Benzinga | Oct 7, 2021 09:23AM EDT

Bank7 To Acquire Cornerstone Bank; Terms Not Disclosed

Bank7, through its parent, 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 pleased to welcome the employees and customers of Cornerstone to Bank7. Both institutions have a long history of providing banking services in the Oklahoma market and we look forward to continuing Cornerstone's legacy that dates back to 1928,"said Thomas L. Travis, Chief Executive Officer of Bank7. "This addition is a great fit for Bank7, as it adds scale to our Oklahoma market and increases core funding for our continued growth."

Randy Barrett, Chairman of Cornerstone commented, "In 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 excited to join them. Our employees and customers will benefit from Bank7's broader offering of products and services, as well as its ability to accommodate larger 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. After closing, Bank7 will operate 12 branches in Oklahoma, Texas, and Kansas.

The board of directors of both parties have unanimously approved the definitive agreement. Additionally, the seller's directors and executive officers have entered into agreements whereby they have committed to vote their shares in favor of the transaction. The closing of the acquisition is subject to satisfaction of customary closing conditions, including regulatory approvals and approval of the seller's shareholders.

Bank7 was advised in this transaction by Keefe, Bruyette & Woods, A Stifel Company, and Paul Foster Law Offices, P.C. served as legal counsel. The sellers were advised by D.A. Davidson, and McAfee & Taft served as legal counsel.