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
