1. It's like a local Bank of America for Connecticut and Westchester County.

2. Think of it as a regional JPMorgan Chase, serving communities primarily in Connecticut and Westchester County, New York.

• Deposit Services: Offers various checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Commercial Lending: Provides loans for commercial real estate, business operations, construction projects, and Small Business Administration (SBA) financing.
• Residential & Consumer Lending: Offers mortgages for residential real estate and various other personal loans to individuals.
• Digital & Transaction Services: Provides internet banking, bill payment, remote deposit capture, debit cards, ACH transfers, lockbox services, and ATM access.

Patriot National Bancorp (PNBK), through its subsidiary Patriot Bank, N.A., primarily serves the following categories of customers:

• Individuals
• Small and medium-sized businesses
• Professionals

Steven Sugarman, President and Chief Executive Officer

Steven Sugarman is an accomplished entrepreneur, investor, executive leader, and philanthropist who serves as President and Chief Executive Officer of Patriot National Bancorp, Inc. (PNBK) and Patriot Bank, N.A., and also as Chair of the Patriot National Bancorp Inc. Board of Directors. He was appointed President and Director of PNBK on December 30, 2024, and President, CEO, and Director of Patriot Bank, N.A. on April 30, 2025. Mr. Sugarman founded and served as the Chief Executive Officer of Banc of California (NYSE: BANC), The Change Company CDFI, and the holding company of COR Clearing. Under his leadership, Banc of California was recognized as one of Forbes Magazine's Top Banks in America. He founded The Change Company in 2017, a Community Development Financial Institution (CDFI) dedicated to providing fair and responsible lending to underserved communities. He also served as Director & CEO of COR Securities Holdings Inc. / COR Clearing LLC, leading the firm through a successful sale to Axos Clearing. Earlier in his career, he worked as a management consultant for McKinsey & Company and as an investment professional at Lehman Brothers. He was brought on to lead Patriot's strategic restructuring efforts in 2025.

David Finn, Interim Chief Financial Officer and Executive Vice President

David Finn was appointed Interim Chief Financial Officer and Executive Vice President, effective October 30, 2024. He joined Patriot Bank on August 5, 2024, as Executive Vice President and Senior Finance Officer and brings over 25 years of industry experience. Prior to Patriot Bank, he served as Senior Vice President at First Citizens Bank (formerly CIT Group Inc.) from May 2014 to June 2023, where he was responsible for all regulatory reporting. He held various finance roles at CIT Group Inc. starting in 1998, including Global Controller of Equipment Finance and Non-Strategic Portfolios, and CFO of the Consumer Finance segment. Before that, he worked with Price Waterhouse LLP and Coopers & Lybrand LLP.

Paul Simmons, Executive Vice President, Chief Credit Officer

Paul Simmons is the Executive Vice President and Chief Credit Officer at Patriot Bank. He is a seasoned banking executive with over 35 years of experience in commercial lending, credit, and financial services. Prior to joining Patriot Bank, Mr. Simmons served as Executive Vice President and Chief Credit Officer of Sunwest Bank, Silvergate Bank, and Banc of California. He also held senior leadership positions at Citigroup, GE Capital, Apollo Real Estate Advisors, and Zions Bancorporation.

Angie Miranda, Executive Vice President and Chief Risk Officer

Angie Miranda was appointed Executive Vice President and Chief Risk Officer, effective May 6, 2025. She brings expertise in risk management to the leadership team.

Thedora Nickel, Chair of the Patriot Bank Board of Directors

Thedora Nickel serves as the Chair of the Patriot Bank Board of Directors, an appointment made on October 30, 2025. She has over 30 years of banking experience with deep expertise in operations, client service, and organizational transformation. Ms. Nickel currently serves as Executive Director of The Change Company and Change Lending. Her previous roles include Chief Administrative Officer at Banc of California and various senior leadership positions at Bank of America.

The key risks for Patriot National Bancorp (PNBK) are as follows:

1. Significant Regulatory Issues and "Troubled Condition" Designation: Patriot National Bancorp, through its subsidiary Patriot Bank, N.A., has been designated a "troubled condition" bank by the Office of the Comptroller of the Currency (OCC). This designation, issued in January 2025, stems from identified "unsafe or unsound practices and violations of law" across several critical areas. These areas include deficiencies in strategic planning, capital planning, Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk management, payment activities oversight, credit administration, and concentrations risk management. The bank is operating under a formal agreement with the OCC, requiring comprehensive corrective actions, which are leading to increased operational costs and have contributed to substantial net losses (e.g., a net loss of approximately $20.0 million for the trailing twelve months ending September 30, 2025, and $39.9 million for fiscal year 2024).
2. High Commercial Real Estate (CRE) Loan Concentration and Credit Risk: Patriot National Bancorp has a notable reliance on commercial real estate loans and small businesses, which presents ongoing risks, particularly amidst economic uncertainties. Community banks like Patriot Bank often have an above-average exposure to the CRE sector. The commercial real estate market has experienced significant shifts since 2022 due to rising interest rates, changing occupancy patterns, and evolving borrower behaviors, leading to heightened portfolio risk. Concerns include upcoming CRE loan maturities, challenges in cash-flow adequacy for borrowers under increased expenses, and rising delinquency rates within CRE portfolios. Office property values remain depressed, and softness in the multifamily sector is anticipated to persist.
3. Interest Rate Risk and Profitability Challenges: As a community bank primarily relying on traditional lending, Patriot National Bancorp is highly sensitive to fluctuations in interest rates, which can significantly impact its profitability. Rising interest rates can lead to earnings pressure if the cost of funding for deposits increases faster than the yields on its assets. The bank has faced intense competition for core funding, resulting in higher deposit rates, margin compression, and reduced profitability. Patriot National Bancorp has a history of financial struggles, reporting losses in multiple recent years (2019, 2020, 2023, and 2024) and exhibiting very low returns on assets and equity, underscoring its vulnerability to interest rate changes and persistent challenges in maintaining a healthy net interest margin.

Patriot National Bancorp (PNBK) is expected to drive future revenue growth over the next two to three years through several strategic initiatives:

• Digital Payments Expansion: The company is actively expanding its Digital Payments Division, which has already contributed to an increase in non-interest income and is viewed as a growing segment that diversifies the bank's revenue streams.
• Specialized Lending and CDFI Partnerships: Patriot National Bancorp's new leadership is focusing on growth through Community Development Financial Institution (CDFI) partnerships, aiming to achieve both social impact and financial returns in niche markets. Additionally, the bank has launched new commercial real estate and high-net-worth lending products.
• Targeting High-Net-Worth Clients and Institutional Partners: A core strategy involves repositioning the bank to serve high-net-worth clients, family offices, and their associated businesses. This includes expanding private client offices and introducing a dedicated high-net-worth division. The bank is also concentrating its deposit-gathering efforts on affluent customers through specialized platforms like a concierge service and a new Founders Club.
• Geographic Market Expansion: PNBK plans to increase its client penetration and expand its private client offices in key markets. These targeted areas include New York, Greenwich, Beverly Hills, Palm Beach, and Dallas. The company is also exploring additional expansion opportunities in Florida and Texas.

Share Issuance

• On March 20, 2025, Patriot National Bancorp completed a private placement, issuing 60,400,106 shares of common stock at $0.75 per share and 90,832 shares of Series A Non-Cumulative Perpetual Convertible Preferred Stock with a liquidation preference of $60 per share, raising over $50 million in gross proceeds.
• Concurrently with the March 2025 private placement, noteholders converted approximately $7 million of the bank's subordinated and senior notes into 9,333,334 common shares.
• On June 5, 2025, the company completed a registered direct offering of 8,524,160 shares of its common stock at a purchase price of $1.25 per share, raising gross proceeds of $10,655,200.

Inbound Investments

• In 2025, Patriot National Bancorp successfully raised nearly $100 million in equity through a series of capital raises, including a private placement and a registered direct offering.
• The March 20, 2025 private placement raised over $50 million from a diverse group of accredited investors, with President Steven Sugarman personally acquiring 7,019,978 shares for approximately $5.26 million.
• The capital infusions in 2025 were crucial for stabilizing the bank's balance sheet, strengthening its capital base, and meeting regulatory requirements.

Capital Expenditures

• Proceeds from the March 2025 private placement were designated to increase equity capital, strengthen the balance sheet, and support the enhancement of Patriot Bank's digital payments platform.
• In 2025, the bank undertook a wholesale restructuring, which involved retiring legacy loan programs, introducing new commercial real estate and high-net-worth lending products, refocusing deposit-gathering on affluent customers through a concierge platform and a new Founders Club, and expanding institutional banking and digital payments capabilities.
• The bank also made investments in strengthening enterprise risk management.