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Patriot National Bancorp, the parent company of Patriot Bank, has terminated its merger agreement with American Challenger Development Corp., the companies announced.
The parties “mutually determined that not all closing conditions of the merger agreement can be satisfied under the current structure and agreement,” Patriot Bank said in a news release Wednesday night.
American Challenger cited “the parties’ expected inability to satisfy certain of the closing conditions to the merger and recapitalization.”
The parties are continuing to discuss a modified transaction, but it is uncertain whether a new agreement can be reached, the banks said.
The boards of directors of each company unanimously approved the termination and agreed to release each other from any claims.
Patriot Bank is headquartered in Stamford and operates branches in Scarsdale, New York; Darien; Fairfield; Greenwich; Milford; Norwalk; Orange; Stamford and Westport. It has express banking locations at Housatonic Community College in Bridgeport, downtown New Haven and at Westfield Mall in Trumbull. It also has Small Business Administration lending offices in Stamford, along with Florida, Georgia and Mississippi, along with a Rhode Island operations center.
American Challenger was formed in January 2020 for purpose of establishing a new digital national bank in Stamford and developing best-in-class digital banking technology and software.
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