An Oklahoma bank is taking a controlling stake in a New Mexico lender after the owner defaulted on loans and a court put his shares up for auction.
Bank7 Corp. says it won the sale with a net cash price of $89 million.
That buys about 71% of Santa Fe-based Century Financial Services Corp., parent of Century Bank. The first bid was $68 million. The price is $91 million before a $2 million credit.
The bank itself is not in bankruptcy. Majority owner Gerald Peters pledged his Century stock on loans from KS State Bank of Kansas and did not repay them. A receiver in Arizona federal court is selling those shares. The deal still needs bank regulators and is slated for the fourth quarter.
Century Bank has nine New Mexico branches and two Texas loan offices. It had $1.36 billion in assets as of June 30th. Bank7 has about $1.9 billion.
Together they would be about $3.4 billion. Bank7 says it plans to keep the Century name.
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