Patriot National Bancorp terminated a $119m acquisition of American Challenger Development.

Patriot National Bancorp, a nationally chartered bank headquartered, terminated a $119m acquisition of American Challenger Development, a new digital national bank headquartered in Stamford. The parties have mutually determined that not all closing conditions of the merger agreement can be satisfied under the current structure and agreement. Although the parties remain in active discussions regarding a modified transaction, it is uncertain whether a new agreement can be reached. Accordingly, it was by mutual agreement of the companies and was unanimously approved by the Boards of Directors of each company to terminate the existing deal. Pursuant to the parties’ mutual termination and release agreement, the parties have agreed to release each other from any claims relating to or arising out of the merger agreement or the transactions contemplated thereby.