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Last $15.49 USD
Change Today 0.00 / 0.00%
Volume 0.0
PNBK On Other Exchanges
Symbol
Exchange
NASDAQ GM
As of 8:10 PM 04/21/15 All times are local (Market data is delayed by at least 15 minutes).

patriot national bancorp inc (PNBK) Key Developments

Patriot National Bancorp, Inc. Appoints BDO USA, LLP Replacing KPMG LLP as Auditors

On April 8, 2015, Patriot National Bancorp Inc. notified KPMG LLP that KPMG was dismissed as the company's independent registered public accounting firm. The decision to change accounting firms was approved by the audit committee of the board of directors of the company and ratified by the board of directors on April 7, 2015. On April 8, 2015, the company appointed BDO USA, LLP as the company's new independent registered public accounting firm for its first quarter ended March 31, 2015 and its fiscal year ending December 31, 2015. The appointment of BDO was approved by the audit committee and ratified by the board of directors on April 7, 2015.

Patriot National Bancorp Inc. Proposes Amendments to Certificate of Incorporation

Patriot National Bancorp Inc. proposed amendments to the company’s Certificate of Incorporation to effect a reverse stock split of the outstanding shares of the company’s common stock at a ratio of one-for-ten to its upcoming annual general meeting going to be held on December 23, 2014.

Patriot National Bancorp Inc., Annual General Meeting, Dec 23, 2014

Patriot National Bancorp Inc., Annual General Meeting, Dec 23, 2014., at 10:00 US Eastern Standard Time. Location: At the offices of Robinson & Cole LLP. Agenda: To elect six directors to serve until the company’s annual meeting of shareholders to be held in 2015 and until their successors are elected; to ratify the appointment of KPMG LLP to serve as the independent registered public accounting firm for Patriot National Bancorp, Inc. for the 2014 fiscal year; to amend the company’s Certificate of Incorporation to effect a reverse stock split of the outstanding shares of the company’s common stock at a ratio of one-for-ten; and to transact any other business which may properly come before the meeting.

Patriot National Seeks Acquisitions

Patriot National Bancorp Inc. (NasdaqGM:PNBK) will consider acquisitions. Patriot National is carrying out a reverse stock split. Upon its effectiveness, the number of authorized shares of common stock that are not issued or outstanding would increase. These additional shares may be issued in the future for a variety of corporate purposes including, but not limited to, raising additional capital, strategic partnering arrangements, equity incentive plans, acquisitions of assets or businesses, stockholder right plans, and stock splits or stock dividends.

Patriot National Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Patriot National Bancorp Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, interest and dividend income interest and fees on loans was $4,792,000 against $5,427,000 a year ago. Net interest income was $4,286,000 against $4,531,000 a year ago. Net interest income after provision for loan losses was $4,286,000 against $3,531,000 a year ago. Income before income taxes was $449,000 against loss before income taxes of $2,370,000 a year ago. Net income was $17,261,000 or $0.45 per basic and diluted share against net loss of $2,370,000 or $0.06 per basic and diluted share a year ago. Book value per share of the company was $1.55 at September 30, 2014 compared to $1.05 at September 30, 2013. For the nine months, interest and dividend income interest and fees on loans was $14,150,000 against $15,668,000 a year ago. Net interest income was $12,429,000 against $12,438,000 a year ago. Net interest income after provision for loan losses was $12,429,000 against $11,468,000 a year ago. Income before income taxes was $1,293,000 against loss before income taxes of $8,260,000 a year ago. Net income was $18,105,000 or $0.47 per basic and diluted share against net loss of $8,239,000 or $0.21 per basic and diluted share a year ago. Tangible Book value of the company was $1.55 at September 30, 2014 compared to $1.05 at September 30, 2013.

 

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