PATRIOT NATIONAL BANCORP INC

Regulatory Filings • Mar 23, 2009

8-K 1 pnbk8k-031909.htm PATRIOT NATIONAL BANCORP, INC. 8-K 03 19 09 pnbk8k-031909.htm Licensed to: Hinckley Allen & Snyder LLP Document Created using EDGARizer 4.0.7.0 Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 19, 2009

Patriot National Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Connecticut	000-29599	06-1559137
(State
or other jurisdiction of incorporation)	(Commission
File Number)	(IRS
Employer Identification No.)

900 Bedford Street, Stamford, Connecticut 06901

(Address of principal executive offices)

(203) 324-7500

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

| TABLE
OF CONTENTS | |
| --- | --- |
| Item
8.01 | Other |
| SIGNATURES | |

| Item
8.01 |
| --- |
| Angelo
De Caro, Chairman of Patriot National Bancorp, Inc. ("PNBK") expects that
a significant portion of his substantial investment in PNBK may be sold
out of pledge at an independent financial institution. Mr. De Caro has
pledged shares of PNBK with that other institution in connection with
loans taken to support business activity unrelated to PNBK. The sales are
being made by the third party institution and Mr. De Caro has no control
over that decision, the timing or volume of sales. Mr. De Caro has owned
most of his holdings in PNBK for over approximately a decade, and all of
his shares were purchased by him in arms length transactions at an average
price substantially exceeding current market. No shares have been received
from PNBK as restricted shares or via stock options. Mr.
De Caro further indicated that his holdings of more than 740,000 shares,
or more than 16% of PNBK outstanding shares, represent a significant
portion of his total net worth. He intends to maintain his relationship
with PNBK and hopes to remain among its largest shareholders; however his
ability to do that will depend largely on the stock price of PNBK as the
shares are sold out of pledge by the third party
institution. |

SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
	PATRIOT
NATIONAL BANCORP, INC.
	Registrant
March
23, 2009	By: /s/ Robert F.
O'Connell ___
	Robert
F. O'Connell
	Senior
Executive Vice President
	and
Chief Financial Officer