Bank7 Announces Potential Pricing for IPO
Bank7 intends to price more than 3 million shares to result in an initial public offering valued up to more than $80 million.
Bank7 has registered an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company intends to price its 3.325 million shares in the range of $18 to $21 a piece, with an overallotment option for an additional 498,750 shares. At the maximum price, the entire offering is valued up to $80.30 million. The company intends to list its shares on the Nasdaq under the symbol BSVN.
The underwriters for the offering are Keefe Bruyette & Woods, Stephens and Sandler O’Neill.
This bank holding company is headquartered in Oklahoma City. Through its wholly-owned subsidiary, Bank7, the company operates seven full-service branches in Oklahoma, the Dallas/Fort Worth metropolitan area and Kansas.
The firm is focused on serving business owners and entrepreneurs by delivering fast, consistent and well-designed banking solutions. Additionally, Bank7 intends to grow organically by selectively opening additional branches in its target markets, and it will also pursue strategic acquisitions.
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As of June 30, 2018, the bank had total assets of $727.6 million, total loans of $589.3 million, total deposits of $641.8 million and total shareholders’ equity of $77.6 million.
For the six months ended in June, the company recorded a total interest income of $22.48 million, compared to $22.31 million in the same period from last year. For the 2017 full year, total interest income was $42.87 million, up from $33.15 million in 2016 and $28.36 million in 2015.
The company intends to use the net proceeds from this offering to make a distribution to existing shareholders with the remainder being put toward working capital and general corporate purposes.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
