KINDERHOOK, N.Y.–(BUSINESS WIRE)–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
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.