Company: PNBK
Filing Date: 2025-01-21
Form Type: 8-K
Source: 0001437749-25-001434
Chunk: 1

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-01-21
Form: 8-K
Item: Item 1.01
Chunk 1
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 submit to the Assistant Deputy Comptroller an acceptable written customer identification program to ensure appropriate collection...  

  Within 45 days of the date of the OCC Agreement, the Bank shall submit to the Assistant Deputy Comptroller an acceptable written plan designed to ensure the Bank Secrecy Act/Anti-Money Launderi...  
  Within 45 days of the date of the OCC Agreement, the Bank shall submit to the Assistant Deputy Comptroller an acceptable written suspicious activity monitoring and reporting program to ensure t...  

  Within ninety 90 days of the date of the OCC Agreement, the Bank shall conduct a review and provide a written report of the Bank’s fraud suspicious activity monitoring;  

  Within 60 days of the date of the OCC Agreement, the Bank shall develop a written institution-wide BSA/AML Risk Assessment, which shall reflect a comprehensive analysis of the Bank’s money laun...  

  Within 60 days of the date of the OCC Agreement, the Bank Board shall ensure the Bank maintains, at all times, a qualified BSA Officer vested with sufficient independence, authority, and resour...  

  Within 60 days of the date of the OCC Agreement, the Bank shall submit to the Assistant Deputy Comptroller an acceptable written Payment Activities Oversight Program, to manage the various risks;  

  Within 30 days of the date of the OCC Agreement, the Bank shall submit to the Assistant Deputy Comptroller an acceptable written credit administration program to ensure the Bank obtains and ana...  
  Within 60 days of the date of the OCC Agreement, the Bank shall submit to the Assistant Deputy Comptroller an acceptable written Concentration Risk Management Program; and                           
  Within 45 days of the date of the OCC Agreement, the Bank Board shall submit to the Assistant Deputy Comptroller an acceptable written Liquidity Risk Management Program which shall provide for ...  

The Bank has been designated by the OCC to be in “troubled condition” as set forth in 12 C. F. R. §5.51(c)(7)(ii) and not an “eligible bank” for purposes of 12 C. F. R. §5.3(g) and 12 C. F. R. §24.2(e).

The foregoing description of the terms of the OCC Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the form of the OCC Agreement filed herewith as Exhibit 10.1.

Furthermore, on January 17, 2025