Mergers & Acquisitions

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Deal Overview

BOK Financial Corporation
Actual Acquirer:
BOKF, National Association
CoBiz Financial Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Cash ($M) 241.7
Common Stock ($M) 734.5
Common Stock Issued 7,231,705

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 288.1 NA
Price / Tangible Book (%) 288.7 NA
Price / Earnings (x) 25.6 NA
Price / Deposits (%) 30.77 NA
Price / Assets (%) 25.64 NA
Tangible Book Premium/ Deposits (%) NA NA
Deal Terms
Description of Consideration

BOK Financial Corp. will pay approximately $5.70 in cash and exchange 0.17 shares of its common stock for all of the outstanding shares of CoBiz Financial Inc.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 43,841
Est. Restructuring Charges ($ 000) 61,000
Maximum Termination Fee ($ 000) 34,200
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.170000
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) 46,152
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Goldman Sachs & Co. LLC
Seller Yes Bank of America Merrill Lynch
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Frederic Dorwart Lawyers
Seller Yes Simpson Thacher & Bartlett LLP