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CEO discloses stake in Patriot National Bancorp

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CEO discloses stake in Patriot National Bancorp

Patriot National Bancorp Inc.'s chairman and CEO Michael Carrazza along with PNBK Holdings LLC and PNBK Sponsor LLC, disclosed beneficial ownership of 2,195,000 shares, or a 56.34% aggregate stake, in the Stamford, Conn.-based company.

PNBK Holdings distributed a total of 840,000 common shares to its shareholders, with PNBK Sponsor receiving 815 shares, Carrazza 9,781 shares and Solaia Capital 1,630 shares, effective Jan. 4. Another 11,200 shares were granted to Carrazza, effective Jan. 11. The issuance of these shares will be granted quarterly in installments in accordance with Patriot National Bancorp's 2012 stock plan, according to an ownership filing.

In the original ownership filing from October 2010, Carrazza, PNBK Holdings and PNBK Sponsor reported an 87.6% stake in Patriot National Bancorp, representing their combined beneficial ownership. The stake was reduced to 76.8% in the subsequent amended version of the filing.