Buoyed by higher profits and an influx of deposits from prepaid corporate debit cards, Patriot National Bancorp appears to be nearing a deal that would boost its size and expand its digital-banking capacities, Chairman Michael Carrazza says.
The Connecticut bank’s proposed combination with American Challenger Development Corp. was called off because the two parties didn’t anticipate they could meet the closing conditions. The fintech now says it’s retained Citigroup to explore a possible sale.