Patriot National Bancorp sells $10.0 million of 8.5% subordinated notes due 2036
Patriot National Bancorp agreed on September 18, 2026 to issue and sell $10.0 million of subordinated notes to qualified institutional buyers. The company says the notes are intended to qualify as Tier 2 regulatory capital, and the filing does not say how the proceeds will be used.
Key points
- Principal amount: $10.0 million of 8.5% Fixed to Floating Rate Subordinated Notes due 2036, maturing September 30, 2036
- Fixed 8.5% annual rate, paid semi-annually until September 30, 2031; afterward resets quarterly to three-month SOFR plus 416 basis points
- Company may redeem on or after September 30, 2031, or earlier in certain events, subject to regulatory approval where required
- Notes are unsecured, junior to senior indebtedness, not convertible, and not guaranteed by subsidiaries; placement agent was Performance Trust Capital Partners, LLC
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 23, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.