** Shares of Patriot National Bancorp PNBK.O jump as much as 49.1%; last up 19.7% at $1.27
** Community bank late Thursday announced it had secured over $50 million in a private placement
** Proceeds from the offering will be used to increase equity capital and bolster its balance sheet
** CEO David Lowery, who has been with the bank since April 2021, will depart from the Stamford, Connecticut-based company
** PNBK, which has about $1 billion in assets, was designated by the Office of the Comptroller of the Currency as being in "troubled condition"
** At its peak in 2006, PNBK had a market cap of $125 million, according to data compiled by LSEG
** Capital raise marks a positive inflection point for Patriot and will enable the bank to pursue the compelling market opportunity that exists - Chairman Michael Carrazza
** PNBK stock down 34.5% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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