October 18, 2010
New York, NY October 18, 2010 – Spring Mountain Capital (“SMC”), a leading investment management firm that focuses on alternative asset investing, today announced its participation, through SMC Holdings I, in the recapitalization of Patriot National Bancorp, Inc. (NASDAQ: PNBK) (the “Company”) by PNBK Holdings LLC (“PNBK Holdings”). Patriot National Bank (“Patriot”), the Company’s principal operating subsidiary, is a commercial bank headquartered in Stamford, Connecticut with assets of $817 million as of June 30, 2010 and a total of 19 branch locations throughout southern Connecticut, Westchester and New York.
Michael Carrazza, who led the transaction and was named Chairman of the Patriot National Bancorp, commented, “It is with great pleasure that we announce this investment. With the bank’s return to ‘well-capitalized’ status, Patriot is positioned to return to profitability and to restore focus on its long-term growth strategy. Our objective is to strengthen Patriot’s banking franchise and ensure that Patriot delivers optimum service to its customers, while increasing shareholder value.”
Gregory Ho, President of Spring Mountain Capital, said, “Local commercial banks, such as Patriot, play an essential role in their communities. There is a need to put these banks back on their feet and as a firm we were pleased to be involved in the transaction and believe Michael Carrazza; Christopher Maher, the incoming President and CEO; and their team will put the bank on solid footing and return it to prominence."
The specific terms of the agreement were not disclosed.
ABOUT SPRING MOUNTAIN CAPITAL
Founded in 2001 and located in New York, New York, Spring Mountain Capital, LP (“SMC”) is a private investment management firm that focuses on alternative asset investing and offers investors a wide range of strategies designed to produce attractive risk adjusted returns. SMC has a dynamic and opportunistic mindset with a client oriented focus that drives it toward providing investors with intelligent and sophisticated investment opportunities. Based on its extensive network of personal and professional relationships, SMC is constantly searching for insightful investments from a wide range of sources. For further information, please go to www.springmountaincapital.com.
Spring Mountain Capital LP