This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter.
Santa Fe, New Mexico-based Century Bank said Friday that it was "not involved" in the proposed sale of its shares to Oklahoma City-based Bank7, announced the previous day.
Bank7 said Thursday that it would buy a controlling interest – 71% – in Century Bank, for $68 million.
But Bank7 said it's going to purchase the shares in a court-ordered sale, and that it's technically a "stalking horse" bidder.
Century's majority shareholders, Gerald and Kathleen Peters, own roughly 44% of the bank, but they defaulted on $37 million in loans from another bank. Their stake in Century, and a related shareholder's 27% stake, were collateral, according to court documents.
Santa Fe, New Mexico-based Century Bank said Friday that it was "not involved" in the proposed sale of its shares to Oklahoma City-based Bank7, announced the previous day.
Bank7 said Thursday that it would buy a controlling interest – 71% – in Century Bank, for $68 million.
But Bank7 said it's going to purchase the shares in a court-ordered sale, and that it's technically a "stalking horse" bidder.
Century's majority shareholders, Gerald and Kathleen Peters, own roughly 44% of the bank, but they defaulted on $37 million in loans from another bank. Their stake in Century, and a related shareholder's 27% stake, were collateral, according to court documents.
3 months ago
