Century Bank in Santa Fe, N.M., which is facing a hostile takeover, has replaced its CEO.
The $1.4 billion-asset bank confirmed that Max Myers, its vice chairman, became interim president and CEO on July 24. He replaced John Brichetto.
Bank7 in Oklahoma City said in early July that it had agreed to buy a 71% stake in Century for $68 million in cash. The shares are being sold by a court-appointed receiver tied to KS StateBank v. Peters, et al., a pending case in the U.S. District Court for the District of Arizona.
The purchase agreement required Bank7 to pay a good-faith deposit of $7.25 million, which would be credited to the purchase price if the company is determined to be the successful bidder.
Bank7 said at the time that the transaction should close in the third quarter.
Roughly 44% of the shares being sold belong to Santa Fe business owners Gerald and Kathleen Peters, who posted their majority stake as collateral for two loans they defaulted on through KS StateBank.