Patriot National in Conn. to report big 4Q loss tied to two CRE loans

Patriot National Bancorp in Stamford, Conn., which was recently hit with an enforcement action while exploring its strategic alternatives, warned that it lost money in the fourth quarter.

The $974.1 million-asset company disclosed in a regulatory filing that it expects to report a $9.5 million net loss, compared to $900,000 in net income a year earlier. Patriot pointed to a $7.7 million loan-loss provision largely tied to two big commercial real estate loans.

The company late last year said that it had hired an investment bank to explore strategic options, including a possible sale. It also hired veteran banker Steven Sugarman as its president to help oversee the process.

In January, Patriot disclosed that its bank was operating under a written agreement with the Office of the Comptroller of the Currency ordering it to address Bank Secrecy Act and anti-money laundering compliance, among other things. The OCC also labeled Patriot Bank as being in a “troubled condition.”