STAMFORD, CT – Patriot National Bancorp (PNBK), parent company of Patriot Bank, N.A., announced today the successful completion of a registered direct offering, injecting fresh capital into the community bank. The offering, finalized June 5, 2025, saw the issuance of 8,524,160 shares of common stock at $1.25 per share, netting a gross proceeds haul of $10.65 million.
This capital raise follows a previous private placement on March 20, 2025, which raked in over $50 million from a roster of accredited investors. This underscores a continuing vote of confidence in Patriot Bank’s growth trajectory.
“We are encouraged by the sustained investor enthusiasm in Patriot Bank,” stated Steven Sugarman, President of Patriot National Bancorp. “This successful offering bolsters our capital base, empowering us to more effectively execute our strategic vision. With a significantly fortified balance sheet, we are well-positioned to serve our clients and the communities we operate in with heightened resilience and agility. We are incredibly grateful for the trust our investors have placed in our team and our mission.”
The specifics of the direct offering are detailed in a shelf registration statement (Form S-3, File No. 333-287283), which the Securities and Exchange Commission (SEC) declared effective May 22, 2025. A prospectus supplement outlining the terms of the offering has been filed with the SEC and is accessible on the SEC’s website.
Advising Patriot National Bancorp on the capital markets side was Performance Trust Capital Partners, LLC. The legal reins were held by Blank Rome LLP and Robinson & Cole LLP.
This announcement does not constitute an offer to sell, nor a solicitation of an offer to buy, any securities. Any sale of these securities would be subject to registration or qualification under applicable state and federal securities laws.
Forward-Looking Statements
This press release contains forward-looking statements, as defined under the Private Securities Litigation Reform Act of 1995. These statements concern the Company’s future plans, objectives, goals, strategies, business plans, future events or performance and can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” or other similar expressions. These forward-looking statements are based on current beliefs, expectations and assumptions and involve inherent risks, uncertainties, and other factors that are difficult to predict, including, but not limited to: (i) the dilution resulting from the issuance of additional shares, (ii) general economic, political and market conditions, and (iii) other potential factors. Actual results may differ materially from those expressed or implied by any forward-looking statements. Readers are cautioned not to place undue reliance on these statements. The Company undertakes no obligation to update any forward-looking statements.
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