Regulators have blessed the recapitalization of Patriot National Bancorp Inc.
The $866 million-asset company in Stamford, Conn., announced Friday that both the Federal Reserve and the Office of the Comptroller of the Currency had approved a $50 million investment from PNBK Holdings LLC, a firm backed by New York investor Michael A. Carrazza. It was the final hurdle for the deal.
Carrazza must now wait 15 days before he can make the infusion, which means the transaction could close as soon as Oct. 15. That is the deadline set by a late August amendment to the original agreement.
