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Patriot National Bancorp Inc. (NASDAQ:PNBK), the parent company of Patriot Bank, N.A., disclosed the upcoming retirement of a key executive in a recent filing with the U.S. Securities and Exchange Commission. Thomas Slater, the Executive Vice President and Chief Credit Officer of Patriot Bank, has announced his retirement effective May 15, 2025. The announcement comes during a challenging period for the bank, which according to InvestingPro data, has seen its stock price decline nearly 69% over the past year, with shares currently trading at $1.18.
Mr. Slater, who has been serving in his current role since December 15, 2022, submitted his retirement notice on March 28, 2025. The announcement was formally made public on April 1, 2025, through the company’s 8-K filing.
Patriot National Bancorp, headquartered in Stamford, Connecticut, operates as a bank holding company with its primary subsidiary, Patriot Bank, providing banking services to individual and corporate customers. The company’s common stock is traded on the NASDAQ Global Market under the ticker symbol PNBK.
The 8-K filing did not mention a successor for Mr. Slater or the plans for filling the soon-to-be-vacant position. The departure of a senior executive can be a significant event for a financial institution, as the role of Chief Credit Officer is critical in overseeing the bank’s credit policies and risk management.
Patriot National Bancorp has not released any further statements regarding the impact of Mr. Slater’s retirement or any interim measures that will be taken. Investors and customers will be looking to the bank’s management for their strategy to ensure a smooth transition and continued adherence to sound credit practices.
This report is based on the statements made in the aforementioned SEC filing and does not include any additional commentary or speculation about Patriot National Bancorp’s future plans or the implications of Mr. Slater’s retirement.
In other recent news, Patriot National Bancorp announced a $57.75 million private placement through the sale of common and preferred shares, alongside the conversion of outstanding notes. This strategic financial move aims to bolster the bank’s capital structure and support ongoing operations. The bank also reported a preliminary net loss of approximately $9.5 million for the last quarter of 2024, primarily due to a provision for credit losses related to two large commercial real estate loans. In response to financial challenges, Patriot National Bancorp has entered into a material definitive agreement to extend the grace period for interest payments on its senior notes. Additionally, the bank has announced the introduction of a new Series A Non-Cumulative Perpetual Convertible Preferred Stock, as per a recent SEC filing. The Nasdaq Listing Qualifications Department granted the bank an exception from shareholder approval rules under the financial viability exception provision. Furthermore, Patriot National Bancorp entered into a regulatory agreement with the Office of the Comptroller of the Currency to enhance its compliance and risk management practices. David Finn, the Executive Vice President and Chief Financial Officer, has tendered his resignation, effective May 15, 2025, to pursue other opportunities.
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