05:46 PM EDT, 03/20/2025 (MT Newswires) -- Patriot National Bancorp ( PNBK ) said late Thursday that Chief Executive David Lowery is leaving the company.

He will remain in the role until April 15, the company added.

Additionally, Patriot said it agreed to raise over $50 million in a private placement of common shares and non-voting preferred stock. Net proceeds will be used to increase equity capital and strengthen the balance sheet.

Shares of the company surged 82% in recent after-hours activity.

Price: 1.93, Change: +0.87, Percent Change: +82.07