The month-old stock price of New Canaan-based Bankwell Financial Group hit its lowest level on Friday, dropping below the value of its initial public offering price in May.
The bank’s trading price on the Nasdaq has fallen steadily since Monday when Hartford Business Journal reported its President and CEO Peyton Patterson was ensnarled in several personal financial woes with a credit card, a housing contractor, and two private country clubs.
The Bankwell stock hit $17.50 at Friday just before noon, a 2.7 percent decrease since Monday. The rest of the Nasdaq is up about 0.9 percent over the same time period.
When Bankwell first offered its IPO on May 15, the stock price was $17.58. The price has fluctuated upward to around $18 since then, but Friday was the first time it dropped below the IPO price.
