Bank7 Corp. in Oklahoma City has emerged as the winning bidder in a court-supervised auction for roughly 71% of Century Financial Services in New Mexico.
Bank7 disclosed in a regulatory filing that it agreed to raise its purchase price from $68 million to nearly $89 million.
The roughly 237,000 shares became available for sale after a federal court in Arizona appointed a receiver to oversee their sale as part of litigation. Bank7 originally agreed to buy the shares for $68 million on July 1, serving as the stalking-horse bidder whose offer set the floor for a court-run auction.
At the Sept. 3 auction, Bank7 had the highest bid at $91 million. After applying a $2 million break-up fee credit tied to its stalking-horse role, the adjusted purchase price was about $89 million, or roughly 31% above the original agreement.
The deal’s closing is contingent on the court entering a formal sale order and on Bank7 receiving Fed approval.