Mergers & Acquisitions

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Deal Overview

Buyer:
BOK Financial Corporation
Actual Acquirer:
Bank of Texas NA
Target:
Bank of Tanglewood, NA
Deal Type:
Bank & Thrift Company
Agreement Date:
5/16/2002
Announcement Date:
5/16/2002
Announced Deal Value ($ M):
65.00
Status:
Completed
Completion Date:
10/25/2002
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Common Stock ($M) 65.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 414.8 378.3
Price / Tangible Book (%) 414.8 378.3
Price / Earnings (x) 32.1 23.6
Price / Deposits (%) 29.28 31.75
Price / Assets (%) 25.98 27.75
Tangible Book Premium/ Deposits (%) 25.75 27.91
Deal Terms
Description of Consideration

BOK paid $65.0M in stock to acquire Tanglewood. Additional terms effectively guaranteed Tanglewood shareholders 40% appreciation over five years on a portion of the stock received in consideration.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 53,322
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Hovde Financial Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Frederic Dorwart Lawyers
Seller Yes Bracewell LLP