The deal grants Bank7 a roughly 71% stake in the holding company for Century Bank. Accounting for a $2 million break-up credit, the net cash purchase price settles at approximately $89 million. This transaction is moving forward through a court-supervised sale process, a structure that underscores the complexities involved in securing the asset.
In section Market Quotes
Bank7 Secures Century Financial Stake in $91 Million Acquisition
Bank7 shares climbed 8.1% to $56.70 on Friday after the firm emerged as the winning bidder for a controlling interest in Century Financial Services Corp. The acquisition, valued at $91 million, marks a significant expansion for the bank, which has already seen its stock value surge 38% throughout this year.
While the financial terms are set, the acquisition remains subject to standard bank regulatory approvals. Management anticipates finalizing the deal by the fourth quarter. This move reflects a broader upward momentum for Bank7, which continues to outperform market expectations as it integrates this new holding into its portfolio.
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