Kinderhook Bank Receives Merger Approval
The National Union Bank of Kinderhook (“Kinderhook Bank”), announced 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.
About Kinderhook Bank Corp.
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. As of December 31, 2016, The National Union Bank of Kinderhook had total assets of approximately $460 million; total loans of approximately $332 million; total deposits of approximately $403 million; and total capital of approximately $43 million.
About Patriot Federal Bank
Patriot is a federally chartered savings institution which has served the banking needs of customers in Montgomery and Fulton County, New York since its organization in 2005 with three (3) offices in Amsterdam, Canajoharie and Johnstown. Patriot offers a variety of savings and checking products as well as commercial, residential and consumer lending. As of December 31, 2016, Patriot had total assets of $141 million; loans of $114 million; deposits of $118 million; and total capital of approximately $12.3 million.