Watonga’s Cornerstone Bank Purchased by OKC Firm

WATONGA – Cornerstone Bank, a longtime cornerstone of the Watonga community and economy, has been purchased by an Oklahoma City bank.

Bank7 announced in October it has entered into an agreement to acquire Cornerstone, with both banks’ boards of directors approving the transaction unanimously. Cornerstone’s three locations will now be rebranded under the Bank7 name.

The acquisition will give Bank7 12 total branches in Oklahoma, Kansas and Texas.

"We are pleased to welcome the employees and customers of Cornerstone to Bank7. Both institutions have a long history of providing banking services in the Oklahoma market and we look forward to continuing Cornerstone's legacy that dates back to 1928," said Thomas L. Travis, Chief Executive Officer of Bank7, in a news release. "This addition is a great fit for Bank7, as it adds scale to our Oklahoma market and increases core funding for our continued growth."

"In choosing to partner with Bank7, we areconfident that they will continue to care for our community, our employees and our customers,” added Cornerstone Chairman Randy Barrett. “We respect their organization and are excited to join them. Our employees and customers will benefit from Bank7's broader offering of products and services, as well as its ability to accommodate larger financing needs."

As of June 30, 2021, Cornerstone claimed assets of $241 million, total deposits of $215 million, and total loans of $116 million. When combined, the institutions will have about $1.4 billion in assets, Bank7 said.

Cornerstone currently operates branches in Watonga, Geary and Mustang, as well as the Mustang Business Banking Center. Cornerstone was founded in 1928 as “Watonga State Bank”; it became Cornerstone in 2006.

Cornerstone acquired its Geary location in 1992 and opened its Mustang branch in 2008. It was planning an expansion into Oklahoma City.

The closing of the Cornerstone acquisition is “subject to satisfaction of customary closing conditions, including regulatory approvals and approval of the seller's shareholders,” Bank7 said.