Businessweek

Patriot National Bancorp, Inc. operates as the holding company for Patriot National Bank that provides a range of consumer and commercial banking services to individuals, small and medium-sized businesses, and professionals. The bank has 12 branch offices in Connecticut. The bank conducts business at its main office located in Stamford, Connecticut and at other Connecticut branch offices located in Darien, Fairfield, Greenwich, Milford, Norwalk, Stamford, Southport, Trumbull, Westport, and Wilton. In New York State, the bank conducts business at branch offices located in New York City, Bedford, and Scarsdale. The bank also operates a loan origination office in Stamford, Connecticut. Loans The bank offers commercial loans to small and medium-sized businesses, including secured and unsecured loans to service companies, manufacturers, restaurants, wholesalers, retailers, and professionals doing business in the region. Other personal loans include lines of credit, installment loans, overdraft protection, and credit cards. Real estate loans made to individuals include home mortgages, home improvement loans, bridge loans, and home equity loans and lines of credit. Other loans offered include commercial real estate loans to area businesses. In addition to offering residential real estate mortgage loans for its own portfolio, the bank solicits and processes mortgage loan applications from consumers on behalf of permanent investors and originates loans. Investments As of December 31, 2011, the company’s investment portfolio included U. S. government agency bonds, U. S. government agency mortgage-backed securities, and corporate bonds. Deposits The bank offers consumer and commercial deposit accounts that include checking accounts, interest-bearing NOW accounts, insured money market accounts, time certificates of deposit, savings accounts, individual retirement accounts, and health savings accounts. Other Services The company’s other services include Internet banking, bill paying, remote deposit capture, debit cards, money orders, traveler's checks, and automated teller machines. Supervision and Regulation As a bank holding company, the company’s operations are subject to regulation, supervision, and examination by the Board of Governors of the Federal Reserve Board (the ‘Federal Reserve Board’). Under the Bank Holding Company Act of 1956, the company is required to file annually with the Federal Reserve Board a report of its operations. The company, the bank, and any other subsidiaries are subject to examination by the Federal Reserve Board. The bank is also subject to certain restrictions imposed by the Federal Reserve Act on issuing any extension of credit to the company or any of its subsidiaries or making any investments in the stock or other securities thereof and on the taking of such stock or securities as collateral for loans to any borrower. The company is subject to capital adequacy rules and guidelines issued by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC), and the bank is subject to capital adequacy rules and guidelines issued by the OCC. The bank’s operations are subject to regulation, supervision, and examination by the OCC and the FDIC. The bank is subject to the federal regulations promulgated pursuant to the Financial Institutions Supervisory Act to prevent banks from engaging in unsafe and unsound practices, as well as various other federal and state laws, and consumer protection laws. The bank is also subject to the comprehensive provisions of the National Bank Act. In addition to other laws and regulations, the company and the bank are subject to the Community Reinvestment Act, which requires the federal bank regulatory agencies, when considering certain applications involving the company or the bank, to consider the company’s and the bank’s record of helping to meet the credit needs of its entire community, including low- and moderate-income neighborhoods. The bank is a member of Certificates of Deposit Account Registry Service whereby customers could obtain complete FDIC insurance coverage by placing large deposits into smaller-denomination CDs in multiple institutions. History Patriot National Bancorp, Inc. was founded in 1994.