New York, June 1, 2026, 05:06 (EDT)
- Patriot National Bancorp finished Friday at $1.12, up 3.7% ahead of Monday’s U.S. session.
- Mario De Tomasi, a director, picked up 85,000 shares at $0.96 each on May 27, according to a Form 4 filing.
- Shareholders gave the board the go-ahead for a reverse stock split ranging from 1-for-10 to 1-for-20. The board will pick the split ratio and timing any time in the next year.
Patriot National Bancorp, Inc. is set to open Monday with its stock trading a little over $1. Late last week, shares got a boost and a new insider buy helped push the Stamford, Connecticut lender back into the spotlight for investors.
The stock hasn’t traded yet Monday on the Nasdaq. U.S. equity markets will be open as usual, according to Nasdaq’s 2026 holiday schedule, which lists the next full day off as June 19 for Juneteenth.
Patriot’s latest filings are landing together, putting a director’s open-market buy and a possible reverse split in front of traders at the same time. The reverse split would lift the share price by combining shares. That doesn’t change the company’s earnings or fix its capital on its own.
Patriot director De Tomasi picked up 85,000 common shares on May 27, paying an average $0.96 per share. The buy brings his direct stake to 187,719 shares, according to a Form 4 filed May 29. The filing shows he bought the shares on the open market, not as a grant.
The stock ended May 29 at $1.12, with a trading range of $1.02 to $1.13 and volume at around 340,390 shares. The shares dropped 4.7% on May 26, then gained ground for three straight sessions.
Patriot shareholders granted the board authority to change the company charter for a reverse stock split between 1-for-10 and 1-for-20. According to the filing, 117.1 million voting common shares were outstanding as of April 7, with about 76.7% represented at the annual meeting.
SPDR S&P Regional Banking ETF edged up 7 cents to $69.61. The action is focused on individual stocks, not a general lift for banks. Bankwell Financial and Webster Financial traded mixed. Patriot’s market cap stood at about $131.8 million, a fraction of Bankwell’s $408.1 million and well below Webster’s $11.8 billion.
Patriot, which owns Patriot Bank, N.A., has eight branches in Connecticut’s Fairfield and New Haven counties and in Westchester County, New York. It provides loans for commercial real estate, business, SBA, and consumers.
Patriot’s first quarter saw the loss narrow to $1.8 million, or 2 cents a share, down from $2.8 million, or 21 cents, a year ago. Assets reached $1.18 billion. Net interest margin moved up to 2.46% from last year’s 1.64%. The numbers show some progress but not a full turnaround.
Steven Sugarman, who leads Patriot as chairman, president and CEO, told investors in a January letter that turning around a bank isn’t a straight line. “Bank turn-arounds are never without ups and downs,” Sugarman said, keeping the message cautious. He said Patriot’s “earnings potential” could be more visible in 2026. SEC
But the risk story is still clear. Patriot is still operating under a formal agreement with the Office of the Comptroller of the Currency, its main regulator, and the company says that deal still drives how it handles capital, compliance, and business growth. The annual report says if Patriot doesn’t meet the terms, the bank could face more supervisory steps or limits on its business.
Market focus is tight here. PNBK closed Friday above what De Tomasi paid on his latest buy, but that’s not the whole story. The board still has to make a call on a reverse split. Any new word from regulators matters. And first-quarter margin gains have to show up again in future numbers to really count.
