Business Development Corporation of America, an affiliate of Benefit Street Partners, Acquires Siena Capital Finance LLC

NEW YORK, February 22, 2019 – Business Development Corporation of America (“BDCA”), an affiliate of Benefit Street Partners L.L.C., announced the acquisition of a controlling interest in Siena Capital Finance LLC (“Siena”) from Solaia Capital Advisors LLC (“Solaia”).

Siena is a leader in the asset-based lending (“ABL”) business, and offers asset based loans to middle market businesses across the United States. Siena was founded in 2012 by an ABL team backed by Solaia. The team consisted of professionals from Burdale Capital Finance, a wholly owned ABL subsidiary of Bank of Ireland. Since it was established, Siena has underwritten more than 100 transactions totaling over $1 billion in total credit facilities. Siena has an experienced team of 27 professionals, located in Connecticut, New York, Los Angeles, and Chicago. Siena will operate independently as a portfolio company of BDCA.

“We look forward to the next stage in our firm’s growth and to collaborating with BDCA to continue providing critical ABL solutions to our clients,” said Siena CEO David Grende. “BDCA’s disciplined underwriting and attractive capital base make them the ideal partner for Siena.”

“Siena represents a compelling investment opportunity for BDCA. We are excited to partner with David Grende and Siena’s seasoned management team,” noted BDCA CEO Richard Byrne.

“Siena will complement our core private debt business and will broaden the suite of financing solutions that we can provide to clients.” Affiliates of Solaia will retain a minority ownership interest in Siena. In addition, Solaia and BDCA intend to collaborate on future projects together.

Solaia CEO Michael Carrazza commented, “We’ve fulfilled our role in supporting the development of Siena into a highly regarded and national ABL lender. Siena represents one of the top ABL lenders in the industry, and as part of BDCA, Siena is poised for its next phase of growth.”

Dechert LLP provided legal counsel to BDCA. Blank Rome LLP provided legal counsel and Hovde Group served as financial advisor to Siena.

About BDCA

BDCA is a non-traded business development company with a $2.5 billion investment portfolio, which primarily consists of loans to middle market companies, as of September 30, 2018. BDCA operates under the Investment Company Act of 1940. BDCA is managed by its investment adviser, BDCA Adviser, LLC, an affiliate of Benefit Street Partners L.L.C. For further information, please visit www.bdcofamerica.com.

About Benefit Street Partners

Benefit Street Partners L.L.C. is a leading credit-focused alternative asset management firm with approximately $26 billion in assets under management. BSP manages assets across a broad range of complementary credit strategies, including private/opportunistic debt, structured credit, high yield, special situations, long-short liquid credit and commercial real estate debt. Based in New York, the BSP platform was established in 2008. BSP is a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.benefitstreetpartners.com.

About Siena

Siena is an independent commercial finance company offering asset based loans typically between $3 and $30 million to small and middle market businesses across the United States. Siena offers a broad set of ABL solutions to its borrowers, including: working capital loans, leveraged and management buyout solutions, turnaround and restructuring solutions, growth financing, DIP financing, exit financing, seasonal or cyclical requirements, and dividend recapitalization solutions. Siena was founded in 2012, and is headquartered in Stamford, Connecticut. For further information, please visit www.sienalending.com.

About Solaia Capital

Solaia Capital is an execution-based investment management firm that invests in middle-market companies to create long-term value. Capital resources, combined with value-enhancing expertise, are used to complement experienced management teams in the execution of business plans, operational improvement strategies, growth initiatives, industry consolidation and select turnaround and recapitalization plans. For further information, please visit www.solaiacapital.com.

Important Notice

The statements in this press release that are not historical facts may be forward-looking statements, including the statements about BDCA’s expectations regarding Siena. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. All such forward looking statements speak only as of the date they are made, and BDCA undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise.

Contact

BDCA Business Development Corporation of America

Investor Relations

info@bdca.com

Patriot Bank Now Offering Faster, Streamlined Small Business Loans

U.S. Small Business Administration Designates Patriot as “Preferred Lender,” Giving its Clients Faster & More Efficient Loans

STAMFORD, Conn., Sept. 05, 2018 — Patriot National Bancorp, Inc. (PNBK), the parent company of Patriot Bank, N.A. headquartered in Stamford, CT, announces the bank has been designated a “Preferred Lender” by the U.S. Small Business Administration (SBA), allowing it to process, close, and service most SBA-guaranteed loans without prior SBA review. This offers entrepreneurs and small community businesses the ability to obtain their loans more quickly and efficiently.

Under the Preferred Lenders Program (PLP), SBA lenders such as Patriot Bank are delegated loan approval as well as closing, and servicing authority, enabling them to make loan decisions more rapidly.

To earn the PLP designation, Patriot Bank had to demonstrate a successful track record with SBA-guaranteed small business loans and a detailed understanding of SBA lending policies. Patriot Bank became an SBA-approved lender in 2017.

“When we started facilitating SBA-guaranteed small business loans, we always intended to offer our customers the absolute best quality of service available, from the start of the application to the ultimate success of the company,” said Richard Muskus, Jr., President of Patriot Bank. “As a Preferred Lender, we will continue to provide support for many more small businesses that want to build themselves and contribute mightily to our economy.”

SBA, under its 7(a) Loan Guaranty Program, can guarantee loans up to $5 million. Loans are available for most business purposes, such as to purchase commercial real estate, equipment, and inventory as well as for short-term working capital. Maturities are up to 25 years for commercial mortgages and up to 10 years for all other purposes.

“Patriot Bank is focused on supporting entrepreneurs with their diverse banking needs necessary to operate and grow their businesses,” said Kevin Ferryman, Director of SBA Lending at Patriot Bank. “As a Preferred Lender, Patriot Bank is now offering a more streamlined experience that allows business owners to access critical financial resources more rapidly, so they can remain focused on running their companies. The PLP designation adds enormous benefit to Patriot Bank’s current and future small business customers.”

Patriot Bank is a full-service, FDIC-insured, federally-chartered financial institution. The bank offers a comprehensive array of innovative financial solutions including commercial and consumer loans as well as deposit, savings, and retirement accounts. These services are available through the bank’s 9 convenient offices located in Connecticut and New York. As of August 30, 2018, Patriot Bank had nearly $1 billion in assets.

“Safe Harbor” Statement Under Private Securities Litigation Reform Act of 1995

Certain statements contained in Bancorp’s public statements, including this one, may be forward looking and subject to a variety of risks and uncertainties. These factors include, but are not limited to, (1) changes in prevailing interest rates which would affect the interest earned on Bancorp’s interest earning assets and the interest paid on its interest bearing liabilities, (2) the timing of repricing of Bancorp’s interest earning assets and interest bearing liabilities, (3) the effect of changes in governmental monetary policy, (4) the components of Bancorp’s periodic earnings and assets, (5) the fact that certain of the income recognized by Bancorp in any quarter may not be repeated in future periods, (6) the effect of changes in regulations applicable to Bancorp and the Bank and the conduct of its business, (7) changes in competition among financial service companies, including possible further encroachment of non-banks on services traditionally provided by banks, (8) the ability of competitors that are larger than Bancorp to provide products and services which it is impracticable for Bancorp to provide, (9) the state of the economy and real estate values in Bancorp’s market areas, and the consequent effect on the quality of Bancorp’s loans, (10) recent governmental initiatives that are expected to have a profound effect on the financial services industry and could dramatically change the competitive environment of the Bancorp, (11) other legislative or regulatory changes, including those related to residential mortgages, changes in accounting standards, and Federal Deposit Insurance Corporation (“FDIC”) premiums that may adversely affect Bancorp, (12) the application of generally accepted accounting principles, consistently applied, (13) the fact that one period of reported results may not be indicative of future periods, (14) the state of the economy in the greater New York metropolitan area and its particular effect on Bancorp customers, vendors and communities and other such factors, including risk factors, as may be described in Bancorp’s other filings with the SEC.

Patriot Completes $10 Million Subordinated Debt Offering; Enters FTSE Russell Microcap Index

STAMFORD, Conn., July 02, 2018 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (NASDAQ:PNBK), the parent company of Patriot Bank, N.A. (“Patriot”) announced today that it has completed the private placement of $10 million in fixed-to-floating rate subordinated notes due 2028 (the “Notes”).  A material portion of the proceeds from the sale of the Notes will be down-streamed to Patriot as regulatory capital, which will be used for financing of its pending acquisition and for general corporate purposes.

Patriot’s Chairman and CEO, Michael Carrazza, stated, “We are pleased to announce the completion of our $10 million subordinated debt offering to support our strategic growth plans and further strengthening of Patriot.”   Patriot recently acquired Prime Bank of Orange, CT and, subject to requisite regulatory approvals, will complete its acquisition of Hana Small Business Lending, a leading SBA lending platform later in 2018.

The Notes will initially bear interest at 6.25% per annum, beginning June 29, 2018 through June 29, 2023, payable semi-annually in arrears.  From June 30, 2023 through June 29, 2028, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month LIBOR plus 332.5 basis points, payable quarterly in arrears.  Beginning on June 30, 2023 through maturity, the Notes may be redeemed, at PNBK’s option, on any scheduled interest payment date.  The Notes will mature on June 30, 2028. 

The Notes were assigned a BBB rating by Egan-Jones Rating Agency and are expected to qualify as regulatory Tier 2 capital for Patriot National Bancorp, Inc.

Sandler O’Neill + Partners, L.P. served as the lead placement agent and Brean Capital, LLC served as the co-placement agent for the offering.  The Company was advised by Holland & Knight LLP and the placement agents were advised by Shapiro Bieging Barber Otterson LLP.

In addition, PNBK is pleased to announce its entry into the 2018 Russell Microcap Index, which was reconstituted in June 2018.

About Patriot Bank
Founded in 1994, Patriot National Bancorp, Inc. is the parent holding company of Patriot Bank N.A., a nationally chartered bank headquartered in Stamford, CT.  Patriot operates with full service branches in Connecticut and New York and provides lending products and services nationally. Patriot’s mission is to serve its local community and nationwide customer base by providing a growing array of banking solutions to meet the needs of individuals and small businesses owners. Patriot Bank places great value in the integrity of its people and how it conducts business.  An emphasis on building strong client relationships and community involvement are cornerstones of our philosophy as we seek to maximize shareholder value.

“Safe Harbor” Statement Under Private Securities Litigation Reform Act of 1995
Certain statements contained in Bancorp’s public statements, including this one, may be forward looking and subject to a variety of risks and uncertainties. These factors include, but are not limited to, (1) changes in prevailing interest rates which would affect the interest earned on Bancorp’s interest earning assets and the interest paid on its interest bearing liabilities, (2) the timing of repricing of Bancorp’s interest earning assets and interest bearing liabilities, (3) the effect of changes in governmental monetary policy, (4) the components of Bancorp’s periodic earnings and assets, (5) the fact that certain of the income recognized by Bancorp in any quarter may not be repeated in future periods, (6) the effect of changes in regulations applicable to Bancorp and the Bank and the conduct of its business, (7) changes in competition among financial service companies, including possible further encroachment of non-banks on services traditionally provided by banks, (8) the ability of competitors that are larger than Bancorp to provide products and services which it is impracticable for Bancorp to provide, (9) the state of the economy and real estate values in Bancorp’s market areas, and the consequent effect on the quality of Bancorp’s loans, (10) recent governmental initiatives that are expected to have a profound effect on the financial services industry and could dramatically change the competitive environment of the Company, (11) other legislative or regulatory changes, including those related to residential mortgages, changes in accounting standards, and Federal Deposit Insurance Corporation (“FDIC”) premiums that may adversely affect the Company, (12) the application of generally accepted accounting principles, consistently applied,  (13) the fact that one period of reported results may not be indicative of future periods,  (14)  the state of the economy in the greater New York metropolitan area and its particular effect on the Company’s customers, vendors and communities and other such factors, including risk factors, as may be described in Bancorp’s other filings with the SEC.

Patriot Completes Acquisition of Prime Bank

Execution Team Keeps Business Growth and Strategic Initiatives on Track

STAMFORD, Conn., May 11, 2018 - Patriot National Bancorp, Inc. (NASDAQ:PNBK), the parent company of Patriot Bank, N.A. (“Patriot”) announces that it has completed its acquisition of Prime Bank (“Prime”).  The closing of the transaction, which became effective upon the close of business, Thursday, May 10, 2018, adds a second branch in New Haven County for Patriot, bringing its total branch and ITM kiosk count to 11 and total assets to $928 million, on a pro forma basis as of March 31, 2018.

As of March 31, 2018, Prime had approximately $65 million in total assets. The addition of Prime’s customers and scale promote operating efficiencies, while adding to Patriot’s core deposits, liquidity and earnings.  Patriot remains on track to surpass its $1 billion milestone in total assets in the 2nd half of 2018.

Patriot’s Chairman and CEO, Michael Carrazza, stated, “Patriot welcomes Prime Bank’s employees and customers to our family and to the expanded array of banking products and services we offer.  The closing of this acquisition completes the first of two announced transactions that promote our business objectives to increase growth, diversification, earnings strength and shareholder value creation.”

Jay Jaser, Prime Bank’s former Chairman and CEO added “We are excited that Prime Bank’s customers are now part of Patriot, where they can benefit from a larger and more entrepreneurial banking platform.”

In February, Patriot announced its now-pending acquisition of Los Angeles-based Hana Small Business Lending (“Hana SBL”).  In 2017, Hana SBL was the third most active non-bank SBA lender in the nation by origination volume.  Upon the closing of this pending acquisition, Patriot will become one of the nation’s leading SBA 7(a) lenders.

About Patriot Bank
Founded in 1994, Patriot National Bancorp, Inc. is the parent holding company of Patriot Bank N.A. (“Patriot”), a nationally chartered bank headquartered in Stamford, CT.  Patriot operates with full service branches in Connecticut and New York and provides lending products and services nationally. Patriot’s mission is to serve its local community and nationwide customer base by providing a growing array of banking solutions to meet the needs of individuals and small businesses owners. Patriot Bank places great value in the integrity of its people and how it conducts business. An emphasis on building strong client relationships and community involvement are cornerstones of our philosophy as we seek to maximize shareholder value.

Patriot National Bancorp, Inc. to Acquire $490 Million SBA Business Lending Unit of Hana Financial, Inc.

STAMFORD, CT and LOS ANGELES, CA – February 6, 2018 (GLOBE NEWSWIRE) -
Patriot National Bancorp, Inc. (NASDAQ:PNBK), the parent holding company of Patriot Bank,
N.A. (“Patriot”), and Hana Small Business Lending, Inc. (“Hana SBL”), a wholly-owned
subsidiary of Hana Financial, Inc. (“Hana Financial”) announce the signing of a definitive
purchase agreement pursuant to which Patriot will acquire Hana SBL’s SBA Lending business.
We expect that upon the closing of the transaction Patriot will become one of the nation’s
leading SBA 7(a) lenders.
“Hana SBL has built a strong reputation with a highly regarded and experienced team”,
commented Michael Carrazza, Patriot’s Chairman and CEO. “The integration of Hana SBL into
Patriot’s growing specialty finance category delivers impactful market presence, product
diversification and significant earnings accretion.”
Hana SBL is a fully integrated national SBA origination and servicing platform. Its well respected team has originated nearly $1 billion of SBA 7(a) loans since its inception and has
achieved strong and consistent performance. “We are proud of the team we built and the steady results they continue to deliver”, stated Sunnie S. Kim, Hana Financial’s President and CEO. “It is a highly complementary fit for the team to be integrated into Patriot’s growing operations, where they can be further supported.” In 2017, Hana SBL was the third most active non-bank SBA lender in the nation, and one of the top 35 most active of all SBA lenders (among over 3,000 SBA lenders nationwide) as measured by SBA 7(a) approved face value of SBA 7(a) loans it originated and SBA approved guaranteed dollars attributable to those loans. Upon the closing of the transaction, the group will become part of Patriot’s SBA team, and will be rebranded under Patriot’s name.
In 2017, Patriot became an approved SBA lender, with the intention to invest in and make SBA
a significant product line. The acquired expertise and critical mass of Hana SBL accelerates
Patriot’s strategic plans, while simultaneously diversifying its asset classes and geographical
exposure. The existing team will continue to operate from its base in Los Angeles, CA and
through its origination offices across the United States. It will be complemented by Patriot’s
growing SBA unit, which will oversee and service eastern U.S. markets and be based from
Patriot’s Stamford, CT office complex.
The transaction includes the purchase of approximately $120 million of SBA 7(a) loans and
servicing rights relating to a pool of $370 million in loans, and the assumption of two loan
securitization vehicles, currently rated “AA+” (Hana SBL Loan Trust 2014) and “A-” (Hana
SBL Loan Trust 2016) by Standard and Poor’s. Total cash consideration is approximately $83
million with the assumption of approximately $41 million of liabilities. The transaction is
subject to the satisfactory completion of certain due diligence requirements, purchase price
adjustments at closing and the receipt of required governmental and regulatory approvals.
Advisors to Patriot on the transaction include Blank Rome LLP; Skadden, Arps, Slate, Meagher
& Flom LLP; and Evercore. Advisors to Hana Financial include Houlihan Lokey as financial
advisor, and Jeffer, Mangels, Butler & Mitchell LLP and Starfield & Smith, P.C. as legal
counsels.
About Patriot National Bancorp, Inc.
Patriot National Bancorp, Inc. is the holding company of Patriot Bank N.A., a nationally
charted commercial bank, headquartered in Stamford, Connecticut. It operates with 11 full
service branches and interactive kiosk locations in Connecticut and New York. Since 1994,
Patriot has been serving a growing regional customer base throughout the northeast. While
dedication to the communities we represent is central to our mission, Patriot competes in
multiple geographies and business sectors supported by its broad technological platform,
commercial/consumer loan and deposit product base, and its team of highly seasoned bankers.
For more information visit www.bankpatriot.com.