Patriot National Bancorp Raises $10 Million Through 8.5% Fixed-to-Floating Subordinated Notes Due 2036

Patriot National Bancorp entered into subordinated note purchase agreements with qualified institutional buyers to issue $10.0 million of 8.5% fixed-to-floating subordinated notes due 2036. The notes pay a fixed 8.5% semiannual coupon until Sep 30, 2031, then reset quarterly to three-month SOFR (mi…