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.
Strategic rationale
Connecticut community bank acquires digital-first challenger bank technology platform and management team to accelerate national consumer banking expansion.
Deal terms & multiples
Sources
- americanbanker.com /news/why-this-connecticut-community-bank-is-merging-with-a-fintech