Earlier this year, it was announced that Kinderhook Bank and Patriot had agreed to merge in an all-stock transaction. However, the companies would need to jump through several hurdles before the merger could be approved. On June the 20th, the National Union Bank of Kinderhook cleared one of those hurdles, when it received approval for the merger from the Office of the Comptroller of the Currency. After the merger is finalized, Patriot will merge into Kinderhook.
Now, the merger depends on approval from Patriot shareholders and additional customary closing conditions. Kinderhook expects the transaction to close sometime in the 4th quarter of this year. Once the merger is complete, Kinderhook Bank will have eleven office in five counties. The company recently put forth an estimate of the bank’s loans and assets based on prior financial results. The bank expects to have the following after the merger.
- $601 million in total assets
- $521 million in total deposits
- $446 million in total loans
Those interested in learning more about the impending merger can do so here.