Patriot National Bancorp in Stamford, Conn., is exploring strategic initiatives, including its possible sale.
The $974.1 million-asset company disclosed in a regulatory filing that it has hired Performance Trust Capital Partners to also help it explore capital markets … with the goal of maximizing shareholder value.” The review could lead to a capital raise, strategic partnership or a merger.
Patriot said in the filing that it has been seeking “targeted strategic initiatives” since is merger agreement with American Challenger Development Corp. fell through in July 2022.
“No decision has been made as to whether the company will engage in a transaction … and no assurance can be given that any transaction or transactions will occur,” the filing said. “The company expects a capital infusion, or strategic partnering, would more efficiently facilitate conditions for the bank’s return to asset and loan growth.”