SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 30, 2000
PATRIOT NATIONAL BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Connecticut 000-29599 06-1559137
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification Number)
900 Bedford Street, Stamford, Connecticut 06901
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (203) 324-7500
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events
On June 30, 2000, Patriot National Bancorp, Inc. ("Bancorp"), the holding
company for Patriot National Bank (the "Bank"), closed the first sale of shares
of its Common Stock, par value $2 (the "Common Stock"), as part of a private
placement of up to $5 million. The private placement was approved by the
shareholders of Bancorp at the Annual Meeting of Shareholders held on June 14,
2000. As described in Bancorp's proxy statement dated April 28, 2000, the
private placement may occur in one or more closings.
On June 30, 2000, Bancorp issued an aggregate of 236,089 shares of Common
Stock at a selling price of $9.04 per share for aggregate proceeds of
approximately $2.1 million. Of this amount, approximately $1.9 million has been
contributed to the capital of the Bank, and the balance has been retained by
Bancorp for working capital and other general corporate purposes.
Substantially all of the shares issued on June 30, 2000 were purchased by
directors of Bancorp and the Bank or by members of their immediate families. Of
the shares issued, Angelo DeCaro purchased 193,000. As a result of this
purchase, Mr. DeCaro now owns approximately 24.8% of the outstanding Common
Stock.
As approved by its shareholders, Bancorp may offer and sell additional
shares in similar transactions in the future, subject to a maximum aggregate
selling price of $5 million.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
Bancorp has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PATRIOT NATIONAL BANCORP, INC.
Date: July 18, 2000 By: /s/ PHILIP W. WOLFORD
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Philip W. Wolford
Chief Operating Officer
