Patriot National in Conn. to raise $10.5 million by selling stock

Patriot National Bancorp in Stamford, Conn., plans to raise $10.7 million by selling stock.

The $974 million-asset company disclosed in a regulatory filing that it will sell about 8.5 million shares directly to investors at $1.25 each.

The company plans to use the proceeds for general corporate purposes, which may include capital expenditures, working capital, and general and administrative expenses.

Steven Sugarman led a group that agreed to infuse $50 million into the company. Sugarman, who subsequently became Patriot National’s CEO, has been hiring several former colleagues from Banc of California to overhaul the bank’s staff.