Patriot Bank Announces Termination of Merger Agreement with American Challenger

STAMFORD, Conn., July 20, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc., a Connecticut corporation (“Patriot”), today announced the termination of the Merger Agreement, dated November 14, 2021, between Patriot and American Challenger Development Corp. (“American Challenger”), as amended (the “Merger Agreement”). The parties 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. Pursuant to the parties’ mutual termination and release agreement, the parties have agreed to release each other from any claims relating to or arising out of the Merger Agreement or the transactions contemplated thereby.