BOK, CoBiz complete merger

TULSA, Okla. — BOK Financial Corp. (Nasdaq: BOKF) has completed its acquisition of CoBiz Financial Inc. (Nasdaq: COBZ). CoBiz operates bank locations throughout the metro area, Boulder, Louisville and in Fort Collins. BOK is the parent company of Colorado State Bank and Trust, which has a presence in Boulder.

BizWest previously reported that the deal would be worth about $1 billion and would be in stock and cash. CoBiz had assets of about $3.8 billion, and BOK was valued at $33 billion. BOK is based in Tulsa.

While CoBiz shareholders approved of the transaction, they did not approve a compensation plan that would have benefited executives of the company if they were not retained after the merger. Results of the votes were recorded in a Form 8-K filed Sept. 27 with the U.S. Securities and Exchange Commission.

“The closing of the acquisition of CoBiz is a prominent milestone for our organization,” Steven G. Bradshaw, president and chief executive officer of BOK Financial, said in a prepared statement. “The past performance of our two companies, the strength of our reputations, and the synergies between our business models made CoBiz a perfect merger partner for BOK Financial. Today we celebrate the culmination of both organization’s shared goal of serving the needs of our customers, employees, and communities.”

The combination may result in an annual cost savings of approximately 40 percent of CoBiz’s non-interest expense and provides geographic diversity for the banks’ loan and deposit portfolio.