Financing ·
Patriot National Bancorp issues $10M of 8.5% fixed-to-floating subordinated notes due 2036
PNBKPatriot National Bancorp Inc
On September 18, 2026, Patriot National Bancorp, Inc. entered into Subordinated Note Purchase Agreements to issue and sell $10.0 million in aggregate principal amount of its 8.5% Fixed to Floating Rate Subordinated Notes due September 30, 2036. The notes bear interest at a fixed annual rate of 8.5%, payable semi-annually through September 30, 2031, after which the rate resets quarterly to three-month SOFR plus 416 basis points. The company may redeem the notes in whole or in part on or after September 30, 2031, subject to regulatory approval if required. These unsecured obligations are intended to qualify as Tier 2 capital for regulatory purposes and rank junior to senior indebtedness. Patriot National Bancorp operates as a bank holding company providing financial services.