ACQUISITION ADDS CORE FUNDING TO BANK7’S EXISTING DEPOSIT BASE AND EXPANDS ITS SCALE IN THE OKLAHOMA MARKET
Bank7 Corp., announced that it has completed its previously announced share acquisition of Watonga Bancshares, Inc. the bank holding company of Cornerstone Bank (“Cornerstone”). As a result of the acquisition, Bank7 now has three additional branches on the western edge of the Oklahoma City metropolitan area. The acquisition enhances Bank7’s presence in the Oklahoma City market and brings the total number of Bank7 branches to 12, with 4 in the Oklahoma City metropolitan area.
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The acquisition of Cornerstone increases Bank7’s total assets by $254 million to $1.4 billion, increases total deposits by $228 million to $1.2 billion, and increases total loans by $118 million to $1 billion, each as of 2021.
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Thomas L. Travis, President & CEO of Bank7 remarked “We are happy to announce the completion of the Cornerstone acquisition and we look forward to working closely with our new team members and also serving our new customers. The Cornerstone customers will continue to work with their longtime bankers and benefit from their great service. We look forward to a successful integration and also achieving our financial goals to the benefit of all shareholders.”
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