AcquisitionsJul 2, 2026, 05:07 PM
Bank7 to acquire 71% of Century Financial for $68M
AI Summary
Bank7 Corp. announced it has entered into a Stock Purchase Agreement to acquire an approximately 71% controlling ownership interest in Century Financial Services Corporation for $68.0 million in cash. This agreement acts as a "stalking horse" bid, meaning it sets a baseline for a court-supervised sale process, subject to higher offers and final court approval. The acquisition is expected to extend Bank7's footprint into New Mexico, creating a combined entity with approximately $3.4 billion in total assets, and is anticipated to close in the third quarter of 2026.
Key Highlights
- Bank7 Corp. agreed to acquire approximately 71% of Century Financial Services Corp.
- The cash purchase price for the controlling interest is $68.0 million.
- The agreement serves as a "stalking horse" bid, subject to higher offers and court approval.
- Sale is contingent on required regulatory approvals, including from the Federal Reserve System.
- A break-up fee of $2.04 million is payable to Bank7 if it is not the successful bidder.
- Century Bank, a subsidiary, operates 9 branches in New Mexico and 2 loan offices in Texas.
- Century Bank reported $1.35 billion in total assets as of March 31, 2026.
- The combined organization is expected to have approximately $3.4 billion in total assets.
Price Impact
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