BOK Financial to Acquire MBT Bancshares for USD 102.5m in Cash.
M2 EQUITYBITES-December 14, 2015-BOK Financial to Acquire MBT Bancshares for USD 102.5m in Cash
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14 December 2015 - US-based bank holding company BOK Financial Corp. (NASDAQ: BOKF) has signed a definitive purchase agreement with MBT Bancshares, the company said.
Under terms of the definitive agreement, BOK Financial will pay USD 102.5m in an all-cash deal for all outstanding shares of MBT stock, subject to certain conditions and potential adjustments.
MBT is headquartered in Kansas City, Mo. and is the parent company of Missouri Bank and Trust of Kansas City.
Mobank operates four banking branches in the Kansas City, Mo. area.
At 30 September 2015, mobank reported total assets of USD 578, total loans of USD 421m, and total deposits of USD 536m.
BOK Financial currently provides full-service banking in the Kansas City area under the Bank of Kansas City brand with branches in Overland Park, Kan. and Lee's Summit, Mo., and employs nearly 240 people throughout the region.
Mobank president and CEO Grant Burcham will join BOK Financial as chairman of the Kansas City market.
He and Michael Viazzoli, market president and CEO of Bank of Kansas City, will report to Norm Bagwell, executive vice president of Regional Banks for BOK Financial.
Burcham and Viazzoli will partner to continue to build BOK Financial's combined operations in the Kansas City market.
The transaction has been approved by the boards of directors of both companies and is expected to close in 2Q16, subject to customary closing conditions, including regulatory approval.
BOK Financial is a USD 31bn regional financial services company based in Tulsa, Oklahoma. BOKF, NA operates TransFund, Cavanal Hill Investment Management 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.
Frederic Dorwart Lawyers was legal counsel to BOK Financial. Robert Wray of The Capital Corp. represented MBT Bancorp as financial advisor and legal counsel.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 14, 2015|
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