Patriot National Bancorp jumps after securing over $50 million capital raise

Patriot National Bancorp

21/03/2025 16:10

** Shares of Patriot National Bancorp PNBK.O jump as much as 49.1%; last up 19.7% at $1.27

** Community bank late Thursday announced it had secured over $50 million in a private placement

** Proceeds from the offering will be used to increase equity capital and bolster its balance sheet

** CEO David Lowery, who has been with the bank since April 2021, will depart from the Stamford, Connecticut-based company

** PNBK, which has about $1 billion in assets, was designated by the Office of the Comptroller of the Currency as being in "troubled condition"

** At its peak in 2006, PNBK had a market cap of $125 million, according to data compiled by LSEG

** Capital raise marks a positive inflection point for Patriot and will enable the bank to pursue the compelling market opportunity that exists - Chairman Michael Carrazza

** PNBK stock down 34.5% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))