Kinderhook Bank completes its merger with Patriot Federal Bank
JOHNSTOWN — Kinderhook Bank Corp., the parent bank holding company of The National Union Bank of Kinderhook, has announced that the merger of Patriot Federal Bank with and into Kinderhook Bank was completed Nov. 10, according to a news release.
The combined organization will operate as “Kinderhook Bank” with 11 offices across five counties and, based on financial results as of Sept. 30, will have about $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 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 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.
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.
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. Kinderhook Bank is the sole bank headquartered in Columbia County with branch locations in Albany, Chatham, Delmar, East Greenbush, Greenport, Kinderhook, Latham and Valatie.