Patriot National Bancorp Announces Leadership Change

Patriot National Bancorp recently announced a significant leadership change, marking a new chapter for the company.

The change was led by the board of directors, who decided to part ways with the previous CEO.

This decision was likely made after careful consideration of the company's future goals and direction.

The board of directors is responsible for overseeing the overall strategy and direction of the company.

You might enjoy: Captive Insurance Company Tax Benefits

Leadership and Management at Patriot National Bancorp, Inc.

Patriot National Bancorp, Inc. has experienced some notable changes in its leadership team. The company announced the appointment of Steven Sugarman as President and a member of the Board of Directors on December 31.

The CFO position has also seen some changes, with Patriot National Bancorp, Inc. and Patriot Bank, N.A. announcing CFO changes on January 21.

Patriot Bank has made a significant change in its leadership, promoting David Lowery to President and CEO. Lowery, who served as Chief Lending Officer for two years, has been instrumental in the bank's growth in commercial and consumer sectors.

This promotion is a testament to Lowery's hard work and dedication to the bank's success. The Board of Directors has expressed unanimous support for Lowery's promotion.

Under Lowery's leadership, the bank has achieved notable growth in loans (14.7%) and deposits (14.9%). This growth has contributed to an increase in net interest margin to 3.77% in Q4 2022.

The bank's financial performance has also improved, with annual net income rising to $6.2 million for 2022, a 21.6% increase from 2021. Pre-tax income grew 95% to $7.8 million, excluding non-recurring items.

Here are some key statistics from the bank's recent financial performance:

The bank's total assets have reached $1 billion, while non-interest income declined to $3.6 million due to lower SBA loan sales. Shareholders' equity decreased to $59.6 million, resulting in a book value of $15.03 per share.

Lowery's promotion is a positive step for the bank, and it will be interesting to see how he continues to lead the bank's growth and success.

Meet the Managers at Patriot National Bancorp, Inc.

David Lowery is the CEO, having taken on the role on April 20, 2023, at the age of 50.

The company's leadership team is comprised of experienced professionals, each bringing their unique skills and expertise to the table.

Steven Alan Sugarman has been the President since December 29, 2024, at 49 years old.

David Finn serves as the Director of Finance/CFO, a role he's held since October 29, 2024, at 56 years old.

Steven Grunblatt is the Chief Tech/Sci/R&D Officer, having taken on the role on April 29, 2021, at 61 years old.

Fred Staudmyer is the Chief Administrative Officer, with a tenure that spans several years.

Here is a list of the key managers at Patriot National Bancorp, Inc.:

Patriot National Bancorp's financial performance is closely tied to the stock market, particularly equities. The company's stock, PNBK, is a key indicator of its financial health.

The income statement and estimates provide valuable insights into the company's financial performance. Patriot National Bancorp's stock market performance is a crucial aspect of its financial performance.

Here are some key statistics from the income statement and estimates:

Patriot National Bancorp has completed a $12 million senior debt offering, issuing 8.50% Fixed-Rate Senior Notes due 2026.

The proceeds from this offering will be used to fully repay the company's existing 7.50% Senior Notes, which were due at the end of 2022.

The new Notes will earn interest semi-annually, starting July 15, 2023, and can be redeemed on or after January 15, 2025, at a redemption price equal to 100% of the outstanding principal amount.

Patriot's Chairman, Michael Carrazza, highlighted the strategic importance of this refinancing, which will provide the company with more time to achieve its objectives.

The refinancing will set a new maturity for Patriot's senior notes, providing sufficient time for the company to execute on a number of strategic objectives that are underway.

Keefe, Bruyette & Woods and PNC FIG Advisory facilitated the offering, which was supported by existing and new lenders.

The refinancing will give Patriot more time to achieve its objectives, and the company is pleased with the support of lenders that participated in this offering.

A fresh viewpoint: Benefits of a Captive Insurance Company

The income statement is a crucial document for any company, and Patriot National Bancorp, Inc. is no exception. The stock market and equities are closely tied to the company's financial performance, as seen in the PNBK stock.

The company's income statement provides a snapshot of its financial health, including revenue and expenses. The stock market and equities are closely watched by investors to gauge the company's performance.

Patriot National Bancorp, Inc.'s income statement is a key indicator of its financial performance. The company's stock, PNBK, is listed on the stock market.

Here are the key components of the income statement:

Patriot National Bancorp has made some key changes to its leadership team. Patriot National Bancorp, Inc. and Patriot Bank, N.A. announced a change in their Chief Financial Officer (CFO) on January 21.

The CFO change was not the only significant development, as Patriot National Bancorp, Inc. also announced the appointment of Steven Sugarman as President and a member of the Board of Directors on December 31.

Patriot National Bancorp, Inc. has made some significant changes in their leadership team. Al Botta, Jr. was promoted to Executive Vice President and Chief Payments Officer, a position he's been working towards for over 20 years in the payments industry.

The company has also seen growth in their payments division, significantly increasing their revenue streams. Patriot Bank provides banking solutions to individuals and small businesses across the U.S., emphasizing community involvement and client relationships.

In 2022, Patriot National Bancorp reported a net income of $1.3 million for Q2, a significant increase from $800,000 in Q1. This growth is attributed to improved net interest margins of 3.17%.

Their total assets rose to $1.0 billion, with loan and deposit growth of 16.2% and 13.1% respectively. Net interest income grew by 30% year-over-year to $7.7 million.

Here's a summary of the recent changes in leadership and financials:

Patriot National Bancorp, Inc. has continued to evolve and adapt to the changing banking landscape. Their commitment to community involvement and client relationships has helped them grow their business and increase revenue streams.

Patriot National Bancorp, the parent company of Patriot Bank, has successfully completed a $12 million senior debt offering. The proceeds from this offering will be used to repay the company's existing 7.50% Senior Notes, which were due at the end of 2022.

This refinancing will provide Patriot National Bancorp with more time to achieve its objectives, as stated by Chairman Michael Carrazza. The new 8.50% Fixed-Rate Senior Notes due 2026 will earn interest semi-annually, starting July 15, 2023.

The company will be able to redeem the Notes at any time in whole upon certain events, at a redemption price equal to 100% of the outstanding principal amount. The Notes' maturity date is January 15, 2026.

Keefe, Bruyette & Woods and PNC FIG Advisory acted as joint placement agents for the offering of the Notes, while Squire Patton Boggs (US) LLP and Blank Rome LLP served as legal counsel to the placement agents and the Company, respectively.

Patriot National Bancorp's decision to refinance its senior notes demonstrates the company's commitment to strategic planning and execution.

Patriot Bank recently ended its merger deal with American Challenger.

The deal was initially announced on November 14, 2021, but it was terminated on July 20, 2022.

The termination was due to unmet closing conditions, which is a common reason for mergers to fall through.

Both parties are still in discussions to potentially revive the deal in some form, but nothing has been confirmed yet.

The Boards of Directors for both Patriot Bank and American Challenger unanimously agreed to terminate the merger, releasing each other from any claims related to the agreement.

If this caught your attention, see: Huntington National Bank Merger