Patriot Bank Receives Conditional OCC Approval Required under Merger Agreement with American Challenger

STAMFORD, Conn., July 06, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc., a Connecticut corporation ("Patriot"), announced today that, on June 30, 2022, the Office of the Comptroller of the Currency (the "OCC") conditionally approved the application of Patriot Bank, National Association ("Patriot Bank") to substantially change its asset composition under 12 CFR 5.53 in connection with the transactions (the "Proposed Transactions") contemplated by the Merger Agreement, dated November 14, 2021, between Patriot and American Challenger Development Corp. ("American Challenger"), as amended (the "Merger Agreement"). This OCC approval is a requisite regulatory approval under the Merger Agreement. The OCC approval will automatically terminate if the Proposed Transactions are not consummated within six (6) months of June 30, 2022, unless the OCC grants an extension of the time period. The closing of the Proposed Transactions, including the merger of American Challenger with and into Patriot, with Patriot as the surviving corporation (the "Merger"), and the closing of a capital raise of at least $875 million (the "Capital Raise") by Patriot and Patriot Bank, remains subject to the satisfaction or waiver of the remaining closing conditions set forth in the Merger Agreement, including obtaining shareholder approval and other customary closing conditions as previously disclosed by Patriot. Michael Carrazza, Patriot's Chairman added, "The receipt of OCC approval is a significant and necessary milestone that has been achieved toward completing our merger with American Challenger. We are thrilled to have gained regulatory support for our forward business plan and intentions to create one of the largest digital-forward banks in the country." Patriot is working closely with American Challenger and investors in efforts to meet the remaining closing conditions. Closing of the Capital Raise and Merger transaction remains subject to shareholder approval. Cautionary Statement About Forward-Looking Statements: This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding business plans and future performance of Patriot. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "targets," "designed," "could," "may," "should," "will" or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on Patriot's current expectations and assumptions regarding Patriot's businesses, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect Patriot's future financial results and performance and could cause the actual results, performance or achievements of Patriot to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the risk that the cost savings, any revenue synergies and other anticipated benefits ... Full story available on Benzinga.com