** 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;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.