Transaction adds $600 million in assets to BOK Financial's wealth
management platform, extends suite of wealth management products and
services, expands the company’s offerings and client base in growing
Kansas market
TULSA, Okla.--(BUSINESS WIRE)--
BOK Financial Corporation announced today that it has entered into an
agreement to acquire GTRUST Financial Corporation, a Topeka,
Kansas-based independent trust and asset management company. This
acquisition will increase BOK Financial’s assets under management or
custody by $600 million and expand the company’s capabilities and
presence in the Kansas market. Terms of the transaction were not
disclosed.
Founded in 1991, GTRUST provides a range of financial services for its
clients including asset and risk management, tax planning, fee-only
financial planning, debt management, estate planning and
charitable/social capital strategy.
As BOK Financial’s first acquisition of a fee-only financial planner,
GTRUST provides a new wealth management capability that can be leveraged
across the company’s entire geographic footprint.
“Wealth management is an important growth business for us, and we look
forward to having GTRUST under the BOK Financial umbrella,” said Steve
Bradshaw, senior executive vice president for BOK Financial. “We believe
that this acquisition provides us with new wealth management products
and expertise, a talented and creative team of wealth management
entrepreneurs who have built and grown a successful business, and an
expanded presence in the important Kansas market. It is also a win/win,
as the talented team at GTRUST now has the entire portfolio of BOK
Financial products and services to provide to its clients in more than
25 states.”
“Our acquisition of The Milestone Group last year was very successful.
Milestone has seen its discretionary assets expand by 19 percent in just
over a year as part of our company,” said Bradshaw. “Our goal is to
replicate that success with GTRUST and continue to build our wealth
management platform going forward.”
“BOK Financial was a natural fit for us, as the two organizations share
a common philosophy and approach to wealth management based on putting
the client’s needs front-and-center in our respective planning
processes,” said Daryl Craft, president and CEO of GTRUST Financial
Corporation. “With BOK Financial’s fiscal strength, breadth of services,
and marketing know-how supporting our business, we believe we can
provide our clients with an even more comprehensive suite of products
and services to support their overall financial needs.”
GTRUST has a team of 30 trust and investment professionals in Topeka,
Wichita, Marysville, Larned and Overland Park, Kan. Current GTRUST
client teams will remain in place and continue to serve their clients.
BOK Financial is a $28 billion financial services company headquartered
in Tulsa, Okla. with operations in 10 states, including Kansas. The
company’s subsidiary, Bank of Kansas City, began seven years ago and has
locations in the Kansas City and Overland Park areas. Additionally, the
company has mortgage offices in Wichita and Salina, and services wealth
management and commercial clients throughout the state.
The acquisition is expected to close before the end of the fourth
quarter 2013 and is subject to customary regulatory approval. Frederic
Dorwart, Lawyers served as legal counsel to BOK Financial. Shumaker,
Loop & Kendrick LLP served as legal counsel to GTRUST.
About BOK Financial Corporation
BOK Financial Corporation is a $28 billion regional financial services
company based in Tulsa, Okla. The company's stock is publicly traded on
NASDAQ under the Global Select market listings (symbol: BOKF). BOK
Financial's holdings include BOKF, NA, BOSC, Inc., The Milestone Group,
Inc., and Cavanal Hill Investment Management, Inc.BOKF, NA operates the
TransFund electronic funds network 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. For
more information, visit www.bokf.com.
About GTRUST Financial Corporation
GTRUST was founded in 1991 as an employee owned and operated
organization specializing in trust and asset management services. Since
the beginning, GTRUST’s premise has been straightforward – find the
right investment solution for each client, one-by-one. Individuals,
businesses and organizations look to GTRUST for financial advice and
solid results. The firm’s dedicated, experienced team of trust and
investment professionals are committed to providing clients superior
retirement, financial and estate planning, investments and tax planning
services.
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,” variations of such words
and similar expressions are intended to identify such forward-looking
statements. Management judgments relating to and discussion of the
provision and allowance for credit losses involve judgments as to future
events and are inherently 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 (1) the ability to fully realize
expected cost savings from mergers within the expected time frames, (2)
the ability of other companies on which BOK Financial relies to provide
goods and services in a timely and accurate manner, (3) changes in
interest rates and interest rate relationships, (4) demand for products
and services, (5) the degree of competition by traditional and
nontraditional competitors, (6) changes in banking regulations, tax
laws, prices, levies and assessments, (7) the impact of technological
advances and (8) trends in consumer 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20131002005415/en/
BOK Financial
Media:
Andrea Myers, 918-594-7794
Vice
President, Senior Corporate Communications Manager
amyers@bokf.com
or
Investors:
Joe
Crivelli, 918-594-7794
Senior Vice President, Director-Investor
Relations
jcrivelli@bokf.com
Source: BOK Financial Corporation