Patriot National Bancorp jumps after securing over $50 million capital raise

Shares of Patriot National Bancorp PNBK.O jump as much as 49.1%; last up 19.7% at $1.27

Community bank late Thursday announced it had secured over $50 million in a private placement

Proceeds from the offering will be used to increase equity capital and bolster its balance sheet

CEO David Lowery, who has been with the bank since April 2021, will depart from the Stamford, Connecticut-based company

PNBK, which has about $1 billion in assets, was designated by the Office of the Comptroller of the Currency as being in "troubled condition"

At its peak in 2006, PNBK had a market cap of $125 million, according to data compiled by LSEG

Capital raise marks a positive inflection point for Patriot and will enable the bank to pursue the compelling market opportunity that exists - Chairman Michael Carrazza

PNBK stock down 34.5% YTD