Bank7 Enters Into A Definitive Stock Purchase Agreement To Acquire An ~ 71% Controlling Ownership Interest In Century Financial Services; Up

The shares to be acquired are being sold by a court-appointed receiver through a court-supervised sale process in the receivership proceeding captioned KS StateBank Corporation v. Peters, et al., pending in the U.S. District Court for the District of Arizona. Bank7 has agreed to serve as the "stalking horse" bidder, establishing the floor price and baseline terms for the sale. Consistent with a court-supervised sale, the agreement and the proposed transaction are subject to higher or otherwise better offers solicited through a competitive bidding and auction process, for which we have a matching right, as well as approval by the Court. Completion of the transaction is also subject to the receipt of all required bank regulatory approvals and the satisfaction of customary closing conditions. The transaction is expected to close in the third quarter. There can be no assurance that the tr...