PATRIOT NATIONAL BANCORP INC — Form 8-K
Filed September 23, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 72/100
What the filing says
Patriot National Bancorp (market cap ~$71.2M) entered into a subordinated note purchase agreement dated September 18, 2026, to issue up to $10,000,000 in aggregate principal amount of 8.5% fixed-to-floating rate subordinated notes due September 30, 2036, with Performance Trust Capital Partners as placement agent. The notes qualify as Tier 2 Capital, bear 8.5% fixed interest through September 2031, then float at 3-month SOFR + 416 bps. Proceeds fund general corporate purposes including Bank capital support.
Why this rating
$10M subordinated debt is 14% of company's $71.2M market value—material capital raise. Strengthens Tier 2 capital for regulatory compliance; subordinated status and non-accelerating covenants limit downside risk to equity holders. Neutral impact: dilutive to existing capital structure but improves regulatory ratios without control dilution.
Price action (we called it neutral)
at our read · unknown $0.97 | +10 min · unknown $0.92 ▼ 5.15% | +30 min · unknown $0.94 ▼ 2.99% | +1 hr pending | +4 hrs pending |
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