Patriot National Bancorp Inc. (NASDAQ: PNBK) Announces Successful Offering
STAMFORD, Conn., June 05, 2025 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (NASDAQ: PNBK), the parent company of Patriot Bank, N.A., has announced the successful completion of a registered direct offering. The company raised gross proceeds of $10,655,200 by offering 8,524,160 shares of its common stock at a purchase price of $1.25 per share.
This direct offering follows the company’s earlier private placement on March 20, 2025, which raised over $50 million from a diverse group of accredited investors. Steven Sugarman, President of Patriot National Bancorp, expressed satisfaction with the strong investor interest, stating, “The success of this offering further strengthens the Bank’s capital base and enhances our ability to execute on our strategic objectives.”
He added, “With a significantly reinforced balance sheet, we are well-positioned to serve our clients and communities with greater resilience and flexibility. We appreciate the confidence our investors have placed in our team and our mission.”
The shares were offered under a shelf registration statement on Form S-3 (File No. 333-287283), which was declared effective by the Securities and Exchange Commission (SEC) on May 22, 2025. A prospectus supplement detailing the offering terms has been filed with the SEC and is accessible on the SEC’s website at www.sec.gov.
Performance Trust Capital Partners, LLC acted as capital markets adviser for the offering, with Blank Rome LLP and Robinson & Cole LLP serving as counsel for the company.
This announcement does not constitute an offer to sell or solicit an offer to buy any securities, nor shall there be any sale of these securities in states or jurisdictions where such offer or sale would be unlawful prior to registration or qualification under the securities laws of those states or jurisdictions.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 concerning the company’s plans and objectives. These statements are subject to inherent risks and uncertainties that could cause actual results to differ materially.
For more information about Patriot National Bancorp, Inc., visit www.bankpatriot.com or insideticker.com.
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