Bank7 in Oklahoma City is buying a rival, Watonga Bancshares in Watonga, Oklahoma.
The acquisition of Watonga, which runs the $241 million-asset Cornerstone Bank, would raise Bank7’s asset size to roughly $1.4 billion. Cornerstone Bank has three branches in the Oklahoma City metropolitan area.
“This addition is a great fit for Bank7, as it adds scale to our Oklahoma market and increases core funding for our continued growth,” Bank7 CEO Thomas Travis said in a press release.
The all-cash, $32 million deal is expected to close in the fourth quarter.
Keefe, Bruyette & Woods advised Bank7 on the deal, with Paul Foster Law Offices providing legal counsel. D.A. Davidson advised Cornerstone Bank, and McAfee & Taft served as its legal counsel.
