Patriot National Bancorp, Inc. and American Challenger Development Corp. announced that they have entered into a definitive agreement (the “Merger Agreement”) under which Patriot will acquire American Challenger via a reverse subsidiary merger, with American Challenger surviving as a wholly owned subsidiary of Patriot (the "Merger"). Following completion of the Proposed Transactions, the Patriot and Patriot Bank boards will be reconstituted and is expected to consist of: Felix Scherzer (Chairman), Founder, Chairman and President of American Challenger, former Global Head of Financial Institutions M&A at Credit Suisse - Karl A. Roessner (Lead Independent Director and Vice Chairman), former Chief Executive Officer of E*Trade - Michael Carrazza, (Vice Chairman), current Chairman of Patriot and Chief Executive Officer of Solaia Capital Advisors - Jill Raker, Managing Partner at Greenbriar Equity Group - Mark Graf, former Chief Financial Officer of Discover Financial Services - Dean C. Graham, CEO of Sector Financial, former President of CapitalOne Commercial and President & COO of CapitalSource - Brian Laibow, Managing Director and Co-Head of North America for the Opportunities strategy at Oaktree - Len Laufer, former Head of Intelligent Solutions at JPMorgan Chase - Raymond J. Quinlan, former Chairman and Chief Executive Officer of Sallie Mae - Joshua S. Siegel, Chairman and Chief Executive Officer of StoneCastle Partners.

Combined Entity Executive Management Team: Following completion of the Proposed Transactions, Patriot's executive management team is expected to consist of: Felix Scherzer, Founder, Chairman and President - Andrew Morgan, Co-Founder, former CFO of Credit Suisse in the Americas and Asia - Michael Carrazza Vice-Chairman - Betsy Wynnick, Chief Risk Officer, former Chief Risk Officer of United Bank - Steve Schlussler, Chief Credit Officer, former Chief Credit Officer of CapitalSource/Capital One - Shane Cameron, Chief Growth Officer, former Chief Innovation Officer of Omnicom Media Group - Shauna Brown, Chief Customer Experience Officer, former Head of Bank Digital Channels at USAA - Eric Chacon, Chief Technology Officer, former Chief Data Architect of Citigroup's Consumer Banking Division - Bryan Howard, Chief People Officer, former SVP of HR at Acosta and VP at EverBank, Wells Fargo, JPMorgan Chase - Janine Pappas, Chief Auditor, former Chief Auditor of EverBank and Deputy Chief Auditor of TIAA Bank - Doug McDonald, Head of Consumer Lending, former Head of Mortgage Lending at Credit Suisse Private Bank and Deutsche Bank Private Bank - Craig Streem, Head of Investor Relations, former VP of Investor Relations at Discover Financial Services - Dave Barrett, Chief Legal Officer & Corporate Secretary, former General Counsel of Commercial and Capital Markets for TIAA Bank/EverBank - Robert Russell, Patriot Division Chief Executive Officer, former Chief Operating Officer of Millington Bank and Chief Executive Officer of NJM Bank - Joseph Perillo, Patriot Division Chief Financial Officer, former Chief Financial Officer of iQor - Judith Corprew, Patriot Division Executive Vice President, Chief Compliance, Risk & CRA Officer, VP Compliance at Fairfield County Bank - Karen Rojeski, Patriot Division Executive Vice President & Patriot Division Chief Credit Officer, former Chief Credit Officer of Metropolitan Commercial Bank - Fred Staudmyer, Patriot Division Executive Vice President & Chief Administrative Officer, former Chief HR Officer for Ziff Communications & Ziff Davis Publishing - Steven Grunblatt, Patriot Division Executive Vice President & Chief Information Officer, former Global Director of IT Infrastructure at Cowen & Co. - David Lowery, Patriot Division Executive Vice President & Chief Lending Officer, former lending officer at IBERIABANK, Metropolitan and M&T Bank. Combined Entity Advisory Board: The advisory board of the combined entity is expected to consist of: Robert Clements, Chief Executive Officer of Covius and former Chairman & Chief Executive Officer of EverBank - Edward Constantino, former director of Patriot, audit chairman, former partner of KPMG - Brian Hughes, former Chief Risk Officer of Discover Financial Services - Matthew Potere, Chief Executive Officer of Sunlight Financial - Emile van den Bol, former director of Patriot - Gary E. Zimmerman, Chief Executive Officer of MaxMyInterest and Six Trees Ventures LLC.