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.
The Notes will initially bear interest at 6.25% per annum, beginning June 29, 2018 through June 29, 2023, payable semi-annually in arrears. From June 30, 2023 through June 29, 2028, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month LIBOR plus 332.5 basis points, payable quarterly in arrears. Beginning on June 30, 2023 through maturity, the Notes may be redeemed, at PNBK’s option, on any scheduled interest payment date. The Notes will mature on June 30, 2028.
The Notes were assigned a BBB rating by Egan-Jones Rating Agency and are expected to qualify as regulatory Tier 2 capital for Patriot National Bancorp, Inc.
Sandler O’Neill + Partners, L.P. served as the lead placement agent and Brean Capital, LLC served as the co-placement agent for the offering. The Company was advised by Holland & Knight LLP and the placement agents were advised by Shapiro Bieging Barber Otterson LLP.
In addition, PNBK is pleased to announce its entry into the 2018 Russell Microcap Index, which was reconstituted in June 2018.
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