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Michael Carrazza, a private equity investor who bailed out Patriot National Bancorp, is eager to make loans while searching for the optimal exit strategy.
March 11 -
Patriot National Bancorp (PNBK) in Stamford, Conn., is in the market for a new president and chief executive.
January 13 -
Patriot National Bancorp in Stamford, Conn., has appointed Christina Maier as its new chief financial officer.
September 11
Patriot National Bancorp in Stamford, Conn., will recognize a
The $552 million-asset Patriot National said in a press release Wednesday that the accounting change is a sign of its improving financial condition. Auditors only allow the reversal of such valuation allowances when companies can demonstrate sustainable profits.
"The reversal of the valuation allowance is a direct result of our profitability and earnings growth," said Michael Carrazza, the bank's chairman, in the release.
The bank plans to use the deferred tax assets to lower income tax payments in future quarters. The company could have as much as $1 million in the valuation allowance. At June 30, the company reported that its valuation allowance against its deferred tax assets was $17.6 million.
Patriot National's loan portfolio was deeply wounded by the economic downturn of 2008. Carrazza invested $50 million in the company in 2010, but the company
Its condition appears to be improving, however. It has been profitable since the fourth quarter 2013 and last month the Office of the Comptroller of the Currency terminated a
The company remains under