Patriot Bank Announces Termination of Merger Agreement with American Challenger | New

STAMFORD, Conn., July 20. 10, 2022 (GLOBE NEWSWIRE) — Patriot National Bancorp, Inc., a Connecticut corporation (“Patriot”), today announced the termination of the merger agreement, dated November 14, 2021, between Patriot and American Challenger Development Corp. (“American Challenger”), as amended (the “Merger Agreement”). The parties have mutually determined that all closing conditions of the merger agreement cannot be satisfied under the current structure and agreement. Although the parties are continuing active discussions regarding a modified transaction, it is uncertain whether a new agreement can be reached. Accordingly, it was decided by mutual agreement between the companies and unanimously approved by the boards of directors of each company to terminate the existing merger agreement. Pursuant to the parties’ mutual termination and release agreement, the parties have agreed to release each other from any and all claims related to or arising out of the merger agreement or the transactions contemplated by it.

About Patriot National Bancorp, Inc.

Founded in 1994 and now celebrating its 28th year, Patriot National Bancorp, Inc. is the parent company of Patriot Bank NA (“Bank”), a nationally chartered bank headquartered in Stamford, CT. The Bank is headquartered in Stamford and operates 9 branches: in Scarsdale, NY; and Darien, Fairfield, Greenwich, Milford, Norwalk, Orange, Stamford, Westport, CT with Express Banking branches in Bridgeport/Husatonic Community College, downtown New Haven and Trumbull at Westfield Mall. The Bank also has SBA lending offices in Stamford, Connecticut, Florida, Georgia, Mississippi, and an operations center in Rhode Island.

Patriot’s mission is to serve its local community and national customer base by offering a growing range of banking solutions to meet the needs of individuals and small business owners. Patriot values ​​the integrity of its people and the way it conducts business. A focus on building strong customer relationships and community engagement are cornerstones of Patriot’s philosophy, which seeks to maximize shareholder value.

contacts:
Patriot Bank, North America Joseph Perillo Robert Russell Michael Carrazza
900 Bedford Street Financial director President and CEO President
Stamford, Connecticut 06901 203-252-5954 203-252-5939 203-251-8230
www.BankPatriot.com

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