Kinderhook Bank Corp. Announces Completion of Patriot Federal Bank Acquisition
Kinderhook Bank Corp. (“KBC”) (OTCQB: NUBK), the parent bank holding company of The National Union Bank of Kinderhook (“Kinderhook Bank”), announced that the merger of Patriot Federal Bank with and into Kinderhook Bank was completed on November 10, 2017.
The combined organization will operate as “Kinderhook Bank” with eleven offices across five counties and, based on financial results as of September 30, 2017, will have approximately $624 million in total assets, $469 million in total gross loans, and $556 million in total deposits.
Under the terms of the merger agreement, Patriot merged with and into Kinderhook Bank and Patriot shareholders will receive 0.300 shares of KBC common stock for each share of Patriot common stock.
Patriot was a federally-chartered savings association organized in 2005, serving customers in Montgomery and Fulton counties, New York, from offices in Amsterdam, Canajoharie and Johnstown, all of which will remain open and operate as Kinderhook Bank branches. Kinderhook Bank is a 164-year-old independent community bank with offices in Albany, Chatham, Delmar, East Greenbush, Greenport, Kinderhook, Latham and Valatie, New York.
Endicott Financial Advisors LLC served as financial advisor to KBC and Kinderhook Bank and rendered a fairness opinion in connection with the transaction. Cranmore, FitzGerald & Meaney served as legal counsel to KBC and Kinderhook Bank. The Bank Advisory Group served as financial advisor to Patriot and rendered a fairness opinion. Hunton & Williams LLP served as legal counsel to Patriot.
About Kinderhook Bank Corp. and The National Union Bank of Kinderhook
Kinderhook Bank Corp. is the parent company of The National Union Bank of Kinderhook, a national bank established in 1853 to serve the banking needs of customers throughout Columbia County and has expanded into Albany and Rensselaer counties in New York State. Kinderhook Bank is the sole bank headquartered in Columbia County with branch locations in Albany, Chatham, Delmar, East Greenbush, Greenport, Kinderhook, Latham and Valatie, New York.
Any forward-looking statements regarding Kinderhook Bank Corp. and The National Union Bank of Kinderhook involve uncertainties. Those uncertainties include, but are not limited to: legislation or changes in regulatory requirements, shareholder actions, technical or systems issues affecting conversion, and the potential for costs, difficulties, or economic conditions that are less favorable than expected.