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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