CEO Steven Sugarman Increases Beneficial Ownership to 9.5% Following RSU Vesting and Conversions
PNBK sits 43% above its 52-week low of $0.9.
Summary
CEO Steven Sugarman and related entities have increased their beneficial ownership in Patriot National Bancorp to 9.5% of voting common stock, driven by the vesting of a significant block of Restricted Stock Units and prior conversions of non-voting shares.
Key Events · Ownership and Investor Activity · PNBK
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Increased Beneficial Ownership
CEO Steven Sugarman and related entities increased their beneficial ownership to 11,109,021 shares, representing 9.5% of the company's voting common stock, up from 7.7% reported in October 2025.
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CEO RSU Vesting
On March 25, 2026, 4,049,593 Restricted Stock Units (RSUs) granted to CEO Steven Sugarman vested.
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Share Delivery and Tax Withholding
Following the RSU vesting, 2,089,043 shares of common stock were delivered to Mr. Sugarman, while 1,960,550 shares were withheld to cover tax obligations.
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Prior Non-Voting Stock Conversion
The increase in ownership also reflects the prior conversion of 2,000,000 shares of non-voting common stock into voting common stock on October 20, 2025.
Analysis · PNBK · Finance
This Schedule 13D/A filing reveals a substantial increase in CEO Steven Sugarman's beneficial ownership, now standing at 9.5% of Patriot National Bancorp's voting common stock, up from 7.7% reported in October 2025. This update follows the vesting of over 4 million Restricted Stock Units on March 25, 2026, which resulted in the delivery of 2.09 million shares to Mr. Sugarman, alongside the withholding of 1.96 million shares for tax purposes. The increase in ownership also incorporates the prior conversion of 2 million shares of non-voting common stock into voting common stock. This significant accumulation of shares by the CEO, representing nearly 2% of the company's market capitalization, signals strong conviction in the company's future, especially in the context of the recent recapitalization and strategic repositioning efforts highlighted in the concurrent 10-K filing. Investors should view this as a positive indicator of insider alignment and confidence.
At the time of this filing, PNBK was trading at $1.29 on NASDAQ in the Finance sector, with a market capitalization of approximately $148.3M. The 52-week trading range was $0.90 to $7.47. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.