Patriot National Bancorp Inc., parent company of Patriot Bank, is a step closer to completing its acquisition of Orange-based Prime Bank, a move that will give the Stamford company a second branch in New Haven County.
Prime shareholders approved the deal, first announced in August, at a shareholder meeting Oct. 17, both banks announced Thursday. More than 71 percent of shareholders voted in favor of the transaction, officials with both banks said.
Full terms of the deal were not disclosed. Patriot National has said previously that Prime shareholders would receive 115 percent of Prime’s tangible book value as of the deal’s closing date.
Assuming it receives regulatory approvals, the acquisition is expected to close later this year. Patriot has branches in New York and Connecticut, including one in Milford.
Natalie Missakian can be reached at news@newhavenbiz.com
