Patriot National freed from 2018 formal agreement

Patriot National Bancorp in Stamford, Conn., has been freed from a nearly three-year-old formal agreement with the Office of the Comptroller of the Currency. 

The $963 million-asset company said in a regulatory filing Tuesday that it was released from the November 2018 order after the OCC “concluded that the safety and soundness of the bank and its compliance with laws and regulations does not require the continued existence of the agreement.”

The 21-page formal agreement with the OCC had required Patriot to improve board oversight and strengthen the auditing and administration of its loan-loss allowance.

At that time, Patriot had a pending deal to buy Hana Financial’s Small Business Administration lending business for $83 million. The parties terminated the deal in April 2019.