Patriot National Bancorp, Inc., a Connecticut corporation, is a one-bank holding
company for Patriot Bank, N.A, a national banking association headquartered
in Stamford, Fairfield County, Connecticut (the “Bank”). The Bank
received its charter and commenced operations as a national bank on August 31,
1994. The Bank currently has eight branch offices in Connecticut. The Bank also
has branch offices in Bedford and Scarsdale, both located in Westchester County,
New York.
On March 11, 2003, The Company formed Patriot National Statutory Trust I (the
“Trust”) for the sole purpose of issuing trust preferred securities
and investing the proceeds in subordinated debentures issued by the Company.
The Company primarily invested the funds from the issuance of the debt in the
Bank. The Bank in turn used the proceeds to fund general operations.
On April 1, 2008, the Bank acquired a 20% interest in a de novo insurance agency.
The impact on the Bank’s operations in 2011, 2012 and 2013 had been minimal.
During the fourth quarter of 2013, the Bank sold its interest in the de novo
insurance agency.
The Bank conducts business at its main office located in Stamford, Connecticut
and at other Connecticut branch offices located in Darien, Fairfield, Greenwich,
Milford, Norwalk, Trumbull, and Westport. In New York State, the Bank conducts
business at branch offices located in Bedford and Scarsdale. The Bank also operates
a loan origination office at 900 Bedford Street, Stamford, Connecticut.
The Bank offers commercial real estate loans, commercial business loans, and
a variety of consumer loans with an emphasis on serving the needs of individuals,
small and medium-sized businesses and professionals. The Bank previously had
offered loans on residential real estate, but discontinued doing so during 2013.
The Bank’s lending activities are conducted principally in Fairfield and
New Haven Counties in Connecticut and Westchester County in New York, although
the Bank’s loan business is not necessarily limited to these areas.
Consumer and commercial deposit accounts offered include: checking, interest-bearing
negotiable order of withdrawal “NOW”, money market, time certificates
of deposit, savings, Certificate of Deposit Account Registry Service CDARS,
Individual Retirement Accounts (“IRAs”) and Health Savings Accounts
(“HSAs”). Other services offered by the Bank include include Automated
Clearing House (“ACH”) transfers, lockbox, internet banking, bill
paying, remote deposit capture, debit cards, money orders, traveler’s
checks and automatic teller machines (“ATMs”). In addition, the
Bank may in the future offer other financial services.
The Bank’s employees perform most routine day-to-day banking transactions.
The Bank has entered into a number of arrangements with third parties for banking
services such as correspondent banking, check clearing, data processing services,
credit card processing and armored car carrier service.
In the normal course of business and subject to applicable government regulations,
the Bank invests a portion of its assets in investment securities, which may
include government securities. An objective of the Bank’s investment policy
is to maintain a balance of high quality diversified investments to minimize
risk while maintaining adequate levels of liquidity and limiting its exposure
to interest rate movements and credit risk. Government agency issues currently
comprise the majority of the Bank’s investment portfolio.
