Patriot National Bancorp Inc. of Stamford, Conn., announced late Friday that it had received a $50 million capital infusion from PNBK Holdings LLC to recapitalize its bank.
The firm, backed by the New York investor Michael A. Carrazza, now owns about 88% of Patriot's outstanding common stock after purchasing 33.6 million newly issued shares.
The capital will allow Patriot, with $817 million in assets, to return its banking subsidiary, Patriot National Bank, to well capitalized status.
The bank was adequately capitalized, with a total risk-based capital ratio of 8.73% as of June 30.
Regulators approved the recapitalization earlier this month. Both parties approved the appointment of several directors to the board, including local banking veteran Christopher Maher.
Maher also will be the president and chief executive of the company and the bank.