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Patriot National Bancorp ( (PNBK) ) just unveiled an announcement.
Patriot National Bancorp announced an amendment to extend the grace period for interest payments on its 8.5% Senior Notes to April 1, 2025. The company reported preliminary financial results for the fourth quarter of 2024, revealing a significant net loss of approximately $9.5 million compared to a net income of $0.9 million in the previous year, largely due to provisions for credit losses. Additionally, the company is exploring strategic alternatives including a potential capital raise or sale, with negotiations underway for a proposed transaction involving a $60 million investment. The potential transaction aims to restore the bank’s capital status and ensure financial stability.
More about Patriot National Bancorp
Patriot National Bancorp, Inc. is a Connecticut-based company operating in the financial services industry, primarily focusing on banking services through its subsidiary, Patriot Bank, N.A.
YTD Price Performance: -36.90%
Average Trading Volume: 994,253
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $4.69M
For an in-depth examination of PNBK stock, go to TipRanks’ Stock Analysis page.
