ACQUISITION ADDS BASIC FUNDING TO BANK7’S EXISTING DEPOSIT BASE AND EXPANDS ITS SCALE IN THE OKLAHOMA MARKET
OKLAHOMA CITY, October 7, 2021 – Bank7, through its parent company, Bank7 Corp. (NASDAQ: BSVN), has entered into a definitive agreement to acquire Cornerstone Bank (“Cornerstone”) and its parent company. Cornerstone has assets of $ 241 million, total deposits of $ 215 million, and total loans of $ 116 million as of June 30, 2021.
“We are delighted to welcome Cornerstone employees and customers to Bank7. Both institutions have a long history of providing banking services to the Oklahoma market and we look forward to continuing Cornerstone’s legacy dating back to 1928, ”said Thomas L. Travis, President and CEO of Bank7. “This addition is a perfect fit for Bank7 as it adds scale to our Oklahoma market and increases the core funding for our continued growth.”
Randy Barrett, President of Cornerstone, said: “By choosing to partner with Bank7, we are confident that they will continue to care for our community, our employees and our customers. We respect their organization and are delighted to join them. Our employees and customers will benefit from Bank7’s expanded product and service offering, as well as its ability to meet greater financing needs. ”
As of June 30, 2021, the combined institutions would have approximately $ 1.4 billion in assets. The transaction is expected to close in the fourth quarter of 2021. Following closing, Bank7 will operate 12 branches in Oklahoma, Texas and Kansas.
The board of directors of both parties unanimously approved the final agreement. In addition, the directors and officers of the seller have entered into agreements by which they have undertaken to vote their shares in favor of the transaction. Closing of the acquisition is subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the seller’s shareholders.
Bank7 was advised in this transaction by Keefe, Bruyette & Woods, A Stifel Company, and Paul Foster Law Offices, PC acted as legal counsel. The vendors were advised by DA Davidson, and McAfee & Taft acted as legal counsel.
Presentation to investors
Financial details of this transaction are illustrated in an investor presentation created for this announcement, which has been filed on a Form 8-K as of the date hereof and will be available at https://ir.bank7.com/events-and-presentations.
About Bank7 Corp.
We are Bank7 Corp., a banking holding company headquartered in Oklahoma City, Oklahoma. Through our wholly owned subsidiary, Bank7, we operate nine locations in Oklahoma, the Dallas / Fort Worth metro area, Texas and Kansas. We focus on serving business owners and entrepreneurs by providing them with fast, consistent and well-designed loan and deposit products to meet their financing needs. We intend to grow organically by selectively opening additional branches in our target markets and pursuing strategic acquisitions.
This press release and oral statements made regarding the subject matter of this press release contain forward-looking statements. These forward-looking statements are subject to significant uncertainties as they are based on: the amount and timing of future changes in interest rates, market behavior and other economic conditions; future laws, regulations and accounting principles; changes in regulatory standards and review policies, expectations regarding related expenses, and cost savings resulting from the integration of seller’s operations with our own, and a variety of other matters. These other issues include, among others, the impact of COVID-19 on the United States economy and our operations, the direct and indirect effect of economic conditions on interest rates, credit quality, demand lending, liquidity and monetary policies; and supervisory banking regulators. These forward-looking statements reflect the current views of Bank7 Corp. regarding, among other things, future events, the successful and efficient integration of the seller’s operations with our own, and the financial performance of Bank7 Corp. Any statement regarding the expectations, beliefs, plans, predictions, forecasts, goals, assumptions or future events or performance of Bank7 Corp. are not historical facts and may be forward looking. These statements are often, but not always, made using words or phrases such as “anticipate”, “believe”, “may”, “could”, “could”, “could”, “predict”, “Possible”, “should,” “will”, “estimate”, “plan”, “projects”, “continue”, “in progress”, “expect”, “intend” and words or Similar expressions. Any or all of the forward-looking statements contained in (or given orally relating to) this press release may prove to be inaccurate. The inclusion or reference to forward-looking information in this press release should not be construed as a statement by Bank7 Corp. or any other person that future plans, estimates or expectations contemplated by Bank7 Corp. will be realized. Bank7 Corp. has based these forward-looking statements in large part on its current expectations and projections regarding future events and financial trends that , according to Bank7 Corp., could affect its situat financial ion, operating results, business strategy and financial needs. The actual results of Bank7 Corp. could differ materially from those anticipated in these forward-looking statements due to risks, uncertainties and difficult-to-predict assumptions, including risks, uncertainties and assumptions relating to the integration of the seller’s transactions with our own ,. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions of Bank7 Corp. prove to be incorrect, actual results may differ materially from what Bank7 Corp. anticipates. You are cautioned not to place undue reliance on forward-looking statements. In addition, any forward-looking statement speaks only as of the date on which it is made and Bank7 Corp. assumes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unforeseen events, except as required by law. All forward-looking statements contained in this document are qualified by these cautionary statements.
President and CEO
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