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Patriot Bank receives $2.8M in insurance claim

Patriot Bank NA received $2.8 million as full payment in an insurance claim pursued by the bank.

The claim was pursued in connection with a previously reported loan loss that arose from borrower fraud. The bank previously reported the loss in a Sept. 19, 2016, Form 8-K as it was unable to obtain confirmation from its insurer that the amount was covered by its policy. The full payment was received March 29.

The bank is a unit of Patriot National Bancorp Inc. and the two institutions are subsidiaries of PNBK Holdings LLC.