STAMFORD, CT – Patriot National Bancorp Inc. (NASDAQ:PNBK), the parent company of Patriot Bank, N.A., announced the appointment of Mr. David Finn as the Interim Chief Financial Officer and Executive Vice President, effective October 30, 2024. This transition follows the retirement of former CFO Joseph Perillo, who had previously announced his departure in April 2024.
David Finn, who joined Patriot Bank on August 5, 2024, as Executive Vice President and Senior Finance Officer, brings extensive experience to the role. His previous tenure at First Citizens Bank (formerly CIT Group (NYSE:CIT) Inc.), from May 2014 to June 2023, saw him responsible for all regulatory reporting.
Finn has a history with CIT Group Inc. dating back to 1998, where he served in various finance roles, including Global Controller of Equipment Finance and Non-Strategic Portfolios, and CFO of the Consumer Finance segment. Before that, he worked with Price Waterhouse LLP and Coopers & Lybrand LLP. Finn holds a Bachelor of Arts degree in Management, with a concentration in Accounting and Finance, from Gettysburg College.
As part of his compensation package, Finn will receive an annual salary of $275,000, an equity grant of restricted stock valued at $85,000 with a vesting schedule, and other standard benefits for senior executives.
Joseph Perillo, who has served as the CFO and Executive Vice President, will continue with the Bank in a part-time capacity, focusing on strategic initiatives and projects. Perillo's retirement and transition assistance were previously disclosed in a Current Report on Form 8-K on April 2, 2024.
The information in this article is based on a press release statement.
InvestingPro Insights
As Patriot National Bancorp Inc. (NASDAQ:PNBK) navigates this leadership transition, InvestingPro data provides additional context for investors. The company's market capitalization stands at a modest $6.4 million, reflecting its small-cap status. InvestingPro Tips highlight that PNBK is trading at a low Price / Book multiple of 0.16, which could indicate potential undervaluation. However, this should be considered alongside other concerning metrics.
The company's revenue for the last twelve months as of Q2 2024 was $24.22 million, with a significant revenue decline of 26.7% over the same period. This aligns with an InvestingPro Tip noting that the company is "quickly burning through cash." Additionally, PNBK has not been profitable over the last twelve months, with a negative operating income of $5.78 million.
The stock's performance has been challenging, with a one-year price total return of -73.89% as of the latest data. This is consistent with another InvestingPro Tip stating that the "price has fallen significantly over the last year."
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips that could provide valuable insights into PNBK's financial health and market position.
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