Bank7 Signs Deal To Acquire Cornerstone Bank

(RTTNews) - Bank7, through its parent, Bank7 Corp. (BSVN), a banking services provider, has inked a deal to buy Cornerstone Bank 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.

The deal is expected to close in the last quarter of 2021. Upon closing of the deal, Bank7 is expected to operate 12 branches in Oklahoma, Texas, and Kansas.

As of June 30, the combined institutions would have approximately $1.4 billion in assets, Oklahoma-headquartered Bank7 said in a statement.

"…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," he added.

The closing of the latest acquisition is subject to satisfaction of customary closing conditions, including regulatory approvals and approval of the seller's shareholders, Bank7 noted.

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. On Thursday, at NasdaqGS, Bank7 Corp. was seen trading at $21.10 per share, up by 0.72 percent, compared to the previous close of $20.95 per share.