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

STAMFORD, Conn., June 24, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot”) (NASDAQ: PNBK) announced today that it had formally extended the maturity of its $12 million senior notes (the “Notes”) that were to mature on June 30, 2022. The extension provides for a new maturity date of December 31, 2022. The interest rate shall be increased 25bps from 7.0% to 7.25% per annum from the period of July 1, 2022, through September 30, 2002. In the event the Notes remain outstanding beyond September 30, 2022, the interest rate shall be increased another 25bps to 7.50% per annum through the maturity date. The notes can be repaid anytime on or before December 31, 2022. The purpose of the extension is to provide Patriot with the additional time needed to complete the proposed merger of American Challenger Development Corp. (“American Challenger”) into Patriot, which was announced on November 15, 2021. Completion of the merger remains subject to certain closing conditions, shareholder approval and regulatory approval, which is nearing conclusion.