Santa Fe’s Century Bank Denies Sale While Oklahoma Firm Seeks Controlling Stake, Shares Fall 4%
BSVN•BSVN•BSVN•BSVN•Santa Fe’s Century Bank says it’s not for sale after an Oklahoma firm pursued a controlling stake in the New Mexico lender. Shares tumbled 4.02% as investors weighed the unsolicited approach.
An Oklahoma-based investor launched an unsolicited bid for a controlling interest in Santa Fe’s Century Bank, seeking to acquire more than half of its outstanding shares to gain operational control of the New Mexico regional lender.
The Century Bank board convened and unanimously affirmed that the institution is not for sale, reinforcing its commitment to remain independent and continue executing on its current strategic plan without entertaining acquisition offers.
BSVN shares plunged 4.02% on the news as shareholders assessed takeover odds; the stock may experience ongoing volatility if the Oklahoma firm intensifies its campaign or if Century Bank considers defensive measures.
