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Patriot National Bancorp Value Stock - Dividend - Research Selection

Patriot national bancorp

ISIN: US70336F2039 , WKN: A14PYR

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Description of the company

Patriot National Bancorp, Inc. (the “Company”), a Connecticut corporation, is a one-bank holding company for Patriot Bank, N.A, a national banking association headquartered in Stamford, Fairfield County, Connecticut (the “Bank”) (collectively, “Patriot”). The Bank received its charter and commenced operations as a national bank on August 31, 1994. The Bank has a total of ten branch offices comprised of eight branch offices located in Fairfield and New Haven Counties, Connecticut and two branch offices located in Westchester County, New York.


On March 11, 2003, the Company formed Patriot National Statutory Trust I (the “Trust”) for the sole purpose of issuing trust preferred securities and investing the proceeds in subordinated debentures issued by the Company. The Company primarily invested the funds from the issuance of the debt in the Bank. The Bank used the proceeds to fund general operations.


On October 15, 2010, pursuant to a Securities Purchase Agreement (the “Securities Purchase Agreement”), the Company issued and sold to PNBK Holdings LLC (“Holdings”), an investment limited liability company controlled by Michael Carrazza, 3.36 million shares of its common stock at a purchase price of $15.00 per share (adjusted for a 1-for-10 reverse stock split discussed below) for an aggregate purchase price of $50.4 million. The shares sold to Holdings represented 87.6% of the Company’s then issued and outstanding common stock. In connection with the reverse stock split, the par value of the common stock was changed to $0.01 per share. Also in connection with the sale of shares, certain directors and officers of both the Company and the Bank resigned. Such directors and officers were replaced with nominees of Holdings and Michael Carrazza became the Chairman of the Board of the Company.


As of the date hereof, the only business of the Company is its ownership of all of the issued and outstanding capital stock of the Bank and the Trust. Except as specifically noted otherwise herein, the balance of the description of the Company’s business is a description of the Bank’s business.


On March 4, 2015, the Company effected a 1-for-10 reverse stock split. All common stock and per share data included in the financial statements as of and for the year ended December 31, 2014 have been restated to give effect to the reverse stock split.


During 2015, Mr. Michael Carrazza sold 325,000 shares of Holdings to a third party who has sole voting rights and dispositive power for the sold shares. Immediately following this transaction, Mr. Carrazza’s equity interest in Holdings decreased from 87.6% to 75.65%.


On September 28, 2015, the Bank changed its name from Patriot National Bank to Patriot Bank, N.A. The name change came after the Bank reported eight consecutive quarters of increased earnings.


On January 5, 2016, Neil M. McDonnell was appointed as Chief Financial Officer of Patriot. Mr. McDonnell’s appointment was in response to the resignation of Christina L. Maier, who was the Chief Financial Officer of Patriot through that date and who resigned on April 30, 2016 as an Executive Vice President.


On August 19, 2016, the Board of Directors of the Company (the “Board”) appointed Michael A. Carrazza to serve as interim Chief Executive Officer of Patriot and Peter D. Cureau to serve as the interim Chief Operating Officer and President of the Company. These appointments were in response to the resignations of Kenneth T. Neilson, who was the Chief Executive Officer and President of Patriot and Susan Neilson, who was the Chief Operating Officer and Executive Vice President of the Bank.


On January 26, 2017, the Board appointed Richard A. Muskus, Jr. President of Patriot. Mr. Muskus has served as Executive Vice President and Chief Lending Officer of the Bank since February 2014. Mr. Muskus’ appointment replaced Peter D. Cureau, who was acting as the Interim President and Chief Operating Officer of Patriot and, who will continue to work with Mr. Carrazza in the office of the Chairman.


Business Operations


The Bank offers commercial real estate loans, commercial business loans, and a variety of consumer loans with an emphasis on serving the needs of individuals, small and medium-sized businesses and professionals. The Bank previously had offered loans on residential real estate, but discontinued doing so during 2013. The Bank’s lending activities are conducted principally in Fairfield and New Haven Counties in Connecticut and Westchester County in New York, although the Bank’s loan business is not necessarily limited to these areas.


Consumer and commercial deposit accounts offered include: checking, interest-bearing negotiable order of withdrawal “NOW”, money market, time certificates of deposit, savings, Certificate of Deposit Account Registry Service CDARS, Individual Retirement Accounts (“IRAs”), and Health Savings Accounts (“HSAs”). Other services offered by the Bank include Automated Clearing House (“ACH”) transfers, lockbox, internet banking, bill paying, remote deposit capture, debit cards, money orders, traveler’s checks, and automatic teller machines (“ATMs”). In addition, the Bank may in the future offer other financial services.


The Stamford, Connecticut location serves as Patriot’s headquarters. Additionally, the Bank also operates a loan origination office at its Stamford location.


The Bank’s employees perform most routine day-to-day banking transactions. The Bank has entered into a number of arrangements with third-party outside service providers, who provide services such as correspondent banking, check clearing, data processing services, credit card processing and armored car carrier transport.


In the normal course of business, subject to applicable government regulations, the Bank invests a portion of its assets in investment securities, which may include government securities. The Bank’s investment portfolio strategy is to maintain a balance of high-quality diversified investments that minimizes risk, maintains adequate levels of liquidity, and limits exposure to interest rate and credit risk. Guaranteed U.S. federal government issues currently comprise the majority of the Bank’s investment portfolio.




As of December 31, 2016, Patriot had 94 full-time employees and 5 part-time employees. None of Patriot’s employees are covered by a collective bargaining agreement.

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