Monitor upcoming quarterly filings for changes in regulatory capital ratios and any impact on the company's ability to upstream dividends from Patriot Bank. The 8.5% coupon is relatively high, indicating the company may have limited access to cheaper capital — watch for margin compression.
Price Chart
Executive Summary
Patriot National Bancorp issued $10.0 million in aggregate principal amount of 8.5% Fixed-to-Floating Rate Subordinated Notes due 2036 to institutional accredited investors in a private placement. The notes are unsecured, subordinated obligations intended to qualify as Tier 2 regulatory capital, with net proceeds used for general corporate purposes including capital contributions to its bank subsidiary. This capital raise bolsters the company's regulatory capital position but adds fixed interest expense at an 8.5% coupon.
Key Financial Metrics
Key Facts
- Issued $10.0 million aggregate principal amount of 8.5% Fixed-to-Floating Rate Subordinated Notes due September 30, 2036
- Fixed rate of 8.5% per annum for first 5 years (to Sept 30, 2031), then floating at 3-month SOFR + 416 bps
- Notes are unsecured, subordinated to all senior indebtedness, and intended to qualify as Tier 2 capital
- Net proceeds used for general corporate purposes, including future growth and capital contributions to Patriot Bank, N.A.
- Notes not redeemable by holders; Company may redeem on/after Sept 30, 2031 or earlier upon Tier 2 Capital Event, Tax Event, or Investment Company Event
- Placement agent: Performance Trust Capital Partners, LLC
- Closing date: September 18, 2026
Financial Impact
$10.0 million in new subordinated debt at 8.5% fixed rate for 5 years, then floating
Risk Factors
- 8.5% fixed coupon adds meaningful interest expense to a small bank holding company
- Notes are subordinated and unsecured — holders rank behind all senior creditors in liquidation
- No established trading market for the notes; restricted securities with limited transferability
- Company is dependent on dividends from Patriot Bank to service this debt
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-031012 |
| Document: pnbk20260923_8k.htm | 0001437749-26-031012 |
| Document: 0001437749-26-031012-index-headers.html | 0001437749-26-031012 |
| Document: 0001437749-26-031012-index.html | 0001437749-26-031012 |
| Document: 0001437749-26-031012.txt | 0001437749-26-031012 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 24, 2026 4w ago | 424B5 | $1.00 $0.8238 | ▲ +17.62% | ▲ +16.14% | $0.8504 (+14.96%) |
Sep 24, 2026 4w ago | 8-K | $1.00 $0.8238 | ▲ +17.62% | ▲ +16.14% | $0.8504 (+14.96%) |
Sep 23, 2026 4w ago | 8-K | $0.9404 $0.8446 | ▼ −10.19% | ▼ −10.87% | $0.8504 (−9.57%) |
Aug 17, 2026 10w ago | 8-K | $1.08 $0.9432 | ▼ −12.67% | ▼ −10.69% | $0.8504 (−21.26%) |
Jul 31, 2026 12w ago | 8-K | $1.14 $1.03 | ▼ −9.65% | ▼ −12.64% | $0.8504 (−25.40%) |
Jul 1, 2026 16w ago | 8-K | $1.20 $1.05 | ▼ −12.50% | ▼ −10.31% | $0.8504 (−29.13%) |
Jul 1, 2026 16w ago | Press Release | $1.20 $1.05 | ▼ −12.50% | ▼ −10.31% | $0.8504 (−29.13%) |
Jun 11, 2026 19w ago | Institutional Cluster | $0.9350 $1.17 | ▼ −25.13% | ▼ −23.24% | $0.8504 (+9.05%) |
May 5, 2026 24w ago | 8-K | $1.05 $1.05 | · 0.00% | ▼ −2.78% | $0.8504 (−19.01%) |
Apr 8, 2026 28w ago | 8-K | $1.34 $1.09 | ▼ −18.66% | ▼ −27.20% | $0.8504 (−36.54%) |
US Market Status
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