patriot national bancorp
patriot national bancorp, inc. , patriot bank na (stamford, connecticut )
patriot national bancorp is scheduled to release their next quarterly earnings announcement on monday, july, 30th 2018. view earnings estimates for patriot national bancorp .
castle creek capital joins circle of institutional investors of patriot national bancorp, inc .
hana financial to sell its sba lending unit to patriot national bancorp, inc .
pnbk company profile & executives - patriot national bancorp inc. - wall street journal
patriot national bancorp, inc. announces quarterly cash dividend for shareholders nasdaq: pnbk
patriot national bancorp inc: entry into a material definitive agreement, creat. .
patriot national bancorp inc: management' s discussion and analysis of financial. .
pnbk patriot national bancorp inc. stock and investing information on stocktwits (pnbk )
brief - patriot national bancorp reports q1 earnings per share of $ 0. 27
patriot national bancorp trades on the nasdaq under the ticker symbol
pnbk .
note: compare patriot national bancorp stock price history with the index and industry peers .
patriot national bancorp, inc. 900 bedford st stamford, ct holding companies - mapquest
patriot national bancorp inc: change in directors or principal officers (form 8. .
about the patriot national bancorp, inc. patriot national bancorp, inc. is headquartered in stamford, connecticut and the bank has full service branches in connecticut and new york .
patriot national bancorp has a market capitalization of $ 78. 08 million and generates $ 34. 29 million in revenue each year. patriot national bancorp employs 109 workers across the globe .
castle creek capital joins circle of institutional investors of patriot national bancorp, inc. nasdaq: pnbk
patriot national bancorp, inc. to acquire sba business lending unit of hana financial, inc .
patriot national bancorp (pnbk) declares $. 01 quarterly dividend; 0. 2% yield
patriot national bancorp (pnbk) declares $ 0. 01 quarterly dividend; 0. 2% yield
patriot national bancorp, inc. (nasdaq: pnbk) to ring the nasdaq stock market closing bell
patriot national bank announces name change to
patriot bank, n. a .
for investor or media inquiries regarding pnbk holdings llc or patriot national bancorp, inc. , please contact :
patriot national bancorp, inc. ’s iss governance qualityscore as of n / a is n / a .
stamford, conn. - based patriot national bancorp is shortening the name of its retail banking subsidiary to patriot bank n. a .
st. mary' s healthcare system for children, patriot national bancorp, inc. , patriot bank na (stamford, connecticut )
1 brokers have issued 12 - month target prices for patriot national bancorp' s shares. their forecasts range from $ 24. 00 to $ 24. 00. on average, they expect patriot national bancorp' s stock price to reach $ 24. 00 in the next year. view analyst ratings for patriot national bancorp .
pnbk stock price - patriot national bancorp inc. stock quote (u. s. : nasdaq) - marketwatch
stamford - based patriot national bank dropped its middle name on monday, now doing business as patriot bank n. a. , with parent company patriot national bancorp (nasdaq: pnbk) retaining its ticker symbol .
patriot national bancorp inc. 10 - k / a aug. 1, 2017 4: 10 pm | seeking alpha
patriot national bancorp, inc. (nasdaq: pnbk) to ring the nasdaq stock market closing bell nasdaq: ndaq
patriot national bank announces name change to
patriot bank, n. a .
nasdaq: pnbk
current and historical revenue for patriot national bancorp (pnbk) from 2006 to 2018. the sum of all revenue fields included for a company' s operating activities. the current revenue for patriot national bancorp as of march 31, 2018 is .
brean capital analyst blair brantley reiterated a buy rating on patriot national bancorp inc (nasdaq: ... [... ]
patriot national bancorp, inc. is headquartered in stamford, connecticut and the bank has full service branches in connecticut and new york .
patriot national bancorp, parent company of patriot bank, continued its push into the new haven county market wednesday, announcing an agreement to acquire prime bank in orange .
patriot national bank ceo ken neilson talks with an employee in his stamford office .
patriot national bancorp achieves record full year pre - tax income of $ 7. 0 million - its strongest full year operating performance ever recorded
patriot national bancorp share price history helps an investor analyze a company' s history and do patriot national bancorp stock analysis. patriot national bancorp stock price history captures the price movement and gives a clear picture of a company' s historical performance. an abnormally high daily 1, 325 typically implies breaking news or earnings release. pnbk stock saw a high of $ 20, and a low of $ 19. 73 on last trading day. the average p / s ratio was 2. 27 as can be seen from patriot national bancorp stock history .
on august 31, 1994, patriot national bank obtained its charter and opened for business as a community bank. in 1999, patriot national bancorp, inc. was organized as a bank holding company headquartered in stamford, connecticut .
* patriot national bancorp achieves record full year pre - tax income of $ 7. 0 million - its strongest full year operating performance ever recorded
some companies that are related to patriot national bancorp include smartfinancial (smbk), ames national (atlo), mbt financial (mbtf), shore bancshares (shbi), pacific mercantile bancorp (pmbc), midsouth bancorp (msl), fidelity d & d; bancorp (fdbc), lcnb (lcnb), united security bancshares (ubfo), california first national bancorp (cfnb), northwest bancorp (nbct), dnb financial corp common stock (dnbf), cbb bancorp inc / sh (cbbi), heartland banccorp (hlan) and old point financial (opof) .
we provide 10 years stock price data for free. you can download patriot national bancorp stock price history here. historical stock prices are provided with the open, high, low, close, volume, and patriot national bancorp p / e ratio data for the stock. the patriot national bancorp stock price history chart shows that the stock price was at a low of $ 9. 7 on jan 28, 2014 over the last five years .
unless otherwise indicated, the address of each shareholder is in care of patriot national bancorp, inc. , 900 bedford street, stamford, ct 06901 .
hana small business lending, inc. , a wholly owned subsidiary of hana financial, inc. , and patriot national bancorp, inc. , the parent company of patriot bank, n. a .
patriot national bancorp inc. (pnbk) ex - dividend date scheduled for may 16, 2018 5 / 15 / 2018 9: 00: 05 am - urltoken news
patriot national bancorp inc. (pnbk) ex - dividend date scheduled for february 09, 2018 2 / 8 / 2018 10: 00: 06 am - urltoken news
patriot national bancorp inc. (pnbk) ex - dividend date scheduled for november 08, 2017 11 / 7 / 2017 10: 00: 03 am - urltoken news
patriot national bancorp (nasdaq: pnbk) posted its quarterly earnings data on friday, may, 4th. the bank reported $ 0. 27 earnings per share for the quarter, missing the zacks' consensus estimate of $ 0. 33 by $ 0. 06. the bank had revenue of $ 7. 39 million for the quarter. patriot national bancorp had a net margin of 9. 48% and a return on equity of 6. 14% . view patriot national bancorp' s earnings history .
nexpoint residential trust, inc. , patriot bank na (stamford, connecticut), patriot national bancorp, inc. , arc property trust, inc. , housing authority of new york, st. francis college
i have reviewed this amendment no. 1 to annual report on form 10 - k for the fiscal year ended december 31, 2016 of patriot national bancorp, inc. ;
patriot national bancorp continues earnings momentum, first quarter 2018 net income increases to $ 1. 1 million; total assets up 12% ; announces key additions to management team; declares quarterly dividend
neilson joined patriot’s board in 2010 when the bank’s parent company, patriot national bancorp, took about $ 50 million in recapitalization after net losses of $ 7. 1 million in 2008 and $ 23. 9 million in 2009. he became patriot’s president and ceo three years later .
on january 9, 2012, m & a advisory named patriot national bancorp, inc. and solaia capital advisors llc as finalists for the 6th annual 2012 middle market turnaround of the year award .
* patriot national bancorp continues earnings momentum, first quarter 2018 net income increases to $ 1. 1 million; total assets up 12% ; announces key additions to management team; declares quarterly dividend
patriot national bancorp' s mailing address is 900 bedford street, stamford ct, 06901. the bank can be reached via phone at 203 - 324 - 7500 or via email at [ email protected ]
stamford, conn. , sept. 28, 2015 (globe newswire) - - patriot national bancorp, inc. (
patriot
or the
company
) (nasdaq: pnbk), the parent company of patriot national bank (the
bank
), today announced that effective monday, september 28, 2015, the bank' s name will officially be changed to
patriot bank, n. a .
patriot national bancorp announced a quarterly dividend on friday, may 4th. shareholders of record on thursday, may 17th will be paid a dividend of $ 0. 01 per share on tuesday, may 22nd. this represents a $ 0. 04 dividend on an annualized basis and a yield of 0. 20% . the ex - dividend date is wednesday, may 16th. view patriot national bancorp' s dividend history .
the competition to increase market share in new haven county for both patriot national and bankwell is likely to continue, he said .
stamford, conn. , may 11, 2018 - - patriot national bancorp, inc. , the parent company of patriot bank, n. a. announces that it has completed its acquisition of prime bank. the closing of the transaction, which ...
chairman of the board and interim chief executive officer of patriot and patriot bank, n. a .
executive vice president and chief compliance & risk officer of patriot and patriot bank, n. a .
after reading patriot national bancorp inc’s (nasdaq: pnbk) most recent earnings announcement (31 december 2017), i found it useful to look back at how the company has performed in the pastread more ...
patriot national bancorp inc. published this content on 09 june 2017 and is solely responsible for the information contained herein. distributed by public, unedited and unaltered, on 09 june 2017 14: 13: 27 utc .
patriot national bancorp inc. published this content on 01 february 2017 and is solely responsible for the information contained herein. distributed by public, unedited and unaltered, on 01 february 2017 15: 56: 06 utc .
patriot national bancorp, inc. is the bank holding company of patriot national bank. the bank is an independent bank engaged in substantially all of the business operations customarily conducted by independent commercial banks. the bank offers a range of consumer and commercial banking services with anemphasis on serving the needs of individuals, small and medium - sized businesses and professionals .
what: patriot national bancorp, inc. (nasdaq: pnbk) and patriot bank, n. a. , a regional community and commercial bank headquartered in stamford, connecticut with full service branches in connecticut and new york, will visit the nasdaq marketsite in times square .
holdings infused more than $ 50 million in patriot in late 2010 to effect a turnaround recapitalization, rescuing patriot from imminent failure. the turnaround strategy was successful in restoring regulatory compliance, credit quality, financial health, and profitability, transforming patriot to a healthy banking institution. patriot' s recovery has been led by acclaimed banking veteran kenneth neilson, as patriot' s current president and ceo. castle creek' s investment in holdings does not impact the capitalization of patriot national bancorp, inc .
stamford, conn. and orange, conn. , april 12, 2018 - - patriot national bancorp, inc. , the parent company of patriot bank, n. a. , and prime bank, headquartered in orange, ct, announced that they have received ...
stamford, conn. and orange, conn. , aug. 02, 2017 (globe newswire) - - patriot national bancorp, inc. (“patriot” or the “bancorp”) (nasdaq: pnbk), the parent company of patriot bank, n. a. (the “bank”), and prime bank headquartered in orange, ct (“prime”) (pmhv: us) jointly announced the signing of a definitive merger agreement pursuant to which patriot will acquire prime. the acquisition will expand patriot’s community banking presence and footprint in southern connecticut .
hour photo / alex von kleydorff wall st. theater developer frank farricker talks about whats next for the project and the upcomming street party with l - r patriot national bank executive vice president richard a. muskus jr. and patriot national bank president and ceo kenneth t. neilson
chairman of the board of directors and interim chief executive officer of patriot and patriot bank, n. a .
patriot national bancorp, inc. is a one - bank holding company for patriot bank, n. a. (the bank), a national banking association. the bank offers consumer and commercial deposit accounts, such as checking, interest - bearing negotiable order of withdrawal (now) account, money market, time certificates of deposit, savings, certificat... (more )
patriot national bancorp inc (nasdaq: pnbk) is trading with a trailing p / e of 21. 8x, which is higher than the industry average of 17. 1x. while this makes pnbk appear like a stockread more ...
stamford, conn. , may 04, 2018 - - patriot national bancorp, inc. , the parent company of patriot bank, n. a. , today announced quarterly pre - tax earnings of $ 1. 4 million and quarterly net income of $ 1. 1 million, ...
on september 28, 2015, patriot national bancorp, inc. was named a sandler o’neill small bank sm - all - star by investment and advisory firm sandler o' neill and partners. patriot was the only bank in new england to earn this distinction among the 435 publicly traded banks and thrifts evaluated .
in june 2004, patriot national bancorp, inc. was named one of the 25 best public companies in connecticut by the hartford courant newspaper. the ranking was based on profits, growth, shareholders return, revenue increase and change in employment level .
joining patriot national posed a new challenge for the longtime banker. patriot suffered during the recession, paying off 529 loans totaling $ 336 million. in trying to turn things around, neilson looked at patriot’s biggest liabilities and the bank paid down its high - cost borrowings .
stamford, conn. - based community bank patriot national bancorp said it will close four of 19 branches and has sold $ 65 million in non - performing loans and real estate to es ventures one, in a bid to restore the lender to improved fiscal health .
in october, pnbk holdings, an entity led by investor michael carrazza, completed a deal to recapitalize patriot national, infusing the bank with $ 50 million .
patriot bank' s new identity comes at a time when the bank is achieving profitability and positive earnings growth resulting from a sharp focus on our products and services at the community level ,
said michael carrazza, chairman of patriot bancorp, inc. and patriot bank, n. a .
about patriot national bancorp patriot national bancorp, inc. is headquartered in stamford, connecticut and the bank has full service branches in connecticut and new york. since opening its doors in 1994, the company’s mission has been to serve our local communities by helping our neighbors and neighborhood businesses thrive. all lending is handled locally and is specific to each borrower, and the commitment to local businesses goes further to connect, support and grow businesses in both the for - profit and nonprofit sectors, along with municipalities. patriot believes a well - connected community is a strong community—and that together, all will prosper .
patriot national bank 900 bedford street stamford, ct 06901 william c. gray evp & cfo 203 251 - 8210 michael a. carrazza chairman 203 - 251 - 8230
national commerce corporation (nasdaq: ncom) (“ncc”), the parent company of national bank of commerce (“nbc”), headquartered in birmingham, alabama, and patriot bank, headquartered in trinity, florida, jointly announced the signing of a definitive agreement providing for the merger of patriot bank with and into nbc. read more »
ken neilson thought he had retired after transforming a small new jersey bank. a few years later, stamford - based patriot national bank asked him to do it again .
stamford, conn. , feb. 26, 2013 (globe newswire) - - patriot national bancorp, inc. (nasdaq: pnbk) (
patriot
), the parent of patriot national bank (the
bank
), today announced the appointment of kenneth t. neilson as president and chief executive officer of both the company and the bank effective march 18, 2013, pending regulatory approval. this is following the departure of christopher maher, who is resigning as president, ceo and director for personal reasons .
on september 28, 2015, the hearst connecticut newspapers and greenwich sentinel reported that patriot national bank has dropped its middle name to reflect the company’s focus on local banking services .
patriot anticipates that prime’s branch staff will join patriot to assist in a seamless transition and continue to help drive growth efforts and customer satisfaction .
patriot bank' s new name better reflects what our customers and neighbors have depended upon since 1994—a trusted and involved community bank ,
said kenneth neilson, president and chief executive officer of patriot bancorp, inc. and patriot bank, n. a .
patriot bank is a proven entity for serving the financial needs of customers, businesses, nonprofits and government sector in our communities .
on february 7, 2016, patriot national bancorp, inc. expanded its stock ownership family by granting each of its employees, as of december 31, 2015, 100 shares of stock, ensuring that they have an even greater incentive in the success of the bank and exceeding its customer expectations .
in honor of the occasion, michael carrazza, chairman and chief executive officer, will ring the closing bell. he is credited with the rescue and turnaround of patriot national bancorp, inc. , following the global financial crisis, and is ceo of solaia capital advisers, an investment management company .
mr. raymond b. smyth is independent director of patriot national bancorp inc. , he has served as our director from november 2008 until 2010 and since 2011. he is a retired partner in the accounting firm of masotti & masotti. in addition, he is a cpa and a financial expert .
the proposed acquisition of prime is the latest move in an ongoing competition in the southern connecticut market between patriot national and another fairfield county bank, bankwell financial group, according to carusone .
patriot national bank expanded its geographical footprint in 2006, when it purchased a branch office and opened two new branch offices in new york, helping it to expand into new york state .
as the bank continued its evolution, patriot national statutory trust i was founded on march 11, 2003 to issue trust preferred securities and invest the proceeds in subordinated debentures issued by the company .
farricker and wall street theater co. officials credit patriot national bank, which has a branch on river street, for providing a $ 5. 2 million construction loan to restore the historic theater .
stockholders may recommend individuals to the nominating and corporate governance committee of the board of directors for consideration as potential director candidates by submitting their names, together with appropriate biographical information and background materials, to the nominating committee, c / o corporate secretary, patriot national bancorp, inc. , 900 bedford street, stamford, connecticut 06901 .
stamford, conn. , july 17, 2017 (globe newswire) - - patriot national bancorp, inc. (“patriot” or the “bancorp”) (nasdaq: pnbk), the parent company of patriot bank, n. a. (the “bank”), today announced its intention to begin making quarterly dividends for shareholders of the community bank’s stock, another sign of its continuing strong performance. with this announcement, patriot has declared its first quarterly dividend of $. 01 per share. the record date for this quarterly dividend will be july 24, 2017, with a dividend payment date of august 1, 2017. this is the first time since the financial crisis that the bank has declared a dividend .
hour photo / alex von kleydorff wall st. theater developer frank farricker talks about whats next for the project and the upcomming street party with l - r patriot national bank executive vice president richard a .
patriot national bank is headquartered in stamford, connecticut and currently has 11 full service branches, 9 in connecticut and two in new york. it also has a loan production office in stamford, ct .
full terms of the deal were not released, but the acquisition will be paid for in cash, according to patriot national officials. the deal is subject to approval by prime’s shareholders and banking regulators .
executive vice president and chief credit officer of patriot bank, n. a .
exec. vp & chief credit officer of patriot bank, n. a .
in august, patriot announced private equity firm castle creek capital invested in the bank. that influx will help patriot with its goal to grow aggressively, neilson said .
patriot names bank president richard muskus, jr. to company' s board of directors
patriot bank has eight branches in connecticut and two in westchester county, new york .
patriot national bancorp, inc. (pnbk), the parent company of patriot bank, n. a. (“patriot”) announced today that it has completed the private placement of $ 10 million in fixed - to - floating rate subordinated notes due 2028 (the “notes”). a material portion of the proceeds from the sale of the notes will be down - streamed to patriot as regulatory capital, which will be used for financing of its pending acquisition and for general corporate purposes. patriot’s chairman and ceo, michael carrazza, stated, “we are pleased to announce the completion of our $ 10 million subordinated debt offering to support our strategic growth plans and further strengthening of patriot. ” patriot recently acquired prime bank of orange, ct and, subject to requisite regulatory approvals, will complete its acquisition of hana small business lending, a leading sba lending platform later in 2018 .
bancorp' s significant accounting policies are described in note 1 to the consolidated financial statements included in this 2014 annual report on form 10 - k .
patriot national bancorp is a bank holding company. through its subsidiary, co. provides commercial real estate loans, commercial business loans and consumer loans. in addition, consumer and commercial deposit accounts provided include checking, money market, time certificates of deposit, savings, certificate of deposit account registry service, individual retirement accounts and health savings accounts. other services include automated clearing house transfers, lockbox, internet banking, bill paying, remote deposit capture, debit cards, money orders, traveler' s checks and automatic teller machines. at dec 31 2016, co. had total assets of $ 756. 7 million and total deposits of $ 529. 3 million. according to our pnbk split history records, patriot national bancorp has had 1 split .
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president and director; president and chief lending officer of patriot bank, n. a .
carrazza, a former goldman sachs executive, stepped in with an investor group and recapitalized patriot national with $ 60 million. then carrazza and his fellow investors bought out the bank shareholders “for pennies on the dollar, ” according to carusone .
in a merger of two banks with a similar focus on personal service and community involvement, valley national bancorp (“valley”) (nyse: vly) announced today that it is expanding its florida presence and moving into alabama by acquiring usameribancorp, inc. (“usab”) (otc pink: usab). read more »
“this acquisition (of prime bank) is a modest expansion for them, ” carusone said of patriot national. “it doesn’t appear that they are overpaying for it. they clearly recognized they were running out of room to grow in fairfield county. ”
president and director of the company and president and chief lending officer of patriot bank, n. a .
connecticut - based norwalk hour chronicled patriot bank’s financing of the $ 7. 5 million wall street theater restoration project on september 25, 2015. listed in the national register of historic places, the 100 - year old former vaudeville theater is being restored as a next - generation performance space that, in early 2016, will open debt free as a result of patriot’s efforts .
the sale requires the approval of patriot’s banking regulator and is expected to close before the end of the month .
secretary and chief human resources officer; executive vice president and chief administrative officer of patriot bank, n. a .
patriot national officials said prime shareholders will receive aggregate cash payment equal to 115 percent of prime’s tangible book value as of the deal’s closing date, which is expected to occur sometime in the fourth quarter of this year. prime bank’s tangible book value as of june 30 was approximately $ 9 million .
mr. michael j. weinbaum is independent director of patriot national bancorp inc. , he has been the vice president of real estate operations for united capital corp. for more than twenty years. mr. weinbaum has extensive experience in real estate operations and transactions. he is a member of the international council of shopping centers and has been a member of united capital’s board of directors since 2005. mr. weinbaum currently serves on the finance board and board of trustees for st. mary’s healthcare for children .
richard muskus jr. , patriot’s president, added, ” the acquisition will enable patriot bank to expand its consumer and small business relationships, lending operations, and community presence, while offering prime’s current customers a broader suite of products. ”
stamford, conn. , aug. 31, 2015 (globe newswire) - - pnbk holdings llc (
holdings
), the control shareholder of patriot national bancorp, inc. (nasdaq: pnbk) (
patriot
), today announced that it has closed on an investment from castle creek capital llc and certain of its affiliates (collectively ,
castle creek
), whereby castle creek joins other institutional investors of pnbk holdings .
we are pleased to have castle creek join our investor group ,
said michael carrazza, who is chairman of patriot and oversees holdings .
it is validation of both our progress and strategic intentions. their deep expertise and experiences in the banking sector is constructive to our go forward strategy .
mr. david christiansen is executive vice president & chief credit officer of patriot bank. , a subsidiary of the company. prior to joining patriot, mr. christiansen was executive vice president & chief credit officer of first american international bank of new york since january 2017. mr. christiansen’s leadership of credit administration, credit risk management, underwriting, closing, loan servicing and portfolio management is a strong match for his new role at patriot. he previously held senior roles at national cooperative bank, credit agricole and jpmorgan chase from 2006 to 2016 .
in 2011, the company adopted the patriot national bancorp, inc. 2012 stock plan (the 2012 plan). the 2012 plan is administered by the compensation committee of the companys board of directors. grants under the 2012 plan may be made in the form of stock options, restricted stock and phantom stock units. the 2012 plan authorizes 3, 000, 000 shares of the companys common stock for issuance. phantom stock units may be granted under the 2012 plan up to 1, 000, 000 units .
patriot chairman and ceo michael carrazza stated, “the acquisition of prime bank will support our operating goals of extending patriot bank’s footprint, building scale, and improving key operating metrics, all of which ultimately adds value for our shareholders and customers. ”
under neilson’s leadership, the bank reshaped its community focus, presence and commitment to provide commercial and consumer banking services in the areas it serves. as part of that effort, patriot announced its new name “patriot bank” on september 28, 2015 .
executive vice president and chief financial officer; executive vice president and chief financial officer of patriot bank, n. a .
mr. nelson joined triumph in 2013 and serves as executive vice president, general counsel of triumph bancorp, inc. (nasdaq: tbk) and executive vice president, general counsel of tbk bank, ssb .
in a written statement, patriot bank chairman michael carrazza said the new identity reflects the company’s focus on local products and services .
patriot bank already has a branch office in milford. but it is the stamford - based bank’s only new haven county location, so the acquisition of prime bank, which has only one branch, will increase patriot bank’s presence in southwestern new haven county .
in another money - saving move, neilson relocated the corporate offices in stamford from summer street to patriot’s building on bedford street .
more than 40 u. s. bank managers have received esgr patriot awards since 2013 for supporting their employees' military commitments .
the annual report on form 10 - k (the annual report) of patriot national bancorp, inc. (patriot, we, our, us, or the company) for the year ended december 31, 2016, was originally filed with the securities and exchange commission (the sec) on march 31, 2017, and this amendment no. 1 is being filed solely to include responses to the items required by part iii of the annual report. this amendment no. 1 does not reflect events occurring after march 31, 2017, the date of the filing of the annual report, or modify or update those disclosures that may have been affected by subsequent events .
patriot national bank gave two loans to a nonprofit renovating the 100 - year - old wall street theater in norwalk. after facing rejection from other banks, the nonprofit received a pre - development loan of $ 500, 000 and a $ 5. 2 million loan for construction, said frank farricker, a developer with the project .
secretary, chief human resources officer of the company and executive vice president and chief administrative officer of patriot bank, n. a .
neilson has served as a director of patriot since 2010. he is the retired president, chairman and ceo of hudson united bank and hudson united bancorp where he served for 23 years. after becoming president and ceo in 1989, mr. neilson led hudson united bancorp from a one state, 15 branch network with $ 500 million in assets, to a premiere franchise spanning four states with over 200 branch locations and an asset size of $ 9 billion by 2006 when it was sold to td banknorth. mr. neilson currently serves as a board member of quinnipiac university in hamden, ct .
prior to joining patriot, neilson was ceo of hudson united bancorp in mahwah, n. j. , which he expanded from 15 branches and about $ 500 million in assets to more than 200 branches, including in connecticut and new york, and $ 9 billion in assets. hudson united sold to td banknorth for $ 2 billion in 2006 and neilson retired .
in connection with the annual report of patriot national bancorp, inc. (the  company ) on form 10 - k / a for the year ended december 31, 2016 as filed with the securities and exchange commission on the date hereof (the  report ), we, michael a. carrazza and joseph d. perillo, the interim chief executive officer and the chief financial officer of the company, certify, pursuant to 18 u. s. c. § 1350, as adopted pursuant to § 906 of the sarbanes - oxley act of 2002, that :
when a company such as patriot national bancorp conducts a reverse share split, it is usually because shares have fallen to a lower per - share pricepoint than the company would like. this can be important because, for example, certain types of mutual funds might have a limit governing which stocks they may buy, based upon per - share price. the $ 5 and $ 10 pricepoints tend to be important in this regard. stock exchanges also tend to look at per - share price, setting a lower limit for listing eligibility. so when a company does a reverse split, it is looking mathematically at the market capitalization before and after the reverse split takes place, and concluding that if the market capitilization remains stable, the reduced share count should result in a higher price per share. looking at the pnbk split history from start to finish, an original position size of 1000 shares would have turned into 100 today. below, we examine the compound annual growth rate — cagr for short — of an investment into patriot national bancorp shares, starting with a $ 10, 000 purchase of pnbk, presented on a split - history - adjusted basis factoring in the complete pnbk split history .
“the acquisition of prime bank will support our operating goals of extending patriot bank’s footprint, building scale, and improving key operating metrics, all of which ultimately adds value for our shareholders and customers, ” michael carrazza, patriot chairman and chief executive officer, said in a statement .
patriot national bancorp, inc. operates as a bank holding company. through its subsidiary, it offers consumer and commercial banking services to individuals, government, nonprofit entities, small and medium - sized businesses, and professionals. the firm' s deposit products include checking accounts, negotiable order of withdrawal accounts, time certificates of deposit, savings accounts, individual retirement accounts and health savings accounts. its lending portfolio comprises of commercial mortgage and construction loans; working capital loans; equipment loans; real estate loans; and other personal loans. the company was founded in 1999 and is headquartered in stamford, ct .
we are excited to join holdings' investor group and be part of patriot' s promising future ,
said john eggemeyer, managing principal of castle creek capital llc .
we have a shared vision of seeing patriot' s franchise value grow and creating value for its shareholders .
patriot national bank is a full - service commercial bank, offering personal and business banking products and services. it offers various deposit products, including checking, money market, certificates of deposit, and statement savings accounts. it also offers various commercial loans, including accounts receivable, commercial real estate, debt consolidation, working capital, small business administration, facility construction and expansion loans, various letters of credit, and equipment and inventory financing. the bank also offers financial and investment services, brokerage services, mortgage loans, insurance services, and atm and visa check and credit cards. it also provides online banking and bill pay facilities. patriot national bank has branches in stamford, greenwich, norwalk, wilton, darien and southport, conn .
due to the recent equifax breach, patriot bank decided to proactively put valuable information on our website for our customers. please see the attached document .
' patriot is proud to have experienced such positive growth in the demand for our products and services. our expanded leadership, retail and branch management teams will help us better serve our individuals, small business, nonprofit and municipal customers,' said fred staudmyer, patriot bank executive vice president & chief administrative officer .
patriot national bancorp is a bank holding company. through its subsidiary, co. provides commercial real estate loans, commercial business loans and consumer loans. in addition, consumer and commercial deposit accounts provided include checking, money market, time certificates of deposit, savings, certificate of deposit account registry service, individual retirement accounts and health savings accounts. other services include automated clearing house transfers, lockbox, internet banking, bill paying, remote deposit capture, debit cards, money orders, traveler' s checks and automatic teller machines. at dec 31 2016, co. had total assets of $ 756. 7 million and total deposits of $ 529. 3 million .
news headlines about pnbk stock have trended somewhat positive on monday, according to accern sentiment. accern identifies negative and positive news coverage by analyzing more than 20 million blog and news sources in real time. accern ranks coverage of publicly - traded companies on a scale of - 1 to 1, with scores closest to one being the most favorable. patriot national bancorp earned a daily sentiment score of 0. 16 on accern' s scale. they also gave headlines about the bank an impact score of 45. 65 out of 100, indicating that recent news coverage is somewhat unlikely to have an impact on the company' s share price in the next few days .
during the fourth quarter of 2014, bancorp' s bank owned life insurance (
boli
) policy of $ 22. 4 million was liquidated and adjustable rate residential mortgage loans were purchased with the proceeds. the loans purchased had a composite yield of approximately 300 basis points higher than the existing crediting rate on the boli policy. in addition, the tax - exempt feature of the boli held no value for bancorp due to the significant amount of net operating loss (
nol
) carry forwards in the company' s deferred tax assets .
the turnaround plan also included assessing and renegotiating every contract and reviewing the bank’s business lines. patriot stopped residential lending because competitors could be more efficient, neilson said .
fidelity national financial, inc. today announced that fnfv group (nyse: fnfv) has signed a definitive agreement to sell one digital health and benefits (
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it' s the hundredth anniversary of the theater and it' s right in norwalk, and we have a branch in norwalk and a second branch right on the border of norwalk and darien ,
said kenneth t. neilson, patriot national bank president & ceo .
norwalk is undergoing a great revitalization and we want to play a significant part in that and this was an opportunity to start doing that .
mr. edward n. constantino is independent director of patriot national bancorp inc. he has over 40 years of audit, advisory and tax experience working for two major accounting firms, arthur anderson llp and kpmg llp. mr. constantino retired from kpmg in late 2009, where he was an audit partner in charge of the firm’s real estate and asset management businesses. mr. constantino is a member of the board of directors of arc property trust and a member of the board and audit committee chair of nexpoint residential trust. mr. constantino also serves as a consultant for the law firm of skadden arps. mr. constantino’s specific skills include auditing national and multinational organizations, internal control and compliance, financial reporting, regulatory reporting, risk management, asset valuation, accounting and finance and transaction structuring. he is a licensed cpa, a member of the american institute of certified public accountants and a member of the new york state society of public accountants. he is currently a member of the board of trustees and the audit committee .
ceo michael carrazza stated: “patriot’s improving performance is a direct result of ongoing operational efficiencies, product diversification and asset growth. these changes continue to yield a positive impact, which now serve as a catalyst to reactivate the bank’s dividend policy for the first time since 2008. ” patriot has 3, 894, 128 shares outstanding as of june 30, 2017 .
john carusone, president of the bank analysis center, a hartford - based industry consulting firm, said the acquisition of prime continues patriot bank’s rise from near financial ruin in 2010 .
u. s. bank is an equal opportunity employer committed to creating a diverse workforce. we consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, among other factors .
the head of private investment firm solaia capital advisors, mr. carrazza designed and led the recapitalization transaction to rescue and turnaround patriot, which became deeply troubled during the financial crisis. “patriot has never been as strong and healthy as it is today. with continued steady growth and new achievements, we plan to continue declaring quarterly dividends to our shareholders, ” he added .
[ attachment ] patriot bank unveiled its newest live banker atm technology at the westfield trumbull mall on june 5, the first community bank in connecticut to offer this banking technology and service .
on october 7, 2015, patriot bank celebrated the dedication of a new branch in darien, ct, which includes a community event center with teleconferencing capabilities and a private bank atmosphere .
patriot bank is a full - service bank with a focus on community service. the bank serves the growing markets of shelby county, tipton county and west fayette county with a wide range of consumer and commercial accounts and a mortgage division. patriot bank opened in millington in october 2001 and has grown to six full service banks in millington, collierville and barretville in shelby county, and covington, covington south and south tipton in tipton county. patriot bank mortgage serves shelby, fayette and tipton counties, with offices located in millington, collierville and south tipton county .
angelica gonzalez, retail operations assistant - gonzalez joined patriot bank in 2013 while pursuing a degree at housatonic community college. upon graduating, she served as one of the bank' s first live bankers for the itms and helped establish video banking procedures. she has now joined the bank' s retail operations team, where she will help develop policies and procedures for patriot' s branch network .
jeremy newton, service associate in greenwich - newton joins patriot bank with a local banking and customer service background, providing quality customer service and building community relationships at the bank' s greenwich branch .
in 2013, we received the prestigious secretary of defense employer support freedom award from the employer support of the guard and reserve (esgr) organization. this is the highest honor given by the u. s. government to employers for outstanding support of employees who serve in the national guard and reserve .
bancorp' s total assets increased $ 91. 4 million, or 16. 9% , from $ 541. 2 million at december 31, 2013 to $ 632. 6 million at december 31, 2014 as generation of income and recognition of the majority of the bank' s deferred tax asset enabled the bank to grow capital and assets .
at the end of the 2016 fiscal year, patriot surpassed the three quarters of a billion - dollar milestone, with strong growth continuing into 2017. in the first fiscal quarter of 2017, patriot reported net income of $ 1, 730, 000, or $ 0. 44 per diluted share, a 165% increase over the prior year. first quarter earnings also increased 66% over the prior quarter .
the preparation of consolidated financial statements in accordance with u. s. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and to disclose contingent assets and liabilities. actual results could differ from those estimates. management has identified accounting for the allowance for loan losses, the analysis and valuation of its investment securities and the valuation of deferred tax assets, as bancorp' s most critical accounting policies and estimates in that they are important to the portrayal of bancorp' s financial condition and results. they require management' s most subjective and complex judgment as a result of the need to make estimates about the effect of matters that are inherently uncertain .
patriot bank, n. a. has announced the hiring and promotion of 21 individuals throughout the region, including 19 bankers and two support staff members, another sign of the community bank' s continuing growth .
the modern atms, which appear as if inside a london - style telephone booth, allow users to interact live with a patriot relationship banker for a customized experience, as well as providing extended service hours for patrons .
patriot plans to have live banker atms located throughout fairfield county, all available from 7 a. m. - 7 p. m. beyond those hours, the machines can also function similarly to traditional customer atms .
while patriot may not be the first bank to roll out new technologies, neilson said it will not be far behind with those offerings. soon it will offer atms with an option to speak with a live banker .
because patriot only has about 0. 1 percent of market share, the bank could grow 10 times over and barely get noticed, but still helps many customers and employees and provides returns to investors, he said .
since opening its doors in 1994, patriot’s mission has been to serve its local communities by helping its neighbors and neighborhood businesses thrive. all lending is handled locally and is specific to each borrower, and the commitment to local businesses goes further to connect, support and grow businesses in both the for - profit and nonprofit sectors, along with municipalities. patriot believes a well - connected community is a strong community—and that together, all will prosper .
since opening its doors in 1994, patriot’s mission has been to serve our local communities by helping our neighbors and neighborhood businesses thrive. all lending is handled locally and is specific to each borrower, and the commitment to local businesses goes further to connect, support and grow businesses in both the for - profit and nonprofit sectors, along with municipalities. patriot believes a well - connected community is a strong community—and that together, all will prosper .
one example is patriot bank’s funding for the restoration of norwalk, connecticut’s century - old wall street theater. listed in the national register of historical places, the former globe theater opened in 1915 as a vaudeville theater hosting some of the largest names in american entertainment at the time, including: mary pickford, john barrymore, lillian and dorothy gish, john philip sousa and more. the wall street theater is the linchpin of a major inner - city redevelopment in norwalk’s wall street historic district and is expected to attract tens of thousands of visitors when it opens in late 2016 .
the new name reflects patriot' s community focus, presence and commitment to provide commercial and consumer banking services in the areas and region it serves, including fairfield and new haven counties in connecticut and westchester county in new york .
the name change comes after patriot has reported eight consecutive quarters of increased earnings, most recently in the second fiscal quarter ending june 30, 2015, when it continued to show growth in both net income and shareholders' equity .
post - gfc recovery has led to improving credit quality and a strong growth environment for the banking sector. as a small - cap bank with a market capitalisation of usd $ 69. 98m, patriot nationalread more ...
statements in this earnings release that are not historical facts are considered to be forward - looking statements. such statements include, but are not limited to, statements regarding management beliefs and expectations, based upon information available at the time the statements are made, regarding future plans, objectives and performance. all forward - looking statements are subject to risks and uncertainties, many of which are beyond management' s control and actual results and performance may differ significantly from those contained in forward - looking statements. bancorp intends any forward - looking statement to be covered by the litigation reform act of 1995 and is including this statement for purposes of said safe harbor provisions. readers are cautioned not to place undue reliance on forward - looking statements, which speak only as of the date of this news release. bancorp undertakes no obligation to update any forward - looking statements to reflect events or circumstances that occur after the date as of which such statements are made. a discussion of certain risks and uncertainties that could cause actual results to differ materially from those contained in forward - looking statements is included in bancorp' s annual report on form 10 - k for the year ended december 31, 2011.
patriot bank , n.a. ( pnbk ) is the bank holding company for stamford , connecticut-based patriot bank na , which has 10 locations in connecticut and new york state . patriot bank provides retail and commercial banking services to local businesses , nonprofits , municipalities , families , and individuals throughout southern connecticut and westchester county , new york . the company is traded on nasdaq as pnbk . the bank operates 10 locations , 7 in fairfield county , 2 in westchester county and 1 in new haven county . 
patriot bank, n.a. (pnbk) is the bank holding company for stamford, connecticut-based patriot bank na, which has 10 locations in connecticut and new york state. patriot bank provides retail and commercial banking services to local businesses, nonprofits, municipalities, families, and individuals throughout southern connecticut and westchester county, new york. the company is traded on nasdaq as pnbk. the bank operates 10 locations, 7 in fairfield county, 2 in westchester county and 1 in new haven county.
patriot bank, n.a. (pnbk) is the bank holding company for stamford, connecticut-based patriot bank na, which has 10 locations in connecticut and new york state. patriot bank provides retail and commercial banking services to local businesses, nonprofits, municipalities, families, and individuals throughout southern connecticut and westchester county, new york. the company is traded on nasdaq as pnbk. the bank operates 10 locations, 7 in fairfield county, 2 in westchester county and 1 in new haven county.