STAMFORD, Conn. and ORANGE, Conn., Oct. 26, 2017 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (NASDAQ:PNBK) and Prime Bank (PMHV:US) today announced that, as a result of Prime’s shareholder meeting on October 17th 2017, more than 71% of the shareholders of Prime voted in favor of the transaction by which Prime Bank, headquartered in Orange, Connecticut, would be acquired and merged into Patriot’s operating subsidiary, Patriot Bank. This represents confirmation of the transaction previously communicated in Patriot’s press release of August 2nd, 2017, which announced the signing of a definitive merger agreement between Patriot and Prime. The transaction will be consummated pursuant to a Merger Agreement, as may be amended, which has previously been entered into. The transaction is subject to regulatory approvals, and is expected to close before the end of 2017. None of the shareholders of Prime Bank exercised appraisal rights.
Upon closing, the acquisition will result in a new Patriot Bank branch located in the Town of Orange, in New Haven County, Connecticut.
About Patriot National Bancorp, Inc.
Patriot National Bancorp, Inc. is headquartered in Stamford, Connecticut and the Bank has full service branches in Connecticut and New York.
