Patriot National Bancorp Terminates Material Agreement
Ticker: PNBK · Form: 8-K · Filed: Sep 11, 2025 · CIK: 1098146
| Field | Detail |
|---|---|
| Company | Patriot National Bancorp Inc (PNBK) |
| Form Type | 8-K |
| Filed Date | Sep 11, 2025 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $12,000,000, $57.75 million, $3,081,380.97 |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, material-event
Related Tickers: PNBK
TL;DR
PNBK terminated a big deal, details scarce.
AI Summary
Patriot National Bancorp, Inc. announced on September 5, 2025, the termination of a material definitive agreement. The filing does not specify the counterparty or the nature of the agreement, but it is classified under Item 1.02 of the 8-K form.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's operations, financial standing, and future strategic direction.
Risk Assessment
Risk Level: medium — Termination of a material agreement can signal underlying business issues or a change in strategic direction, warranting investor attention.
Key Players & Entities
- PATRIOT NATIONAL BANCORP, INC. (company) — Registrant
- 000-29599 (company) — Commission File Number
- 06-1559137 (company) — IRS Employer Identification No.
- September 5, 2025 (date) — Date of earliest event reported
FAQ
What specific material definitive agreement was terminated?
The filing does not specify the name or details of the terminated agreement.
Who was the counterparty to the terminated agreement?
The filing does not disclose the identity of the other party involved in the agreement.
What is the effective date of the termination?
The earliest event reported is September 5, 2025, which is also the date of the report.
Under which item of the 8-K is this event reported?
This event is reported under Item 1.02, Termination of a Material Definitive Agreement.
Does the filing provide any reason for the termination?
No, the filing does not provide any explanation or reason for the termination of the agreement.
Filing Stats: 643 words · 3 min read · ~2 pages · Grade level 11.1 · Accepted 2025-09-11 16:25:21
Key Financial Figures
- $0.01 — h registered Common Stock , par value $0.01 per share PNBK NASDAQ Global Market
- $12,000,000 — ny") completed the issuance and sale of $12,000,000 in aggregate principal amount of 8.50%
- $57.75 million — tes"). In connection with the Company's $57.75 million private placement completed on March 20
- $3,081,380.97 — interest due under the Senior Notes was $3,081,380.97 as of September 5, 2025. On September
Filing Documents
- pnbk20250911_8k.htm (8-K) — 24KB
- 0001437749-25-028851.txt ( ) — 151KB
- pnbk-20250905.xsd (EX-101.SCH) — 3KB
- pnbk-20250905_def.xml (EX-101.DEF) — 11KB
- pnbk-20250905_lab.xml (EX-101.LAB) — 15KB
- pnbk-20250905_pre.xml (EX-101.PRE) — 11KB
- pnbk20250911_8k_htm.xml (XML) — 3KB
02. Termination of a Material Definitive Agreement
Item 1.02. Termination of a Material Definitive Agreement. As previously disclosed, on December 21, 2022, Patriot National Bancorp, Inc. (the "Company") completed the issuance and sale of $12,000,000 in aggregate principal amount of 8.50% Fixed Rate Senior Notes due 2026 (the "Senior Notes"). In connection with the Company's $57.75 million private placement completed on March 20, 2025, certain amendments to the Senior Notes became effective (the "Amendments"). Pursuant to the Amendments, among other things, at any time prior to the maturity date of the Senior Notes, the Company may repay any amount of the outstanding principal amount of the Senior Notes without penalty. As a result of the conversion on and after March 20, 2025 by certain noteholders of the outstanding principal and unpaid interest balances due under their Senior Notes into shares of the Company's common stock, par value $0.01 per share, as permitted under the Amendments, the aggregate amount of principal and unpaid interest due under the Senior Notes was $3,081,380.97 as of September 5, 2025. On September 5, 2025, the Company repaid to the remaining noteholders this amount in cash and thus all of the Company's commitments and obligations under the Senior Notes have been satisfied in full. The foregoing summary of the Senior Notes and Amendments does not purport to be complete and is subject to, and qualified in its entirety by reference to the Senior Notes, which were filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed on December 21, 2022, and the Amendments, which were filed as Exhibits 10.4 and 10.5 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed on April 15, 2025, and are incorporated herein by reference. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Patriot National Bancorp, Inc. S