News
June 20, 2017Kinderhook Bank Receives Merger Approval
The National Union Bank of Kinderhook (“Kinderhook Bank”), announced today that it has received approval from the Office of the Comptroller of the Currency (“OCC”) to merge with Patriot Federal Bank (“Patriot”). As previously announced, Kinderhook Bank and Patriot agreed to merge in an all-stock transaction in which Patriot will merge with and into Kinderhook Bank.
The proposed merger of these two community banks is subject to approval by the shareholders of Patriot and customary closing conditions. The transaction is expected to close in the fourth quarter of 2017.
The combined organization would operate as Kinderhook Bank with 11 offices across five counties and, based on financial results as of December 31, 2016, approximately $601 million in total assets, $446 million in total loans and $521 million in total deposits.
Cranmore, FitzGerald & Meaney served as legal counsel to Kinderhook Bank and parent company Kinderhook Bank Corp. and filed the merger application with the OCC.
