PATRIOT NATIONAL BANCORP INC

Regulatory Filings • Feb 13, 2009

8-K 1 pnbk8k-020909.htm PATRIOT NATIONAL BANK 8-K 02 09 09 pnbk8k-020909.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): February 9, 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
1.01 | Entry
into a Material Definitive Agreement |
| Item
9.01 | Financial
Statements and Exhibits |
| SIGNATURES | |
| EXHIBIT
INDEX | 10(a)(15) Formal
Written Agreement between Patriot National Bank and the Office of the
Comptroller of the Currency |

| Item
1.01 | Entry
into a Material Definitive Agreement |
| --- | --- |
| | On
February 9, 2009, Patriot National Bank (the "Bank"), the wholly owned
subsidiary of Patriot National Bancorp, Inc. (the "Company") entered into
a formal written agreement (the "Agreement") with the Office of the
Comptroller of the Currency (the "OCC"). The Bank has agreed to
undertake certain actions within designated timeframes and operate in
compliance with the provisions of the Agreement during its
term. The Agreement is based on the results of an annual
examination of the Bank by the OCC. |
| | The
Agreement provides for, among other things, the enhancement and
implementation of certain programs to reduce the Bank’s credit risk,
commercial real estate loan concentration and level of criticized assets,
along with the augmentation of a profit plan and three-year
capital program. Additionally, the Agreement provides for certain asset
growth restrictions for a limited period of time. The Bank does not
anticipate that these restrictions will impair its current business plan.
The Bank has taken or put into process many of the steps required by the
Agreement, and has developed and implemented various programs contemplated
by the Agreement, subject to regulatory review and approval. Compliance
with the Agreement will be monitored by a Board Compliance Committee
consisting of outside directors and the Chairman of the Board. The
Compliance Committee is required to submit written progress reports on a
quarterly basis and the Agreement requires the Bank to make periodic
reports and filings with the OCC. A copy of the Agreement is
included as Exhibit 10(a)(15) and is incorporated herein by reference.
Although its current capital is above the minimum regulatory requirements
for a well capitalized bank, the Bank continues to explore various
alternatives to supplement its capital base given the continuing
deterioration of real estate values and the weakening economy in its
market areas. Statements
in this Form 8-K concerning future results, performances, expectations or
intentions are forward-looking statements. Actual results, performances or
developments may differ materially from forward-looking statements as a
result of known or unknown risks, uncertainties, and other factors,
including those identified from time to time in the Company’s filings with
the Securities and Exchange Commission, press releases and other
communications. |
| Item
9.01 | Financial
Statements and Exhibits |
| (a) | Not
applicable. |
| (b) | Not
applicable. |
| (c) | Not
applicable. |
| (d) | Exhibits. |

2

Exhibit Number	Description
10(a)(15)	Formal
Written Agreement between Patriot National Bank and the Office of the
Comptroller of the
Currency

3

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
February
13, 2009	By: /s/ Robert F.
O'Connell
	Robert
F. O'Connell
	Senior
Executive Vice President
	and
Chief Financial Officer

4

EXHIBIT INDEX

Exhibit Number	Description
10(a)(15)	Formal
Written Agreement between Patriot National Bank and the Office of the
Comptroller of the
Currency

5