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.