Patriot National Bancorp Inc. has received payment of nearly $2.8 million from its fidelity insurer in connection with a claim of loss submitted by its bank operating subsidiary, Patriot Bank, headquartered in Stamford.
The payment stems from a $3 million bridge loan provided by Patriot to Seaboard Realty LLC, in conjunction with the construction of a Marriott Residence Inn on Atlantic Street in Stamford. Seaboard, along with its affiliates, owned and was constructing multiple high-profile properties in the city”™s downtown, including the Courtyard Marriott on Summer Street, the 1 Atlantic St. office building and the Park Square residential development on Summer Street.
Seaboard”™s subsequent bankruptcy, coupled with uncertainty of collection, led to the bank”™s loan loss as reported on Form 8-K on Sept. 19, 2016. At that time, the bank was unable to obtain confirmation from its insurer that any amounts would be covered under its policy.
