Debevoise & Plimpton LLP is advising Oaktree Capital Management, L.P. as a lead investor in the $890 million recapitalization of Patriot National Bancorp, Inc. (NASDAQ: PNBK) in connection with its merger with American Challenger Development Corp. The merger is intended to create a digital-first national bank offering competitive rates and a premium customer experience. For more information, please see the company’s press release.

Patriot National Bancorp is the parent holding company of Patriot Bank N.A., a nationally chartered bank. American Challenger was formed in 2020 for purposes of establishing a new digital national bank and developing best-in-class digital banking technology and software.

The Debevoise team is led by M&A partner Gregory Gooding and includes counsel Zhiyan Cao, banking partner Gregory Lyons and associates Clare Lascelles and Chen Xu, benefits partner Jonathan Lewis and tax partner Peter Furci.