Business
Patriot Bank Obtains Preliminary Investment Grade Rating
STAMFORD, Conn., Nov. 18, 2021 (GLOBE NEWSWIRE) -- Kroll Bond Ratings Agency (“KBRA”) assigned a preliminary deposit and issuer rating of BBB, and preferred
About this update from Patriot National Bancorp Inc.
[{"type":"text","content":"STAMFORD, Conn., Nov. 18, 2021 (GLOBE NEWSWIRE) -- Kroll Bond Ratings Agency (“KBRA”) assigned a preliminary deposit and issuer rating of BBB, and preferred stock rating of BBB- to the digital-first national bank being created by the proposed merger of American Challenger Development Corp. (“American Challenger”) with Patriot National Bancorp, Inc. (“Patriot”) (NASDAQ: PNBK), the holding company of Patriot Bank, N.A., a national bank headquartered in Stamford, Connecticut. “The contribution of common equity from the parent is projected to create significant overcapitalization and common equity cushion below the preferred stock while the bank transitions to a stabilized business profile,” Kroll declared. They concluded, “Underpinning the ratings is KBRA’s favorable view of the depth and expertise of management.” While the assigned ratings are preliminary and contingent upon the consummation of the merger, as well as successful execution of recapitalization efforts. In response, Patriot Chairman, Michael Carrazza, praised the determination and issued the following statement: “We’re pleased to have received this preliminary rating assignment by Kroll Bond Rating Agency.” He added, “This is a supportive component of the proposed transaction; we continue our efforts to assemble each of the pieces required to complete this exciting and industry-disrupting merger.” The preliminary ratings are likely to convert to final ratings upon the successful completion of the merger and recapitalization. To access the KBRA rating on businesswire.com please visit:https://www.kbra.com/documents/press-release/46728/kbra-assigns-preliminary-ratings-to-patriot-bank-n-a To access the announcement of the proposed Patriot/American Challenger merger and the Patriot recapitalization on globenewswire.com, visit: https://www.globenewswire.com/news-release/2021/11/15/2334265/31179/en/Patriot-National-Bancorp-and-American-Challenger-Development-Corp-agree-to-merge-and-create-largest-digital-challenger-bank-in-America.html For more information or to arrange interviews, please contact Tom Butler at 646-213-1802 or . Cautionary Statement About Forward-Looking Statements: This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business pla...