Business Context and Reporting Period
This Form 8-K filing by Patriot National Bancorp, Inc. (NASDAQ: PNBK) reports a corporate governance event dated October 30, 2024. The filing addresses the appointment of an Interim Chief Financial Officer and the formal confirmation of the retirement of the previous CFO.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
- Appointment: David Finn was appointed as Interim Chief Financial Officer and Executive Vice President, effective October 30, 2024. He had previously joined the Bank on August 5, 2024, as Executive Vice President and Senior Finance Officer.
- Departure: Joseph Perillo's retirement as Chief Financial Officer and Executive Vice President was confirmed effective October 30, 2024. Mr. Perillo will remain with the Bank on a part-time basis to work on strategic initiatives.
- Compensation: Mr. Finn's new role includes an annual salary of $275,000 and an equity grant of restricted stock valued at $85,000.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of market risks. The primary context is the transition of financial leadership following Mr. Perillo's previously disclosed retirement notice from April 2024.
Investor Verification Checklist
- Verify the transition timeline for the CFO role to ensure continuity in financial reporting.
- Review Mr. Finn's prior experience at First Citizens Bank (formerly CIT Group Inc.) regarding regulatory reporting.
- Monitor future filings for the appointment of a permanent Chief Financial Officer.
- Confirm the impact of the leadership change on upcoming quarterly earnings releases.