PATRIOT NATIONAL BANCORP INC
For the period ended Mar 31, 2026. Filed May 15, 2026.
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Mar 31, 2026 · Filed May 15, 2026
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Item 1. : Legal Proceedings
Patriot is from time to time a party to legal proceedings arising in the ordinary course of business. Management believes that the ultimate disposition of all pending legal matters will not have a material adverse effect on the consolidated financial condition, results of operations, or liquidity of Patriot, however litigation is inherently uncertain and the outcome of such matters cannot be predicted with certainty.
On May 7, 2026, First-Citizens Bank & Trust Company d/b/a Silicon Valley Bank filed a complaint against Patriot Bank, N.A. in the United States District Court for the Southern District of New York (Case No. 1:26-cv-3810), alleging breach of contract and tortious interference with contract, and seeking declaratory and injunctive relief in connection with a credit card receivables program for which Patriot served as originating bank. Patriot believes the complaint is without merit and intends to defend the action vigorously.
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