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- Material Weakness (new) — OCC Formal Agreement imposed in Jan 2025 requiring remediation of capital, governance, risk management, and internal controls deficiencies; company also disclosed material weakness in internal controls as of Dec 31, 2025.
PNBK enters OCC Formal Agreement, discloses material weakness, completes $57.75M recap
Filed March 31, 2026 · Period ending December 31, 2025 · Compared to 10-K Apr 15, 2025 · ~2 min read
Key Changes
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high
Bank entered OCC Formal Agreement in Jan 2025 requiring remediation of capital, governance, BSA/AML, payments oversight, and credit administration deficiencies; designated in 'troubled condition' with heightened regulatory scrutiny.
Risk Factors: Formal Agreement verify on EDGAR → -
high
Management identified material weakness in internal controls as of Dec 31, 2025, concentrated in IT general controls, financial-close processes, and third-party/digital-payments activities; reversed prior year's 'effective' conclusion.
Controls & Procedures verify on EDGAR → -
high
Company completed $57.75M capital raise in March 2025, restructured debt, and replaced CEO, President, CFO, CRO, and most senior leadership; headcount fell 17% to 107 employees despite adding risk/compliance roles.
Business: 2025 Transformation verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 3, 2026 · How we verify