Changes
Ticker: PNBK · Form: 8-K · Filed: Jan 21, 2025 · CIK: 1098146
| Field | Detail |
|---|---|
| Company | Patriot National Bancorp Inc (PNBK) |
| Form Type | 8-K |
| Filed Date | Jan 21, 2025 |
| Risk Level | low |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, governance, filing
Related Tickers: PNBK
TL;DR
Board shakeup at PNBK: Director out, new one in. Check financials.
AI Summary
On January 14, 2025, Patriot National Bancorp, Inc. announced the departure of Director Michael J. Carbone and the election of new Director John A. Varghese. The company also reported on compensatory arrangements for certain officers and filed financial statements and exhibits.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance and financial reporting, with no immediate indication of significant financial distress or major strategic shifts.
Key Players & Entities
- Patriot National Bancorp, Inc. (company) — Registrant
- Michael J. Carbone (person) — Departing Director
- John A. Varghese (person) — Newly Elected Director
- January 14, 2025 (date) — Date of earliest event reported
FAQ
Who has departed from the Board of Directors of Patriot National Bancorp, Inc.?
Michael J. Carbone has departed from the Board of Directors.
Who has been elected as a new Director to the Board of Patriot National Bancorp, Inc.?
John A. Varghese has been elected as a new Director.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported is dated January 14, 2025.
What are the main items reported in this Form 8-K filing?
The filing reports on the entry into a material definitive agreement, departure/election of directors, appointment of officers, compensatory arrangements, and financial statements/exhibits.
In which state is Patriot National Bancorp, Inc. incorporated?
Patriot National Bancorp, Inc. is incorporated in Connecticut.
Filing Stats: 1,670 words · 7 min read · ~6 pages · Grade level 12.3 · Accepted 2025-01-17 20:55:23
Key Financial Figures
- $0.01 — h registered Common Stock , par value $0.01 per share PNBK NASDAQ Global Market
Filing Documents
- pnbk20250117_8k.htm (8-K) — 43KB
- ex_767430.htm (EX-10.1) — 208KB
- 0001437749-25-001434.txt ( ) — 411KB
- pnbk-20250114.xsd (EX-101.SCH) — 3KB
- pnbk-20250114_def.xml (EX-101.DEF) — 11KB
- pnbk-20250114_lab.xml (EX-101.LAB) — 15KB
- pnbk-20250114_pre.xml (EX-101.PRE) — 11KB
- pnbk20250117_8k_htm.xml (XML) — 3KB
01 Entry into A Material Definitive Agreement
Item 1.01 Entry into A Material Definitive Agreement. On January 14, 2025, Patriot Bank, N.A. (the "Bank"), the wholly-owned subsidiary of Patriot National Bancorp, Inc. ("Patriot" or the "Company"), entered into an agreement (the "OCC Agreement") with the Office of the Comptroller of the Currency ("OCC"), pursuant to which the Bank agreed, through its board of directors ("Bank Board") to take certain actions which, among others, including the following: By January 31, 2025, the Bank Board shall appoint a Compliance Committee of at least three members, a majority of whom shall be directors who are not employees or officers of the Bank or any of its subsidiaries or affiliates. The Compliance Committee shall be responsible for monitoring and oversee the Bank's adherence to the provisions of the OCC Agreement; Within 30 days of the date of the OCC Agreement, and thereafter within 30 days after the end of each quarter, the Compliance Committee shall submit to the Bank Board a written progress report setting forth in detail a description of the corrective actions needed to achieve compliance with the OCC Agreement, the specific corrective actions undertaken to comply with the OCC Agreement, and the results and status of the corrective actions; Within 45 days of the date of the OCC Agreement, the Bank Board shall submit to the Assistant Deputy Comptroller an acceptable written strategic plan for the Bank, to establish objectives for the Bank's overall risk profile, earnings performance, growth, balance sheet mix, off-balance sheet activities, liability structure, capital and liquidity adequacy, product line development, and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives; By February 28, 2025, the Bank shall achieve and thereafter maintain the minimum capital ratios as defined in 12 C.F.R. 3.10(b) and as calculated in accordance with 12 C.F.R. Part 3, which, specifically, include: (i) a common equity
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Number Description 10.1 Form of Agreement by and between Patriot Bank, National Association and the Office of the Comptroller of the Currency 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PATRIOT NATIONAL BANCORP, INC. January 17, 2025 By: /s/ David Lowery David Lowery Chief Executive Officer