- Patriot National ( NASDAQ: PNBK ) notifies the termination of the merger pact , dated November 14, 2021, between Patriot and American Challenger Development Corp. as amended.
- The parties have mutually determined that not all closing conditions of the merger can be satisfied under the current structure and agreement.
- Although the parties remain in active discussions regarding a modified transaction, it is uncertain whether a new agreement can be reached.
- Accordingly, it was by mutual consent of the companies and was unanimously approved by the boards of each company to terminate the existing merger pact.
- When the companies announced the deal in November 2021, they had expected to close the transactions in Q1 2022. Patriot said the acquisition of American Challenger will create a digital-first national bank .
- Earlier this month, Patriot National Bancorp received OCC approval for American Challenger merger .
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Patriot National announces termination of merger with American Challenger