American Challenger Development Corp. was established as a blank-check company with the mission to create a premier digital-native bank serving communities and small to medium-sized businesses across the United States. Its strategy was to combine with a traditional bank and leverage a modern technology stack to offer superior customer service, better pricing, and more efficient operations. The company entered into a definitive agreement to merge with Patriot National Bancorp, Inc. in 2021. However, the merger agreement was terminated in March 2022, and American Challenger Development Corp. subsequently liquidated and dissolved in late 2022. While the brand's website remains active, the specific corporate entity (ACAC) is no longer operational.