BOK Financial and CoBiz Financial signed a definitive merger agreement under which CoBiz will merge with BOK Financial in a transaction valued at approximately $1 billion.
CoBiz is headquartered in Denver, with approximately $3.8 billion in assets. Founded in 1994, CoBiz is a commercially focused bank, with presence in Colorado and Arizona, specialty lending lines of business, including healthcare and public finance, and fee generating businesses, including wealth management and commercial insurance. CoBiz Chairman and CEO Steve Bangert will join the BOK Financial board of directors after the close of the transaction.
“CoBiz is a perfect fit as a merger partner for BOK Financial,” said Steven G. Bradshaw, president and CEO of BOK Financial. “Steve Bangert and his team have built a commercially focused bank that has consistently grown shareholder value, with a strong credit culture and differentiated approach to business banking. The two banks have enjoyed a close relationship for almost two decades, and both franchises will benefit as a result of this partnership. We believe the combined organization will be the premier commercial bank in Colorado and Arizona.”
Goldman Sachs served as financial advisor and Frederic Dorwart as legal advisor to BOK Financial. Bank of America Merrill Lynch served as financial advisor and Simpson Thacher & Bartlett as legal advisor to CoBiz.
BOK Financial is a $33 billion regional financial services and commercial banking company based in Tulsa, OK. Its holdings include BOK Financial Securities, The Milestone Group, Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Mobank, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust.