This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

PNBK Holdings LLC Acquires Controlling Interest In Patriot National Bancorp, Inc.

Patriot National Bancorp, Inc. (NASDAQ: PNBK) (the “Company”) today announced that it has completed its previously announced recapitalization transaction with PNBK Holdings LLC (“PNBK Holdings”), an entity controlled by operating financier, Michael Carrazza. Patriot National Bank (“Patriot”), the Company’s principal operating subsidiary, is a commercial bank headquartered in Stamford, Connecticut with assets of $817 million as of June 30, 2010 and a total of 19 branch locations throughout southern Connecticut, Westchester and New York.

PNBK Holdings acquired 33.6 million newly issued shares of common stock of the Company, representing approximately 88% of the Company’s outstanding common stock on a fully diluted basis.

“With the bank’s return to “well-capitalized” status, Patriot is positioned to return to profitability and to restore focus on its long-term growth strategy,” said Mr. Carrazza, who was named Chairman of the Company and Patriot. “Our objective is to strengthen Patriot’s banking franchise and ensure that Patriot delivers optimum service to its customers, while increasing shareholder value.”

In connection with the transaction, Christopher Maher, a local community banking veteran with more than 20 years of experience, was appointed to the Company’s and Patriot’s Board of Directors and to serve as the Company’s and Patriot’s new President and Chief Executive Officer.

“I am thrilled to be joining the Patriot team,” said Mr. Maher. “Patriot is a great franchise with terrific employees, and I look forward to deploying the bank’s new capital to further serve its customers and communities.”

In connection with the closing, the Company and Patriot appointed a team of accomplished industry executives to serve as new members of their respective boards of directors, harnessing a wealth of community banking, commercial real estate, internal controls and audit experience. Newly appointed directors include:

  • Edward N. Constantino, a former Audit Partner of KPMG LLP, with over 40 years of audit, advisory and tax experience.
  • Kenneth T. Nielson, former Chairman, Chief Executive Officer and President of Hudson United Bank and Hudson United Bancorp, serving Hudson for 23 years.
  • Emile Van den Bol, former Managing Director of the Commercial Real Estate Group of Deutsche Bank Securities, Inc.
  • Michael J. Weinbaum, Vice President of Real Estate Operations for United Capital Corp. (NYSE Amex: AFP) for more than 20 years.

Advisors to PNBK Holdings on the transaction included Skadden, Arps, Slate, Meagher & Flom LLP, Robinson & Cole LLP, and KPMG LLP.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs