Patriot Bank Receives Conditional OCC Approval Required under Merger Agreement with American Challenger

STAMFORD, Conn., July 06, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc., a Connecticut corporation (“Patriot”), announced today that, on June 30, 2022, the Office of the Comptroller of the Currency (the “OCC”) conditionally approved the application of Patriot Bank, National Association (“Patriot Bank”) to substantially change its asset composition under 12 CFR 5.53 in connection with the transactions (the “Proposed Transactions”) contemplated by the Merger Agreement, dated November 14, 2021, between Patriot and American Challenger Development Corp. (“American Challenger”), as amended (the “Merger Agreement”). This OCC approval is a requisite regulatory approval under the Merger Agreement.