RegulatoryJul 1, 2026, 06:02 AM
Patriot Bank's OCC Formal Agreement Terminated
AI Summary
Patriot Bank, N.A., a subsidiary of Patriot National Bancorp, Inc., announced the termination of its Formal Agreement with the Office of the Comptroller of the Currency (OCC), effective June 30, 2026. The OCC determined that the bank's safety and soundness no longer necessitates the agreement's continuation. This milestone is expected to bring immediate benefits to shareholders through reduced regulatory costs and fees, allowing the bank to focus on expanding its deposit franchise.
Key Highlights
- Patriot Bank's Formal Agreement with the OCC terminated, effective June 30, 2026.
- The original agreement with the Office of the Comptroller of the Currency was dated January 14, 2025.
- OCC stated the bank's safety and soundness no longer requires the agreement's existence.
- Termination is expected to result in immediate benefits through reduced regulatory costs and fees.
- Patriot Bank, N.A. currently holds $1.3 billion in total assets.
- Management will focus on expanding the deposit franchise across key markets.
Price Impact
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