This Day On The Street
Continue to site
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

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,776.43 +304.06 1.85%
S&P 500 1,987.05 +35.69 1.83%
NASDAQ 4,781.2640 +73.4890 1.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs