Connecticut | 000-29599 | 06-1559137 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
900 Bedford Street, Stamford, Connecticut | 06901 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |||
99.1 | Patriot National Bancorp, Inc., Press Release, issued June 20, 2011. |
PATRIOT NATIONAL BANCORP, INC. | ||||||
Date: June 20, 2011
|
By: | /s/ Robert F. OConnell
|
||||
Senior Executive Vice President | ||||||
and Chief Financial Officer |
Contact: |
||||
Patriot National Bank
|
Christopher D. Maher | Robert F. OConnell | ||
900 Bedford Street
|
President & CEO | Sr. EVP & CFO | ||
Stamford, CT 06901
|
203 251-8265 | 203 324-7500 |
| Appointed Michael Carrazza as Board Chairman and Christopher Maher as President and CEO. |
| Engaged KPMG as Patriots new auditor. |
| Reduced non-performing assets by 76%. As of May 31, 2011 non-performing assets decreased
to $26 million, down from $106 million at the end of 2010. |
| Right-sized the balance sheet; including an intentional shrinkage of total assets to
$670 million as of May 31, 2011. |
| Reduced cost of deposits from 152 basis points to 113 basis points. |
| Consolidated four branch locations creating a $1.7 million reduction in overhead costs
annually. |
| Implemented further cost savings initiatives to reduce expenses by $1.0 million
annually. |
| Redeployed over $50 million of excess liquidity into short-duration earning assets,
which will generate approximately $1.8 million in annual income. |
| Executed a Bank-wide reduction in force producing a $1.3 million annual savings in
operations. |
| Recruited several new seasoned professionals in lending, IT and finance. |
| Re-launched lending efforts and built a strong pipeline of residential, commercial and
C&I business. |
| Brought a three-year history of negative earnings to a near inflection point, which
should restore profitability soon. |
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