PATRIOT NATIONAL BANCORP INC

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. The Court denied SVB’s request for a temporary restraining order on May 13, 2026 and, following an evidentiary hearing, denied SVB’s motion for a preliminary injunction on May 21, 2026. On July 30, 2026, the Court also denied SVB’s renewed motion for a preliminary injunction. Patriot believes the complaint is without merit and intends to defend the action vigorously.

Patriot has also asserted claims against SVB, its servicer, Carmel, and certain affiliates of the program manager arising from the same underlying circumstances. Patriot’s claims include unjust enrichment, conversion, constructive trust, tortious interference with business relationships and contractual rights, accounting, declaratory relief, and civil violations of the federal Racketeer Influenced and Corrupt Organizations Act (“RICO”). Patriot is seeking damages and other appropriate relief.