<SEC-DOCUMENT>0001171843-21-008063.txt : 20211118
<SEC-HEADER>0001171843-21-008063.hdr.sgml : 20211118
<ACCEPTANCE-DATETIME>20211118160418
ACCESSION NUMBER:		0001171843-21-008063
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211118
DATE AS OF CHANGE:		20211118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PATRIOT NATIONAL BANCORP INC
		CENTRAL INDEX KEY:			0001098146
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				061559137
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29599
		FILM NUMBER:		211424413

	BUSINESS ADDRESS:	
		STREET 1:		900 BEDFORD ST
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		2033247500
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>defa14a_111821.htm
<DESCRIPTION>FORM DEFA14A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Washington, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Proxy Statement Pursuant
to Section 14(a) of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Filed by the Registrant&nbsp;&#9746;</FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Filed by a Party other than the Registrant&nbsp;&#9744;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Check the appropriate box:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt">&#9744;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings"></FONT>&#9744;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings"></FONT>&#9744;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings"></FONT>&#9744;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&#9746;<FONT STYLE="font-family: Wingdings"></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect; 240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding-left: 8.65pt; text-align: center; text-indent: -8.65pt; font-size: 10pt"><FONT STYLE="font-size: 18pt"><B><U>Patriot
    National Bancorp, Inc.</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding-left: 8.65pt; text-align: center; text-indent: -8.65pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 8.65pt; text-align: center; text-indent: -8.65pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Name&nbsp;of&nbsp;Person(s)&nbsp;Filing&nbsp;Proxy&nbsp;Statement,&nbsp;if&nbsp;other&nbsp;than&nbsp;the&nbsp;Registrant)</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Payment of Filing Fee (Check the appropriate
box)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt">&#9746;</TD>
    <TD STYLE="vertical-align: top; width: 95%; font-size: 10pt"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings"></FONT>&#9744;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i) (1) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 91%"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings"></FONT>&#9744;</TD>
    <TD><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings"></FONT>&#9744;</TD>
    <TD><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 5%; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 91%"><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.65pt; text-align: right; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Patriot Bank
Obtains Preliminary</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Investment Grade
Rating</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">STAMFORD, Connecticut, Thursday, November 18,
2021 (GLOBE NEWSWIRE), Kroll Bond Ratings Agency (&ldquo;KBRA&rdquo;) assigned a preliminary deposit and issuer rating of BBB, and preferred
stock rating of BBB- to the digital-first national bank being created by the proposed merger of American Challenger Development Corp.
(&ldquo;American Challenger&rdquo;) with Patriot National Bancorp, Inc. (&ldquo;Patriot&rdquo;) (NASDAQ: PNBK), the holding company of
Patriot Bank, N.A., a national bank headquartered in Stamford, Connecticut.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>The contribution of common equity from
the parent is projected to create significant overcapitalization and common equity cushion below the preferred stock while the bank transitions
to a stabilized business profile</I>,&rdquo; Kroll declared. They concluded, &ldquo;<I>Underpinning the ratings is KBRA&rsquo;s favorable
view of the depth and expertise of management</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the assigned ratings are preliminary and
contingent upon the consummation of the merger, as well as successful execution of recapitalization efforts. In response, Patriot Chairman,
Michael Carrazza, praised the determination and issued the following statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&ldquo;We&rsquo;re pleased to have received
this preliminary rating assignment by Kroll Bond Rating Agency.&rdquo; </I>He added, <I>&ldquo;This is a supportive component of the proposed
transaction; we continue our efforts to assemble each of the pieces required to complete this exciting and industry-disrupting merger.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preliminary ratings are likely to convert
to final ratings upon the successful completion of the merger and recapitalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To access the KBRA rating on businesswire.com please visit:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://www.kbra.com/documents/press-release/46728/kbra-assigns-preliminary-ratings-to-patriot-bank-n-a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To access the announcement of the proposed Patriot/American Challenger
merger and the Patriot recapitalization on globenewswire.com, visit: https://www.globenewswire.com/news-release/2021/11/15/2334265/31179/en/Patriot-National-Bancorp-and-American-Challenger-Development-Corp-agree-to-merge-and-create-largest-digital-challenger-bank-in-America.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information or to arrange interviews, please contact Tom Butler
at 646-213-1802 or &lt;tbutler@butlerassociates.com&gt;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cautionary Statement About Forward-Looking Statements:</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This release includes &ldquo;forward-looking statements&rdquo;
within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business
plans and future performance of Patriot and American Challenger. Words such as &ldquo;anticipates,&quot; &quot;believes,&quot; &quot;estimates,&quot;
&quot;expects,&quot; &quot;forecasts,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;projects,&quot; &ldquo;targets,&rdquo; &ldquo;designed,&rdquo;
&quot;could,&quot; &quot;may,&quot; &quot;should,&quot; &quot;will&quot; or other similar words and expressions are intended to identify
these forward-looking statements. These forward-looking statements are based on Patriot&rsquo;s and American Challenger&rsquo;s current
expectations and assumptions regarding Patriot&rsquo;s and American Challenger&rsquo;s businesses, the economy, and other future conditions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because forward-looking statements relate to future
results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult
to predict. Many possible events or factors could affect Patriot&rsquo;s and/or American Challenger&rsquo;s future financial results and
performance and could cause the actual results, performance or achievements of Patriot and American Challenger to differ materially from
any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1)
the risk that the cost savings, any revenue synergies and other anticipated benefits of the proposed transactions may not be realized
or may take longer than anticipated to be realized, including as a result of the impact of, or problems arising from, the integration
of the two companies or as a result of the condition of the economy and competitive factors in areas where Patriot does business, (2)
disruption to the parties&rsquo; business activities as a result of the announcement and pendency of the proposed transactions and diversion
of management&rsquo;s attention from ongoing business activities and opportunities, (3) the occurrence of any event, change or other circumstances
that could give rise to the right of one or both of the parties to terminate the Merger Agreement, dated November 14, 2021, between Patriot
and American Challenger (the &ldquo;Merger Agreement&rdquo;), or the investment agreements between Patriot and the investors in the recapitalization,
(4) the risk that the integration of Patriot and American Challenger will be materially delayed or will be more costly or difficult than
expected or that Patriot and American Challenger are otherwise unable to successfully integrate their companies, (5) the failure to obtain
the necessary approvals of Patriot&rsquo;s shareholders, (6) the outcome of any legal proceedings that may be instituted against Patriot
and/or American Challenger, (7) the failure to obtain required governmental approvals or a delay in obtaining such approvals (and the
risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits
of the proposed transactions), (8) reputational risk and potential adverse reactions of Patriot&rsquo;s and/or American Challenger&rsquo;s
customers, suppliers, employees or other business partners, as applicable, including those resulting from the announcement or completion
of the proposed transactions, (9) the failure of any of the closing conditions in the Merger Agreement or Investment Agreements to be
satisfied on a timely basis or at all, (10) delays in closing the proposed merger or recapitalization, (11) the possibility that the proposed
merger and recapitalization may be more expensive to complete than anticipated, including as a result of unexpected factors or events,
(12) the dilution caused by Patriot&rsquo;s issuance of additional shares of its capital stock in connection with the proposed transactions,
(13) general competitive, economic, political and market conditions, (14) other factors that may affect future results of Patriot, including
changes in asset quality and credit risk, the inability to sustain revenue and earnings growth, changes in interest rates and capital
markets, inflation, customer borrowing, repayment, investment and deposit practices, the impact, extent and timing of technological changes,
capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms, and
(15) the impact of the ongoing global COVID-19 pandemic on Patriot&rsquo;s and/or American Challenger&rsquo;s businesses, the ability
to complete the proposed transactions and/or any of the other foregoing risks.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except to the extent required by applicable law
or regulation, each of Patriot and American Challenger disclaims any obligation to update such factors or to publicly announce the results
of any revisions to any of the forward-looking statements included in this communication to reflect future events or developments. Further
information regarding Patriot which could affect the forward-looking statements contained herein can be found in Patriot&rsquo;s Annual
Report on Form 10-K for the fiscal year ended December 31, 2020, its subsequent Quarterly Reports on Form 10-Q, and its other filings
with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and in the proxy statement related to the proposed transactions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Information and Where to Find It</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the proposed merger and recapitalization,
Patriot will file a proxy statement and other relevant documents with the SEC<B>. SHAREHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT
WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.</B> Shareholders may obtain a free copy of the proxy statement (when available) and other
documents filed by Patriot at the SEC's website at http://www.sec.gov. The proxy statement and such other documents may also be obtained
for free from Patriot by directing such request to Patriot at 900 Bedford Street, Stamford, CT, 06901, Attention: Michael Carrazza, telephone:
203-251-8230.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Participants in the Solicitation</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Patriot and its directors, executive officers
and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its shareholders
in connection with the merger and recapitalization. A list of the names of such directors and executive officers and information concerning
such participants&rsquo; ownership of Patriot common stock is set forth in Patriot&rsquo;s information statements and Annual Reports on
Form 10-K, previously filed with the SEC. Additional information about the interests of those participants may be obtained from reading
the proxy statement relating to the merger and recapitalization when it becomes available, or by directing a request to Patriot at 900
Bedford Street, Stamford, CT, 06901, Attention: Michael Carrazza, telephone: (203) 251-8230.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">American Challenger and its directors and executive
officers may also be deemed to be participants in the solicitation of proxies from Patriot&rsquo;s shareholders in connection with the
merger and recapitalization. A list of the names of such directors and executive officers and information regarding their interests in
the merger will be contained in the proxy statement when available.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Patriot National Bancorp, Inc.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Founded in 1994, and now celebrating its 27th
year, Patriot National Bancorp, Inc. is the parent holding company of Patriot Bank N.A., a nationally chartered bank headquartered in
Stamford, CT. It operates nine branch locations: in Scarsdale, NY&#894; and Darien, Fairfield, Greenwich, Milford, Norwalk, Orange, Stamford,
Westport, CT with Express Banking locations at Bridgeport/ Housatonic Community College, downtown New Haven and Trumbull at Westfield
Mall. The Bank also maintains SBA lending offices in Stamford, Connecticut, Florida, Georgia, Ohio, along with a Rhode Island operations
center. Patriot&rsquo;s mission is to serve its local community and nationwide customer base by providing a growing array of banking solutions
to meet the needs of individuals and small businesses owners. Patriot places great value in the integrity of its people and how it conducts
business. An emphasis on building strong client relationships and community involvement are cornerstones of our philosophy as we seek
to maximize shareholder value.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About American Challenger Development Corp.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">American Challenger was formed in January 2020
for purposes of establishing a new digital national bank headquartered in Stamford, CT and developing best-in-class digital banking technology
and software. More information is available at americanchallenger.com.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></P>

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