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!

Patriot National Bancorp, The Parent Company Of Patriot National Bank, Announced The Sale Of Non-Performing Assets And The Closure Of Four Branch Offices

Patriot National Bancorp (NASDAQ: PNBK) (the “Company”), the parent company of Patriot National Bank (“Patriot”), announced the Sale of Non-Performing Assets and the closure of four branch offices. Patriot has entered into a contract to sell non-performing loans and real estate to ES Ventures One, LLC, a Delaware limited liability company, for $65 million. The transaction requires the non-objection of Patriot’s banking regulator and is expected to close prior to March 31, 2011. “The sale of the majority of the Bank’s non-performing assets will allow Patriot to accelerate the Bank’s business plan. Further, the reduction in non-performing assets materially improves the risk profile of the balance sheet, decreases workout and OREO expenses, and allows us to reinvest $65 million into earning assets to improve net interest margin,” said Christopher Maher, the Company’s President & CEO.

In a related restructuring, Patriot announced the consolidation of four branches to reduce operating expenses. The affected branches include Wilton (One Danbury Road, Wilton), Fairfield Center (1127 Post Road, Fairfield), Stratford (3552 Main Street, Stratford), and Old Greenwich (184 Sound Beach Avenue, Greenwich). All customer accounts in the affected branches will be transferred to nearby Patriot branches to minimize any inconvenience to the Bank’s customers. The consolidation of these branches is expected to result in a pre-tax earnings charge of $3.0 million and result in annualized expense reductions of $1.8 million. The consolidations are anticipated to be completed prior to June 30, 2011.

Michael Carrazza, the Chairman of the Board of the Company, commented that “We are pleased to report on these restructuring achievements, which are key components of our post-closing recovery plan. These activities strengthen Patriot’s competitive position and bring us closer to our goal of restored health and profitability.

The Company plans to issue full year 2010 financial statements in conjunction with the filing of an Annual Report on Form 10-K on or about March 15, 2011.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
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 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • 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