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Patriot National Bancorp to buy Hana Financial unit's SBA lending biz for $83M

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Patriot National Bancorp to buy Hana Financial unit's SBA lending biz for $83M

Stamford, Conn.-based Patriot National Bancorp Inc. agreed to acquire the Small Business Administration lending business of Hana Small Business Lending Inc., a unit of Los Angeles-based Hana Financial Inc.

Patriot will pay total cash consideration of around $83 million and assume around $41 million in liabilities. As of Dec. 31, 2017, Patriot had $852.1 million in assets.

Under the deal, Patriot will buy around $120 million of SBA 7(a) loans and servicing rights related to a pool of $370 million in loans. The company will also assume two loan securitization vehicles, namely, Hana SBL Loan Trust 2014 and Hana SBL Loan Trust 2016.

The deal is subject to government and regulatory approvals.

Patriot was advised by Blank Rome LLP, Skadden Arps Slate Meagher & Flom LLP, and Evercore. Houlihan Lokey served as financial adviser, whereas Jeffer Mangels Butler & Mitchell LLP, and Starfield & Smith PC were legal advisers to Hana.