Patriot Bank & American Challenger Development Corp. Agree to Merge

Patriot Bank & American Challenger Development Corp. Agree to Merge

  • Patriot Bank and American Challenger announced that they have entered into a definitive agreement (the “Merger Agreement”) 
  • American Challenger was formed in January 2020 for the purposes of establishing a new digital national bank headquartered in Stamford
  • Acquire American Challenger via a reverse subsidiary merger, with American Challenger surviving as a wholly-owned subsidiary
  • The Merger will create a purpose-driven, digital-first national bank with highly efficient operations to generate industry
  • Bank announced that it has entered into separate definitive agreements (the “Investment Agreements”) with certain investors
  • Bank will adopt the American Challenger business plan and will operate as two divisions

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