PNBK · CIK 1098146
What Patriot National Bancorp, Inc. told the SEC could break it.
Patriot National Bancorp's risks are those of a small community bank concentrated in one corner of the country and leaning into fintech. Its eight branches sit almost entirely in Fairfield and New Haven Counties, Connecticut, plus one in Westchester County, New York, so a downturn in those local economies would hit it disproportionately. Its largest source of non-interest income — a digital-payments / banking-as-a-service business — depends on third-party program managers, processors and technology vendors, concentrating operational and counterparty risk; and it was not in compliance with BSA/AML rules and operates under a Formal Agreement requiring enhanced oversight, so program deficiencies could bring enforcement, penalties and growth restrictions.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- branches concentrated in Fairfield/New Haven CT and Westchester NYhigh
Patriot's eight branches are concentrated in Fairfield and New Haven Counties, Connecticut and Westchester County, New York; a downturn in those local economies would disproportionately hurt the bank.
“Unlike larger banks that are more geographically diversified, the Bank has a total of eight branch offices comprised of seven branch offices located in Fairfield and New Haven Counties, Connecticut and one branch office located in Westchester County, New York.”
SEC filing →As of 2026
Supplier concentration
- dependence on third-party fintech program managers, processors and vendorsmedium
Patriot's digital-payments/BaaS business (its largest non-interest income driver) depends on third-party program managers, processors, technology providers and monitoring vendors, concentrating operational and counterparty risk.
“Our institutional banking, digital payments, treasury, and technology activities depend on third-party relationships, including program managers, processors, technology providers, monitoring vendors, and other counterparties.”
SEC filing →As of 2026
Regulatory & policy
- BSA/AML non-compliance and Formal Agreement enforcementlow
Patriot was not in compliance with BSA/AML regulations and operates under a Formal Agreement requiring enhanced oversight of prepaid/ACH/wire activity; program deficiencies could bring enforcement action, penalties and growth restrictions.
“Deficiencies in our BSA/AML, sanctions, customer identification, or suspicious activity monitoring programs could result in enforcement action, penalties, losses, and reputational damage.”
SEC filing →As of 2026
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