Patriot National Bancorp sells USD 10 million of 8.5% fixed-to-floating subordinated notes due 2036
Bitget2026/09/23 13:16- Patriot National Bancorp entered subordinated note purchase agreements with qualified institutional buyers for USD 10 million of 8.5% Fixed to Floating Rate Subordinated Notes due 2036.
- Notes pay 8.5% fixed interest through Sept. 30, 2031, then reset quarterly to three-month SOFR (floored at 0) + 416 basis points.
- Company can redeem all or part of the Notes on or after Sept. 30, 2031, subject to required regulatory approval.
- Notes are unsecured, subordinated to senior indebtedness, not holder-puttable, not convertible, intended to qualify as Tier 2 capital.
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