STAMFORD, Conn., Aug. 31, 2015 (GLOBE NEWSWIRE) -- PNBK Holdings LLC ("Holdings"), the control shareholder of Patriot National Bancorp, Inc. (NASDAQ:PNBK) ("Patriot"), today announced that it has closed on an investment from Castle Creek Capital LLC and certain of its affiliates (collectively, "Castle Creek"), whereby Castle Creek joins other institutional investors of PNBK Holdings. "We are pleased to have Castle Creek join our investor group," said Michael Carrazza, who is Chairman of Patriot and oversees Holdings. "It is validation of both our progress and strategic intentions. Their deep expertise and experiences in the banking sector is constructive to our go forward strategy."
Holdings infused more than $50 million in Patriot in late 2010 to effect a turnaround recapitalization, rescuing Patriot from imminent failure. The turnaround strategy was successful in restoring regulatory compliance, credit quality, financial health, and profitability, transforming Patriot to a healthy banking institution. Patriot's recovery has been led by acclaimed banking veteran Kenneth Neilson, as Patriot's current President and CEO. Castle Creek's investment in Holdings does not impact the capitalization of Patriot National Bancorp, Inc.
"We are excited to join Holdings' investor group and be part of Patriot's promising future," said John Eggemeyer, Managing Principal of Castle Creek Capital LLC. "We have a shared vision of seeing Patriot's franchise value grow and creating value for its shareholders."
About Patriot National Bancorp, Inc.
Patriot National Bancorp, Inc., operates as the holding company for Patriot National Bank, which provides consumer and commercial banking services to individuals, small and medium-sized businesses and professionals. The Company's lending activities are conducted principally in Fairfield and New Haven Counties in Connecticut and Westchester County in New York. Patriot National Bank currently operates 10 full service branches, 8 in Connecticut and 2 in New York. Both Patriot National Bank and Patriot National Bancorp, Inc. are headquartered in Stamford, Connecticut. Patriot National Bank was founded in 1994.
About Castle Creek Capital LLC
Castle Creek is a private equity firm founded in the early 1990s and is based in Rancho Santa Fe, California. The firm primarily makes equity, preferred equity, and debt investments in U.S.-based banks and other financial intermediaries with assets between $100 million and $10 billion. Since 1992, Castle Creek's principals have initiated and led over $2.0 billion in bank equity investments, completing over 65 direct and follow-on bank acquisitions and eight bank sales. Castle Creek and its portfolio banks have been one of the most active lead-investor acquirers of banks in the United States over the past decade. Further information about Castle Creek can be found at www.castlecreek.com.
For investor or media inquiries regarding PNBK Holdings LLC or Patriot National Bancorp, Inc., please contact:
900 Bedford Street
Stamford, CT 06901
Source:Patriot National Bancorp, Inc.