- Patriot National Bancorp's ( NASDAQ: PNBK ) Patriot Bank, N.A., received an approva l from the Office of the Comptroller that's needed for its merger with American Challenger Development, the company said Wednesday.
- The OCC approval will automatically terminate if the proposed transactions aren't completed within six months of June 30, 2022, unless the OCC grants an extension.
- Patriot ( PNBK ) said it's is working with American Challenger and investors in order to meet the remaining closing conditions.
- 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 .
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Patriot National Bancorp gets OCC approval for American Challenger merger