Bank7 Bids for Controlling Interest in Century Financial Services for $68M

By Elias SchisgallBank7 issued a bid to acquire a controlling interest in Century Financial Services for $68 million as part of a court-supervised bidding process.Bank7 said Thursday that it agreed to acquire a 71% stake in Century from its court-appointed receiver. The shares will be sold without…

By Elias Schisgall

Bank7 issued a bid to acquire a controlling interest in Century Financial Services for $68 million as part of a court-supervised bidding process.

Bank7 said Thursday that it agreed to acquire a 71% stake in Century from its court-appointed receiver. The shares will be sold without any liens, claims, or encumbrances on an "as-is, where-is" basis, Bank7 said.

The company's bid will serve as a "stalking horse" bid that sets a baseline against other competing offers. If there are competing bids, a federal court in Arizona will oversee an auction.

Under Bank7's purchase agreement, it is required to pay a good-faith deposit of $7.25 million, which will be credited toward its overall purchase price if its offer is successful. If the agreement is terminated or Bank7 is not the successful bidder, it is entitled to a $2.04 million break-up fee.

Write to Elias Schisgall at elias.schisgall@wsj.com