Patriot National Bancorp / American Challenger Development Corp. 2021
Patriot National Bancorp acquired American Challenger Development Corp. for $119M on November 15, 2021.
- Target
- American Challenger Development Corp.
- Acquirer
- Patriot National Bancorp
- Deal value
- $119M
- Announced
- November 15, 2021
- Sub-sector
- Neobank
Transaction overview
- Patriot National Bancorp announced the acquisition of American Challenger Development Corp. on November 15, 2021 for $119M.
- The deal is expected to close pending customary conditions.
Strategic rationale
Connecticut community bank acquires digital-first challenger bank technology platform and management team to accelerate national consumer banking expansion.
Deal terms & multiples
Frequently asked questions
How much did Patriot National Bancorp pay for American Challenger Development Corp.?
Patriot National Bancorp acquired American Challenger Development Corp. for $119M, announced on November 15, 2021.
When did Patriot National Bancorp announce the acquisition of American Challenger Development Corp.?
Patriot National Bancorp announced the acquisition of American Challenger Development Corp. on November 15, 2021.
What sub-sector is American Challenger Development Corp. in?
American Challenger Development Corp. is tracked in the Neobank sub-sector.
Sources
- americanbanker.com /news/why-this-connecticut-community-bank-is-merging-with-a-fintech