BOK Financial Corporation
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Type | Public company |
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Nasdaq: BOKF Russell 1000 Index component | |
Industry | Banking |
Founded | 1910 1990 , as BOK Financial Corporation | , as Exchange National Bank of Tulsa
Headquarters | Tulsa, Oklahoma, US |
Areas served | Arizona, Arkansas, Colorado, Kansas, Missouri, New Mexico, Oklahoma, Texas |
Key people | George Kaiser, chairman Steven G. Bradshaw, CEO & President Steven E. Nell, CFO |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Owner | George Kaiser (53%) |
Number of employees | 4,900 (2021) |
Website | www |
Footnotes / references [3] |
BOK Financial Corporation is a bank holding company headquartered in the BOK Tower in Tulsa, Oklahoma. The company is more than 50% owned by George Kaiser, who acquired the bank in 1991 from the FDIC. It is the largest bank in Oklahoma, with 14% of the total deposits in the state. Known for its energy roots, as of June 30, 2021, 14% of its loan portfolio was to borrowers in the petroleum industry.
BOK is an acronym for "Bank of Oklahoma." The company's banking subsidiary BOKF, NA operates in 8 states under the brands Bank of Oklahoma, Bank of Texas, Bank of Albuquerque and BOK Financial (in Arizona, Arkansas, Colorado, Kansas and Missouri).[4] It also operates TransFund, Cavanal Hill Investment Management and BOK Financial Securities.
History[]
![]() | This section is in list format, but may read better as prose. (July 2021) |
BOK Financial traces its roots to the Exchange National Bank of Tulsa, which was formed in 1910 when four oil investors bought the assets of the failed Farmers National Bank.[5] One of the bank's major investors was Harry F. Sinclair, who became the president of the bank.[6]
In 1917, Exchange National Bank began construction of a headquarters building in Tulsa at Third Street and Boston Avenue. In 1928, the bank constructed a 28-story tower adjacent to the initial building. The combined structure, since renamed the 320 South Boston Building, remained the tallest building in Tulsa until 1967.[7]
In 1933, during the Great Depression, several Tulsa oil men, including William G. Skelly, Harry Sinclair, J.A. Chapman and H.G. Barnard, invested $6.5 million of their own wealth into the bank. As a result, it became a major player in the early 1930s oil boom. In 1933, it was reorganized as the National Bank of Tulsa (NBT).[6][8]
In 1945, the bank was one of the largest sellers of War bonds.[6]
In 1975, NBT changed its name to Bank of Oklahoma (BOK). The following year, BOK began moving its headquarters employees into the new BOK Tower. Also in 1975, the bank installed the first automated teller machine in Oklahoma.[6][9]
In 1979, the bank reached $1 billion in assets.[6]
In 1984, the bank merged with Fidelity of Oklahoma and reached $3 billion in assets.[6]
In 1986, the bank received $130 million from the Federal Deposit Insurance Corporation (FDIC) and reported a net loss of $139 million.[10]
On June 7, 1991, when the bank had just under $2 billion in assets, it was acquired by George Kaiser for $61 million in a sale facilitated by the FDIC. Under Kaiser's ownership, BOK began an aggressive expansion effort with the strategy to locate in growing markets near Oklahoma.[6][10]
In 1994, BOK Financial acquired an Oklahoma-based bank holding company with operations in Northwest Arkansas, which would become Bank of Arkansas.[6]
In 1997, BOK Financial’s regional expansion initiative officially began with acquisitions of Park Cities Bancshares and First Texcorp in Dallas, forming Bank of Texas. The bank would go on to complete several Texas acquisitions in the late 1990s and 2000s, bolstering its presence there.
In 1998, the bank formed the Bank of Albuquerque with the acquisition of 17 branches in New Mexico.[6]
In 2003, the bank formed Colorado State Bank and Trust and entered the Denver market.[6]
In 2005, the bank formed Bank of Arizona and entered the Phoenix market.[6]
In November 2008, the bank declined to receive a capital investment from the United States Department of the Treasury as part of the Troubled Asset Relief Program, making it the largest bank in the United States to do so.[6][11]
On August 19, 2012, the company acquired Milestone Group, a wealth management firm, in its first acquisition since 2007.[12]
In March 2014, the company announced the acquisition of MBM Advisors, Inc. of Houston, Texas.[13]
In November 2016, the company acquired MBT Bancshares, the parent company of Missouri Bank and Trust of Kansas City, informally known as "mobank."[14]
In October 2018, the company acquired CoBiz Financial and rebranded their Colorado and Arizona operations "BOK Financial."[15]
In October 2019, the company rebranded mobank and Bank of Arkansas under "BOK Financial," leaving the four brands known today: Bank of Oklahoma, Bank of Texas, Bank of Albuquerque, and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri.
A full merger and acquisition history can be located on the company's investor relations website.
Sponsorships[]
In 2005, the company acquired the naming rights for the BOK Center, for $11 million.[16]
References[]
- ^ Jump up to: a b c d "BOKF Financial Corporation 2020 Annual Report Results" (PDF). December 31, 2020. Retrieved June 12, 2021.
- ^ Jump up to: a b "BOKF Financial Corporation Quarter Ended March Report Results" (PDF). March 31, 2021. Retrieved June 12, 2021.
- ^ "BOK Financial Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Bank of Arkansas to Rebrand to BOK Financial" (Press release). BOK Financial Corporation. October 28, 2019.
- ^ "OKLAHOMA BANKS CLOSED: State Concern Forced to the Wall by Failure of National Bank". The New York Times. December 15, 1909.(subscription required)
- ^ Jump up to: a b c d e f g h i j k l WINSLOW, LAURIE (November 14, 2010). "Bank of Oklahoma celebrates 100 years". Tulsa World.
- ^ "Historic Tulsa: The Bank at 320 South Boston".
- ^ GRAHAM, GINNIE (August 30, 2008). "Tulsa weathered other failures". Tulsa World.
- ^ "The Panic of 1907 and the Savings and Loan Crisis", The Financial Crisis and Federal Reserve Policy, Palgrave Macmillan, 2013, doi:10.1057/9781137401229.0008, ISBN 9781137401229
- ^ Jump up to: a b HARDIMAN, SAMUEL (June 7, 2016). "BOK Financial experiences 25 years of growth under George Kaiser". Tulsa World.
- ^ "BOK FINANCIAL CORP. CHOOSES NOT TO PARTICIPATE IN TREASURY'S CAPITAL PURCHASE PROGRAM" (Press release). U.S. Securities and Exchange Commission. November 12, 2008.
- ^ "BOK Financial Acquires The Milestone Group" (Press release). Business Wire. August 19, 2012.
- ^ "BOK Financial Announces Acquisition of MBM Advisors" (Press release). Business Wire. March 4, 2014.
- ^ "BOK Financial Receives Regulatory Approvals to Acquire MBT Bancshares" (Press release). GlobeNewswire. November 16, 2016.
- ^ "BOK Financial Corporation to Acquire CoBiz Financial" (Press release). GlobeNewswire. June 18, 2018.
- ^ Mecoy, Don (October 28, 2005). "BOK will pay $11 million to name Tulsa arena". The Oklahoman.
External links[]
- Business data for BOK Financial Corporation:
- American companies established in 1990
- Banks established in 1990
- 1990 establishments in Oklahoma
- Banks based in Oklahoma
- Companies based in Tulsa, Oklahoma
- Companies listed on the Nasdaq
- Companies in the NASDAQ Financial-100