Patriot National Bancorp sells USD 10 million of 8.5% fixed-to-floating subordinated notes due 2036

Bitget2026/09/23 13:16

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Patriot National Bancorp entered subordinated note purchase agreements with qualified institutional buyers for USD 10 million of 8.5% Fixed to Floating Rate Subordinated Notes due 2036.
Notes pay 8.5% fixed interest through Sept. 30, 2031, then reset quarterly to three-month SOFR (floored at 0) + 416 basis points.
Company can redeem all or part of the Notes on or after Sept. 30, 2031, subject to required regulatory approval.
Notes are unsecured, subordinated to senior indebtedness, not holder-puttable, not convertible, intended to qualify as Tier 2 capital.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Patriot National Bancorp Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001437749-26-031012), on September 23, 2026, and is solely responsible for the information contained therein.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Patriot National Bancorp sells USD 10 million of 8.5% fixed-to-floating subordinated notes due 2036

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