** Community lender Patriot National Bancorp's PNBK.O shares jump 6.5% to $1.02 premarket

** PNBK says U.S. banking regulator terminates formal agreement struck last year over legacy regulatory issues

** Office of the Comptroller of the Currency (OCC) had previously designated PNBK as being in "troubled condition"

** Termination of the formal agreement marks an important milestone for PNBK, paving way for reduced regulatory costs and fees

** PNBK spent over $5 million since 2025 to address the OCC action, including remediation of regulatory deficiencies

** "We are confident in our ability to meaningfully scale Patriot. As an initial step, Patriot will seek to grow its assets to $2 billion" - CEO Steven Sugarman in shareholder letter

** As of last close, PNBK stock down 47.4% YTD