Patriot National Bancorp, the parent company of Patriot Bank, N.A., and Prime Bank headquartered in Orange, CT jointly announced the signing of a definitive merger agreement pursuant to which Patriot will acquire Prime. The acquisition will expand Patriot's community banking presence and footprint in Southern Connecticut. As of June 30, 2017, Prime had approximately $73 million in total assets, $55.8 million in deposits and $27.8 million in total loans. Under the terms of the agreement Prime shareholders will receive aggregate cash consideration equal to 115% of Prime's tangible book value as of the closing date. The acquisition will result in a new Patriot branch located in the Town of Orange, in New Haven County. The transaction is anticipated to close in the fourth quarter 2017 and is subject to customary regulatory approvals and Prime shareholder approval. In the second fiscal quarter of 2017, Patriot reported pre-tax income of $1.4 million and net income of $804 thousand, or $0.21 per diluted share. For the six months ended June 30, 2017, net income was $2.5 million or $0.65 per diluted share. In July 2017, Patriot announced the reinstatement of its dividend policy and declared its first quarterly dividend for shareholders since 2008. Patriot anticipates that Prime's branch staff will join Patriot to assist in a seamless transition and continue to help drive growth efforts and customer satisfaction.
Joseph D. Perillo has been appointed Executive Vice President and CFO of Patriot National Bancorp and Patriot Bank, N.A. Perillo was brought on by the Board of Directors on January 3 as a senior executive consultant, tasked with assessing the finance department's processes and improving operations and internal controls.