Patriot National Bancorp, Inc. announced the issuance and sale of $12 million in aggregate principal amount of 8.50% Fixed-Rate Senior Notes due 2026. The Company used the proceeds from the Offering to repay in full its 7.50% Senior Notes, due on December 31, 2022. The Notes bear interest at a fixed annual rate of 8.50%, payable semi-annually in arrears on January 15 and July 15 of each year, beginning July 15, 2023.

The Notes' maturity date is January 15, 2026. The Company is entitled to redeem the Notes, in whole or in part, on or after January 15, 2025, and to redeem the Notes at any time in whole upon certain other events, at a redemption price equal to 100% of the outstanding principal amount of the Notes to be redeemed plus any accrued and unpaid interest to, but excluding, the redemption date.