Profile: Patriot National Bancorp, Inc. (PNBK.O)

Patriot National Bancorp, Inc. (Bancorp) was established for the purpose of becoming a bank holding company for Patriot National Bank, a national banking association headquartered in Stamford, Fairfield County, Connecticut (the Bank). The Bank offers a range of consumer and commercial banking services with an emphasis on serving the needs of individuals, small and medium-sized businesses and professionals. The Bank offers consumer and commercial deposit accounts that include checking accounts, interest-bearing negotiable order of withdrawal (NOW) accounts, insured money market accounts, time certificates of deposit, savings accounts, individual retirement accounts (IRA’s) and health savings accounts (HSA’s). Other services include money orders, traveler’s checks, automated teller machines (ATM’s), Internet banking, bill paying, remote deposit capture and debit cards. On April 1, 2008, the Bank acquired a 20% interest in a de novo insurance agency.

The Bank offers commercial real estate and construction loans to area businesses and developers. Real estate loans made to individuals include home mortgages, home improvement loans, bridge loans and home equity loans and lines of credit. Other personal loans include lines of credit, installment loans, overdraft protection and credit cards. Commercial loans offered to small and medium-sized businesses include secured and unsecured loans to service companies, real estate developers, manufacturers, restaurants, wholesalers, retailers and professionals doing business in the region. In addition to offering residential real estate mortgage loans for its own portfolio, the Bank also solicits and processes mortgage loan applications from consumers on behalf of permanent investors and originates loans for sale.

The Banks investment portfolio is comprised primarily of government sponsored agency and government agency issues. Its investments included securities issued by United States Government sponsored agency obligations, United States Government sponsored agency mortgage-backed securities, marketable equity securities, Federal Reserve Bank stock and Federal Home Loan Bank stock.