Under the transaction, PNBK
Holdings has acquired 33.
The holding company for Patriot National Bank, Patriot National Bancorp Inc (NASDAQ:PNBK
), has completed its recapitalisation transaction with PNBK
Holdings LLC, which is controlled by operating financier Michael Carrazza, the company disclosed on Friday.
Country: USA, Sector: Banking/Financial ServicesTarget: PNBK
Holdings LLCBuyer: United Capital CorpType: StakebuildingStatus: Closed
The parent company of Patriot National Bank, Patriot National Bancorp Inc (NASDAQ:PNBK), said on Wednesday that its shareholders have approved the issuance and sale by the company of approximately 33,333,333 shares to PNBK Holdings LLC.
The sale is based on a Securities Purchase Agreement between the company, Patriot National Bank and PNBK Holdings LLC that was signed in December 2009.
Advisors to PNBK
Holdings on the transaction included Skadden, Arps, Slate, Meagher & Flom LLP, Robinson & Cole LLP, and KPMG LLP.
The extension allows PNBK
Holdings additional time to obtain regulatory approvals necessary to close the transaction approved by Patriot National Bancorp's shareholders on August 25, 2010," said Mr.
This extension represents a necessary step in finalising Holdings' investment in Patriot,' said Michael Carrazza of PNBK
Importantly, on December 16, 2009, the Company and PNBK
Holdings LLC, an unaffiliated entity, entered into a Stock Purchase Agreement (the "SPA") pursuant to which PNBK
Holdings has the right to purchase 33,333,333 shares of Company common stock for $50,000,000.
Carrazza, through PNBK Holdings LLC, ("Holdings") (an entity controlled by Carrazza), will acquire a substantial controlling interest in Patriot National Bancorp, Inc.
3 million newly issued shares of common stock of PNBK, representing nearly 88% of the fully diluted common stock of PNBK.
The combination of additional capital, operating expertise and experienced additions to the team will assist Patriot in achieving its future goals," said Angelo De Caro, Chairman of PNBK.