Bank7 Acquires Approximately 71% Controlling Interest in Century Financial
Bank7 Corp. announced that it has entered into a definitive Stock Purchase Agreement to acquire an approximately 71% controlling ownership interest in Century Financial Services Corporation, the Santa Fe, New Mexico-based bank holding company for Century Bank. The shares to be acquired are being sold by a court-appointed receiver through a court-supervised sale process in the receivership proceeding captioned KS StateBank Corporation v. Peters, et al., pending in the U.S. District Court for the District of Arizona. Bank7 has agreed to serve as the "stalking horse" bidder, establishing the floor price and baseline terms for the sale. Consistent with a court-supervised sale, the agreement and the proposed transaction are subject to higher or otherwise better offers solicited through a competitive bidding and auction process, for which we have a matching right, as well as approval by the Court. Completion of the transaction is also subject to the receipt of all required bank regulatory approvals and the satisfaction of customary closing conditions. The transaction is expected to close in the third quarter. There can be no assurance that the transaction will be completed on the terms described, or at all. Upon completion, the transaction would create a combined Southwest banking organization with approximately $3.4B in total assets. The company expects the acquisition to extend its footprint into an attractive and adjacent new market.
