The Federal Reserve Board has entered into a written agreement with PNBK Sponsor that requires the Stamford, Conn., company to serve as a source of strength to its bank.
The $671 million-asset Patriot National Bank cannot declare and pay dividends or repurchase stock without prior without Fed approval. The bank also has to submit a capital plan that takes into account the volume of classified credits, risk profit, allowance for loan and lease losses, current and projected asset growth and potential earnings.
The agreement was signed earlier this month, the Fed said Thursday.
Patriot National Bancorp (PNBK) is the holding company for Patriot National Bank.
