Patriot National Bancorp Announces 0.5 Million Stock Buyback Program

Patriot National Bancorp, Inc. (NASDAQ: PNBK) disclosed Friday that its board has authorized a fresh share buyback program enabling them to buy back a maximum of 500,000 shares of its common stock.Patriot National said that unless amended or extended by its board, the Company expects the buyback program to be in place until the earlier of July 31, 2017. Alternatively, it would remain open until it reaches 500,000 of the Company's outstanding shares. The Company' indicated that the fresh repurchase program was announced to take advance of the current share price, sector conditions and market volatility since it believes it might lead to undervaluing the stock from time to time.Its Chairman, Michael Carrazza, commented, "This program reflects our commitment to enhance shareholder value and our confidence in the ongoing operating and strategic direction of the Company." The chairman also reaffirmed that Patriot is focused on executing a number of activities aimed at creating value for its shareholders.The stock last traded at $13.26.