Patriot National Bancorp is seeking shareholder approval for a reverse stock split as part of a broader turnaround effort.
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Stamford-based Patriot National Bancorp is asking shareholders to approve a reverse stock split of between 1-for-10 and 1-for-20 at its upcoming annual meeting.
Patriot National Bancorp is the parent company of Patriot Bank, which has $1.1 billion in assets, eight branches and about 108 employees, according to a March 6 investor presentation made by the company.
The proposal, outlined in a preliminary proxy filing, would allow the board to determine the final ratio and timing of the reverse stock split, which is typically used to raise a company’s share price and maintain stock exchange listing requirements.
Shareholders will vote on the measure at the bank’s May 20 annual meeting, along with director elections and auditor ratification.
The proposal comes amid a broader turnaround effort led by CEO Steven Sugarman, who took over in 2025 after the bank raised new capital and overhauled its leadership team. The company has been shifting its strategy toward serving high-net-worth clients and financial technology firms after reporting losses in 2023 and 2024.
In an April 7 investor letter, Sugarman said the bank raised nearly $100 million in equity in 2025 and is completing a restructuring expected to continue into 2026, positioning it for future growth.
According to the investor presentation, the bank reported a $1.3 million profit in the fourth quarter of 2025.
Meantime, Sugarman received total compensation of about $7.3 million in 2025, according to the proxy filing, largely driven by stock awards tied to the company’s restructuring and growth plans.
