Stamford-headquartered Patriot National Bancorp Inc. and Purchase-headquartered American Challenger Development Corp. have terminated their November 2021 merger agreement.
In a joint statement, the companies said they have “mutually determined that not all closing conditions of the merger agreement 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 agreement of the companies and was unanimously approved by the boards of directors of each company to terminate the existing merger agreement.”
If the agreement had been consummated, Patriot would have acquired American Challenger for approximately $119 million. American Challenger, an app-based provider of financial services with no physical locations, would have become a wholly owned subsidiary of Patriot, operating as a digital division.
Photo: Alachua County / Flickr Creative Commons
