Bok Financial Corp (BOKF) Clears Final Regulatory Hurdles to Acquire MBT Bancshares
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BOK Financial Corporation (Nasdaq: BOKF) announced that it has received regulatory approvals to acquire MBT Bancshares (“Mobank”). The transaction is expected to close on or about November 30, 2016.
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.
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