Company: PNBK
Filing Date: 2025-01-21
Form Type: 8-K
Source: 0001437749-25-001434
Chunk: 0

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-01-21
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into A Material Definitive Agreement.

On January 14, 2025, Patriot Bank, N. A. (the “ Bank”), the wholly-owned subsidiary of Patriot National Bancorp, Inc. (“ Patriot” or the “ Company”), entered into an agreement (the “ OCC Agreement”) with the Office of the Comptroller of the Currency (“ OCC”), pursuant to which the Bank agreed, through its board of directors (“ Bank Board”) to take certain actions which, among others, including the following:

  By January 31, 2025, the Bank Board shall appoint a Compliance Committee of at least three members, a majority of whom shall be directors who are not employees or officers of the Bank or any of...  
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  Within 30 days of the date of the OCC Agreement, and thereafter within 30 days after the end of each quarter, the Compliance Committee shall submit to the Bank Board a written progress report s...  
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  Within 45 days of the date of the OCC Agreement, the Bank Board shall submit to the Assistant Deputy Comptroller an acceptable written strategic plan for the Bank, to establish objectives for t...  

  By February 28, 2025, the Bank shall achieve and thereafter maintain the minimum capital ratios as defined in 12 C. F. R. § 3.10(b) and as calculated in accordance with 12 C. F. R. Part 3, whic...  
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  Within 60 days of the date of the OCC Agreement, the Bank shall submit to the Assistant Deputy Comptroller an acceptable written risk management framework guiding the implementation of new, exp...  

  Within 30 days of the date of the OCC Agreement, the Bank shall submit to the Assistant Deputy Comptroller an acceptable written plan detailing the remedial actions necessary to achieve and sus...  
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  Within 45 days of the date of the OCC Agreement, the Bank shall