Patriot National Bancorp Extends Maturity of $12 million of Senior Notes

STAMFORD, Conn., Nov. 19, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot”) (NASDAQ: PNBK) announced today that it has formally extended the maturity of its $12 million of senior notes that were to mature on December 22, 2021. The extension provides for the same terms under the existing senior notes, other than that they can be repaid anytime on or before June 30, 2022. The purpose of the extension is to provide Patriot with the time necessary to raise its intended $80 million of subordinated notes as part of Patriot’s proposed recapitalization and the proposed merger of American Challenger Development Corp. (“American Challenger”) into Patriot via reverse subsidiary merger, which was recently announced on November 15, 2021.