Further expands suite of wealth management products and services, adds
$1.1 billion in retirement plan assets under management and builds
presence in fast-growing Houston market
TULSA, Okla.--(BUSINESS WIRE)--
BOK Financial Corporation (NASDAQ: BOKF) today announced that it has
entered into an agreement to acquire MBM Advisors, a Houston-based
independent, full service retirement and pension plan investment firm
and SEC registered investment adviser. The acquisition will increase BOK
Financial’s retirement and individual assets under management by $1.25
billion and expand the company’s wealth management capabilities, as well
as its presence in Houston. Terms of the transaction were not disclosed.
Founded in 1966, MBM Advisors specializes in managing all aspects of
their clients’ employee retirement and pension plans, including
providing investment advisory services as an ERISA 3(38) Fiduciary, plan
design, plan compliance, recordkeeping and actuarial services. MBM
Advisors has clients in 15 states, including those in which BOK
Financial already has a full service banking presence.
BOK Financial has been in the retirement plan business more than 58
years, specializing in providing expert guidance to employers on plan
design, plan administration, plan compliance, as well as investment
advisory services. The corporation serves 430 retirement plans with $5.6
billion in assets and 70,000 plan participants. MBM Advisors adds 222
plans, $1.1 billion in plan assets and 16,000 plan participants.
This marks BOK Financial’s third wealth management acquisition in the
past 18 months. It acquired the Denver-based registered investment
adviser, The Milestone Group, in late 2012 and recently announced the
completion of its acquisition of Kansas-based trust and asset management
company, GTRUST Financial Corporation.
“BOK Financial is highly motivated to continue expanding our geographic
and product reach in the wealth management space,” said Scott Grauer,
executive vice president for Wealth Management at BOK Financial. “This
transaction fits with our strategy to acquire companies that have built
a differentiated business model and a strong base of clients within our
footprint. With MBM Advisors, we will be able to grow our turnkey
approach to retirement plan services to small and midsized businesses
throughout our market territory, while strengthening our wealth
management team in the important Houston market.”
Grauer says that the timing is especially prime for expanding retirement
planning services, considering the generation of aging baby boomers in
the country retiring or planning for retirement. That, coupled with the
continued pressures on businesses to provide retirement benefits within
a constantly changing regulatory environment, mean the one-source
services MBM Advisors brings to BOK Financial will be highly valuable.
“I have watched the retirement plan service model evolve over the past
fifteen years,” said Lindsey Black, CEO of MBM Advisors. “A core element
of MBM Advisors has always been to anticipate and exceed our client’s
expectations. I am therefore very excited about our merger with BOK
Financial as it will assure our clients will continue to benefit from
our enhanced commitment to innovation, and expanded services and
features in an effective delivery model.”
JoAnn Schaub, senior vice president for Institutional Wealth at BOK
Financial, said the caliber of staff at MBM Advisors was a key selling
point in this deal.
“MBM Advisors brings to BOK Financial extremely experienced and
well-respected professionals who share our commitment for providing
high-touch, responsive retirement plan services in a consultative
manner,” said Schaub. “MBM’s clients will find BOK Financial’s approach
to be very familiar and consistent with that of MBM Advisors, but with
the added benefits of a full service wealth management and banking
organization.
Clients of MBM Advisors will continue to work with their current
dedicated team, and will now have access to the full range of products
and services provided by BOK Financial, including trustee services,
institutional asset custody, mineral and real property management,
private wealth management, rollover assistance, estate planning,
corporate banking and more.
The staff at MBM Advisors will work closely with BOK Financial’s local
market subsidiary, Bank of Texas, to maximize client, technology and
employee resources. MBM Advisors will also maintain their investment
relationship with Charles Schwab following the acquisition.
BOK Financial has full service banking in Houston, Dallas and Fort Worth
through its market bank subsidiary, Bank of Texas, as well as
stand-alone wealth management and mortgage offices in Austin, El Paso,
San Antonio.
The acquisition is expected to close in the second quarter of 2014.
Frederic Dorwart, Lawyers served as legal counsel to BOK Financial.
Steven Gordon of Lipnick & Gordon, Co., served as legal counsel to MBM
Advisors. Dan Bass with Performance Trust Capital Partners served as
financial advisor to MBM Advisors.
About BOK Financial Corporation
BOK
Financial Corporation is a $27 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. and The Milestone Group, Inc.BOKF, NA operates the 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. 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 MBM Advisors
MBM Advisors was founded in 1966 in Houston, Texas. MBM serves as a
Registered Investment Advisor for both retirement plans and individual
clients with $1.25 billion in assets under management.
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BOK Financial
Media:
Andrea Myers, 918-594-7794
Vice
President, Senior Corporate Communications Manager
amyers@bokf.com
or
Investors:
Joe
Crivelli, 918-595-3027
Senior Vice President, Director-Investor
Relations
jcrivelli@bokf.com
Source: BOK Financial Corporation