8-K: Patriot National Bancorp Appoints David Finn as Interim CFO, Joseph Perillo Retires

Patriot National Bancorp has appointed David Finn as Interim Chief Financial Officer, effective October 30, 2024, following the retirement of Joseph Perillo.

Summary

• Patriot National Bancorp and its subsidiary, Patriot Bank, appointed David Finn as Interim Chief Financial Officer and Executive Vice President, effective October 30, 2024.
• Mr. Finn previously served as Executive Vice President and Senior Finance Officer at the Bank since August 5, 2024.
• Prior to joining Patriot, Mr. Finn held senior positions at First Citizens Bank (formerly CIT Group Inc.) for many years.
• Mr. Finn's compensation includes an annual salary of $275,000, an $85,000 equity grant of restricted stock, and other executive benefits.
• Joseph Perillo, the previous CFO, has retired from his position, effective October 30, 2024, but will remain with the Bank part-time on strategic projects.

Sentiment

Score: 7

Explanation: The document reflects a planned management transition with a qualified replacement, which is generally positive. The retention of the previous CFO for strategic projects is also a positive sign.

Positives

• The appointment of David Finn provides a smooth transition in the CFO role, given his prior experience at the Bank.
• Mr. Finn's extensive background in finance and regulatory reporting at First Citizens Bank (formerly CIT Group Inc.) is a positive for the company.
• The company has retained the expertise of Joseph Perillo on a part-time basis for strategic projects.

Risks

• The transition to a new CFO, even on an interim basis, could present some operational challenges.
• The company may face challenges in the future if the part-time strategic role of the previous CFO is not effective.

Future Outlook

The company has not provided any specific forward-looking statements in this document.

Management Comments

• The company confirmed the retirement of Joseph Perillo as Chief Financial Officer and Executive Vice President.
• The company announced the appointment of David Finn as Interim Chief Financial Officer and Executive Vice President.

Industry Context

The appointment of a new CFO is a common occurrence in the banking industry, and this change appears to be a planned transition.

Comparison to Industry Standards

• The compensation package for the interim CFO, including a $275,000 salary and $85,000 equity grant, is within the typical range for executive positions in similar-sized regional banks.
• The transition plan, with the previous CFO remaining part-time, is a common practice to ensure continuity and knowledge transfer, similar to transitions seen at other financial institutions like community banks and credit unions.

Management Changes

Stakeholder Impact

• Shareholders may view the appointment of a new CFO as a significant event, but the planned transition should minimize any negative impact.
• Employees may experience some changes in leadership and reporting structures, but the company has retained the previous CFO for strategic projects to ensure continuity.

Key Dates

Keywords

CFO, Chief Financial Officer, Executive Vice President, Patriot National Bancorp, Patriot Bank, David Finn, Joseph Perillo, management change, corporate governance