ECONOMY
Santa Fe’s Century Bank CEO out amid takeover bid
Max Myers, vice chairman of the board, became bank’s interim president and CEO on July 24
SANTA FE — Century Bank quietly parted ways with its CEO this month, weeks after issuing a message of stability in response to a takeover bid by Oklahoma-based financial firm Bank7 Corp.
Century Bank’s marketing staff confirmed the change to the Journal in response to questions about former CEO and President John Brichetto’s removal from the company’s
Max Myers, who became the interim president and CEO on July 24, is vice chairman of the board at Century Bank. He previously served as executive vice president for New Mexico Bank and Trust before joining the community bank in 2021, according to his
“John Brichetto is no longer with the bank and it is our policy to not comment on personnel matters,” Century Bank spokesperson Anna Maggiore said.
Century Bank staff had not announced the leadership change publicly on its website or social media channels. In early July, Century Bank officials had declined to answer questions about Brichetto’s employment status when the takeover bid was announced.
Brichetto could not be reached at his office at the time and told the Journal he had obtained legal counsel when contacted on his cell phone.
A week prior to his absence, Brichetto had described the bank’s operations in a statement as “business as usual” amid the takeover bid, which the bank’s leadership has publicly opposed, stating, “Century Bank is not for sale.”
Bank7 Corp., the parent company of the Oklahoma City-based Bank7, announced in early July it had entered into a definitive stock purchase agreement to acquire a roughly 71% controlling ownership stake in Century Financial Services Corp., the Santa Fe bank’s holding company.
Roughly 44% of the shares belong to longtime Santa Fe business owners Gerald and Kathleen Peters, who posted their majority stake as collateral for two loans they defaulted on through KS StateBank Corp, based in Kansas.
“Additional pledgors,” unidentified in the U.S. District Court case, put up a 27% share in the bank as additional collateral.
The shares are being sold through a court-appointed receiver, or third-party, in a proceeding entitled “KS StateBank Corporation v. Peters.”
Maggiore said the bank had no further comment on the purchase proposal, which remained pending as of Wednesday.
John Miller is the Journal’s northern New Mexico correspondent. He can be reached at jmiller@abqjournal.com.