Courtesy photo / File

Stamford-based Patriot Bank could decide to sell itself if other strategies for maximizing shareholder value do not pan out.

During Patriot National Bancorp’s annual shareholder meeting on Dec. 14, the bank shared strategies for “maximizing and unlocking shareholder value,” the bank said in a securities filing. The strategies included leveraging Patriot Bank’s low-cost funding platform to build scale and increase profits, as well as adding platforms that would produce fee income and generate assets.

Transitioning to “more digitally-forward operations” is another strategy the bank is pursuing, and the bank said it could also acquire select operating assets or smaller banks.

Success with these strategies will determine the bank’s next step.

“Developments surrounding each of these strategies are actively in process,” Patriot said. “In the absence of being able to successfully execute on these strategies, the Company will consider alternate strategic paths, including a merger or sale of the Bank.”

Patriot recently made a move with its debt that the bank said would help with these strategies.

The bank last week said it had issued and sold $12 million in 8.50 percent fixed-rate senior notes that will be due in 2026. Patriot used the proceeds from the offering to fully repay its 7.50 percent senior notes that were due on Dec. 31.

“The refinancing of Patriot’s senior notes sets a new maturity for Patriot’s senior notes, providing sufficient time for our team to execute on a number of strategic objectives that are underway,” Michael Carrazza, Patriot’s chairman, said in a statement. “We are pleased by the support of existing and new lenders that have participated in this offering.”

Patriot had expected to merge this year with another Stamford-based company, American Challenger Development Corp., but that deal was called off in July.