
Patriot Bank Continues Discussions With American Challenger
The parent company of Patriot Bank continues to discuss a possible deal with American Challenger Development Corp. weeks after the two Stamford-based companies called off their merger.
The parent company of Patriot Bank continues to discuss a possible deal with American Challenger Development Corp. weeks after the two Stamford-based companies called off their merger.
After the termination of its planned merger with Patriot Bank, Stamford-based American Challenger Corp. could put itself up for sale.
Just weeks after receiving regulatory approval to merge, the parent company of Patriot Bank and American Challenger Development Corp. have terminated their merger agreement.
Patriot Bank’s parent company will now be the surviving entity following its merger with American Challenger Development Corp., a change from the original merger agreement between the two Stamford-based companies.
After Patriot Bank and American Challenger Development Corp. combine in a reverse subsidiary merger that is expected to close next year, Patriot will convert to the technology platform that American Challenger has been building for its digital bank.
The parent company of Stamford-based Patriot Bank has agreed to acquire American Challenger Development Corp. in a reverse subsidiary merger.