Company: PNBK
Filing Date: 2025-08-05
Form Type: 8-K
Source: 0001437749-25-024898
Chunk: 1

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-05
Form: 8-K
Item: Item 3.02
Chunk 1
---
Item 3.02. Unregistered Sales of Equity Securities.

The information set forth under Item 1.01 is incorporated by reference into this Item 3.02.

The securities discussed in this Current Report on Form 8-K were issued and sold in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder. Each purchaser of the securities represented that it is an “accredited investor” as defined in Rule 501(a) under the Securities Act.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed in the Company’s Current Report on Form 8-K dated July 2, 2025, in the Company’s Annual Meeting held on June 26, 2025, Carlos Salas and Mario De Tomasi were elected to serve as directors of the Company, subject to the Company’s receipt of the non-objection from the Board of Governors of the Federal Reserve System. The Federal Reserve Bank of New York has issued letters stating its Non-Objections to Mr. Salas serving as a director and Chief Financial Officer of the Company, and to Mr. De Tomasi serving as a director of the Company. In addition, the Office of Comptroller of the Currency also issued letters stating its Non-Objections to Mr. Salas serving as a director and Chief Financial Officer of Patriot Bank, National Association, a wholly owned subsidiary of the Company (the “ Bank”) and Mr. De Tomasi serving as a director of the Bank.

Appointment of Carlos Salas

On July 30, 2025, the Board approved the appointment of Mr. Salas as a director, the Executive Vice President, and the Chief Financial Officer of the Company, effective as of July 30, 2025. On the same date, Mr. Salas was also appointed as a director and Chief Financial Officer of the Bank.

Mr. Salas, age 53, has almost three decades of experience in finance, law, and executive leadership, specializing in building financial services and operating businesses. Since 2019, Mr. Salas has served as President and a member of the board of directors of The Change Company, an investment holding company operating lending and capital markets businesses focused on serving underbanked borrowers, and as Chairman of its subsidiary mortgage lender, Change Lending LLC. Mr. Salas