Patriot National Bancorp Inc. in Stamford, Conn., has extended the deadline for its recapitalization deal for a second time.
The $866 million-asset company announced Tuesday that it has entered into a second amendment with PNBK Holdings LLC, a firm led by New York investor Michael A. Carrazza. That agreement pushes the deadline to Oct. 15.
Carrazza's firm plans to invest $50 million in Patriot National, which would allow its bank to return to well-capitalized status. The bank was adequately capitalized at June 30. Carrazza and Patriot National have been in negotiations about the transaction for more than a year. They signed a definitive agreement in December. On May 31, Patriot National extended the deadline to the end of August. Last week, Patriot announced its shareholders had approved the deal.
