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Steven Sugarman, President of Patriot National Bancorp Inc. (NASDAQ:PNBK), has recently made a significant purchase of the company’s stock. According to a recent SEC filing, Sugarman acquired 7,019,978 shares of common stock at a price of $0.75 per share, totaling approximately $5.26 million. This transaction was part of a private placement completed by the bank on March 20, 2025. The purchase comes as PNBK trades at $1.21, significantly below its 52-week high of $4.01. InvestingPro analysis indicates the stock is currently undervalued, trading at just 0.29 times book value. Additionally, Sugarman’s trust acquired 19,167 shares of Series A Preferred Stock, further demonstrating his commitment to the company. The shares are held indirectly through the Steven and Ainslie Sugarman Living Trust. With a market capitalization of just $4.77 million and a 69% decline in share price over the past year, this insider purchase represents a significant vote of confidence. InvestingPro subscribers can access 10 additional key insights about PNBK’s valuation and performance metrics.
In other recent news, Patriot National Bancorp Inc. has announced a preliminary net loss of approximately $9.5 million for the last quarter of 2024, contrasting with a net income of $0.9 million from the previous year. This financial downturn is attributed primarily to a provision for credit losses related to two large commercial real estate loans. In a strategic financial move, the bank completed a $57.75 million private placement, issuing common and preferred shares while converting outstanding notes, which aims to bolster its capital structure. Additionally, Patriot National Bancorp introduced a new Series A Non-Cumulative Perpetual Convertible Preferred Stock, although no shares are yet outstanding. The bank secured an exception from Nasdaq’s shareholder approval rules under the financial viability exception to maintain its listing. On the executive front, Thomas Slater, Executive Vice President and Chief Credit Officer, announced his retirement effective May 2025, and David Finn, Chief Financial Officer, also plans to resign. These developments are part of the bank’s ongoing efforts to manage financial challenges and explore strategic alternatives, including potential capital raises, sales, or mergers.
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