STAMFORD, Conn., Jan. 24, 2012 /PRNewswire/ -- Patriot National Bancorp, Inc. and Solaia Capital Advisors LLC were named as Finalists for the 6th Annual 2012 Middle Market Turnaround of the Year Award.
Patriot National Bancorp, Inc. escaped failure in 2010 through a $50 million control recapitalization transaction led by operating financier Michael Carrazza. After an aggressive turnaround plan was set into motion upon closing of the transaction, health and profitability were restored at Patriot in just 11 months. "It's a true honor to been have selected as a finalist for this respectable award," said Michael Carrazza, Chairman of Patriot National Bancorp, Inc. and Chairman and CEO of Solaia Capital Advisors. "Our team embarked on a tough challenge with Patriot and we're thrilled that everyone's hard work has been recognized."
Christopher Maher was recruited as Patriot's new President and Chief Executive Officer in connection with the transaction, along with a new slate of board directors. The recapitalization was completed through PNBK Holdings LLC. Deal team advisors to PNBK Holdings on the transaction included Skadden, Arps, Slate Meagher & Flom LLP, Robinson & Cole LLP and KPMG LLP.
"Although the bankruptcies of MF Global, American Airlines, and Borders highlight today's difficult environment, there were thousands of successful turnarounds in 2011, thanks to the energy and ingenuity of the world's leading restructuring and distressed investing professionals," says Roger Aguinaldo, CEO and founder of The M&A Advisor, and sponsor of the award. "The deal teams represented in our award finalists have demonstrated creativity and perseverance in today's challenging climate."
An independent panel of professionals is currently judging all the finalist transactions submitted for the Turnaround Awards. Winners will be announced at the Awards Gala, which will take place on January 30-31 at the 2012 Distressed Investing Summit at The Colony in Palm Beach, Florida. The event honors the accomplishments of the top distressed investing, restructuring and turnaround professionals and firms.
About Patriot National Bank:
Nationally chartered in 1994, Patriot National Bank currently has fifteen full-service branches serving Southern Connecticut, Westchester County, New York and New York City. It also has a loan production office in Stamford, CT. Additional information available at the Bank's website: www.pnbk.com.
About Solaia Capital Advisors LLC:
Solaia Capital Advisors is an investment management firm specializing in the investment, acquisition and recapitalization of middle market businesses. For more information visit: www.solaiacapital.com.
SOURCE Patriot National Bancorp, Inc.