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Bank7 Completes Acquisition of Watonga’s Cornerstone Bankg
WATONGA — Oklahoma City’s Bank7 has completed the acquisition of Watonga-based Cornerstone Bank, the company announced last week, taking over all three Cornerstone locations in Watonga, Geary and Mustang.
The deal was first announced in October and its completion was announced on Dec. 10.
“The acquisition enhances Bank7’s presence in the Oklahoma City market and brings the total number of Bank7 branches to 12,” the company said in a press release, “with 4 in the Oklahoma City metropolitan area.” The company considers its new Watonga and Geary branches part of its metro OKC footprint. With the acquisition, Bank7’s total assets increased by $254 million to $1.4 billion, the company said. It increased total deposits by $228 million to $1.2 billion, and total loans were up $118 million to $1 billion as of Sept. 30.
Bank7 president and CEO Thomas L. Travis said the bank looks forward “to working closely with our new team members and serving our new customers.”
“The Cornerstone customers will continue to work with their longtime bankers and benefit from their great service,” Travis said in the release. “We look forward to a successful integration and also achieving our financial goals to the benefit of all shareholders.”
Though Travis’ statement implied minimal turnover at Bank7’s new locations, community members said layoffs occurred in both Watonga and Geary when the sale was finalized.
A Bank7 official did not respond to a Watonga Republican email about this story.
Missy Buser, manager of the Geary Bank7 location, said the bank looks forward to engaging with the community and transitioning under new ownership. She said there have been few changes so far.
Buser said she is unable to comment about the layoffs.
Bank7 has yet to undertake a total overhaul of the signage and branding on Cornerstone’s Blaine County locations, but has posted signs in front of both with its own logo on them.