M&A
confidence high
sentiment positive
materiality 0.75
Patriot National Bancorp receives conditional OCC approval for merger with American Challenger and $875M capital raise
PATRIOT NATIONAL BANCORP INC
- OCC conditionally approved Patriot Bank's asset composition change on June 30, 2022.
- Approval terminates if merger not consummated within six months unless OCC extends.
- Merger of American Challenger into Patriot requires shareholder approval.
- Capital raise of at least $875 million and commercial loan portfolio acquisition are ongoing.
- Chairman cites OCC approval as significant milestone toward creating a digital-forward bank.