PNBK, Patriot Strike $50M Securities Deal, End Suit

Law360, New York (December 22, 2009, 1:46 PM EST) -- In light of a new $50 million securities purchase agreement, a federal judge has approved the dismissal of a breach of contract case PNBK Holdings LLC brought against Patriot National Bancorp. Inc. over a previous purchase agreement.

Judge Deborah A. Batts of the U.S. District Court for the Southern District of New York signed off Monday on an agreement between PNBK and Patriot settling a dispute over the two companies' previous securities purchase agreement.

PNBK has agreed to acquire a controlling interest in Patriot by paying...
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