TULSA, Okla., and KANSAS CITY, Mo., Nov. 16, 2016 (GLOBE NEWSWIRE) -- BOK Financial Corporation (NASDAQ:BOKF) announced today that it has received regulatory approvals to acquire MBT Bancshares (“Mobank”). The transaction is expected to close on or about November 30, 2016.
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Mobank operates four banking centers in the Kansas City area and is regularly named one of the strongest midsized banks in Kansas City. BOK Financial currently provides full-service consumer banking in eight states. In Kansas City, it operates under the Bank of Kansas City brand with locations in Overland Park, Kan., and Lee’s Summit, Mo. The acquisition will more than double BOK Financial’s market share in the area.
Mobank President and CEO Grant Burcham will join BOK Financial as chairman of the Kansas City market. Bank of Kansas City Market President and CEO Michael Viazzoli will partner with Burcham to build BOK Financial’s combined operations in the Kansas City market.
Grant Burcham stated, “The team at BOK has been tremendous to work with. They respect our unique approach to banking, and will provide the capital to take Mobank even further. Together, we’ll make a strong team, and offer a product set without equal in Kansas City.”
Viazzoli added, “Combining Mobank’s different approach to consumer and small business banking with our strength in commercial banking and wealth management will allow us to better serve clients in this important growth market. This is not a typical ‘large bank acquires smaller bank’ scenario. In this case, Mobank’s brand will be adopted across BOK Financial’s banking center network in Kansas City. We’ll take best practices from Mobank and combine them with resources from BOK Financial to provide a consumer banking experience unlike any other.”
The operational integration of the two banks is expected to be completed in the first quarter of 2017, at which time the Bank of Kansas City banking centers will be converted to the Mobank brand. The BOK Financial brand will continue to be the customer-facing brand in commercial banking and wealth management.
The transaction is expected to contribute four to six cents to BOK Financial’s 2017 earnings per share after integration costs.
About BOK Financial Corporation
BOK Financial Corporation is one of the largest bank holding companies in the United States based in Tulsa, Oklahoma. The company's stock is publicly traded on NASDAQ under the Global Select market listings (symbol: BOKF). BOK Financial's holdings include BOKF, NA, BOK Financial Securities, Inc., and The Milestone Group, Inc. BOKF, NA, operates TransFund, Cavanal Hill Investment Management, BOK Financial Asset Management, Inc., and seven banking divisions: Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust. Through its subsidiaries, the company provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. BOK Financial has received an “Outstanding” rating from banking regulators for its Community Reinvestment Act (CRA) activities. For more information, visit www.bokf.com.
About Missouri Bank
Mobank is a financial services institution headquartered in Kansas City, Mo. Privately owned by MBT Bancshares and locally operated within the greater Kansas City area, Mobank has four locations: downtown Kansas City, Crossroads arts district, the Brookside neighborhood and Prairie Village, Kan., a nearby suburb. Founded in 1891, Mobank provides professional banking services, including business services and lending, personal banking, mortgage lending and home improvement loans. Vowing to be a different kind of bank, Mobank takes a unique, personalized approach to serving its customers, employees and communities. For more information, please visit Mobank.com.
Forward Looking Statements
This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Assessments that BOK Financial's acquisitions and other growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in commodity prices, interest rates and interest rate relationships, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact: Investor Relations Joseph Crivelli (918) 595-3027 Media Relations Leah Harper (918)588-6584 email@example.com
Source:BOK Financial Corporation