BOK Financial, a US-based financial services company, has obtained all necessary regulatory approvals to complete the acquisition of CoBiz Financial.

BOK Financial signed the agreement to acquire CoBiz Financial in a deal valued at approximately $1bn in June this year.

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As per the terms of the acquisition, the common shareholders of CoBiz will receive $977m of the total consideration. This will come in the combination of 75% stock and 25% cash.

The completion of the transaction is now scheduled to take place in the fourth quarter of 2018. This will come down to the approval of CoBiz shareholders who will vote at a special meeting of shareholders on 27 September.

BOK Financial believes that the deal will be 6% accretive to its earnings in 2019, and 9% accretive to earnings in 2020, the first full year with synergies.

BOK Financial president and CEO Steven Bradshaw said: “CoBiz is a perfect fit as a merger partner for BOK Financial.

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“Steve Bangert and his team have built a well-respected 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 organisation will be the premier commercial bank in Colorado and Arizona.”

Through its subsidiaries, BOK Financial offers commercial and consumer banking, mortgage origination and servicing, investment and trust services, and an electronic funds transfer network.