Shareholders of Stamford-based Patriot National Bancorp Inc., parent of Patriot National Bank, have approved several moves that pave the way for PNBK Holding LLC to purchase more than 33 million shares.

At a recent special meeting, shareholders approved amendments to the company’s certificate of Incorporation to reduce the par value of a share of company common stock from $2 per share to 1-cent per share. Further amendments to the company’s certificate of incorporation increased the number of authorized shares of company common stock from 60 million to 100 million shares; and the securities purchase agreement between the company, Patriot National Bank and Holdings and the issuance and sale by the company of approximately 33.3 million shares of company common stock (as adjusted) to Holdings, according to a statement.

"We are very excited that Patriot shareholders demonstrated such overwhelming support for the Holdings transaction," said Michael Carrazza of Holdings. "We believe that this transaction provides the means to restore the bank to ‘well-capitalized’ status and positions Patriot for recovery and long-term sustainable growth."