BOK Financial has secured regulatory approvals to acquire Kansas City, Missouri-based MBT Bancshares (Mobank).
Mobank has four banking centres in the Kansas City area. The bank’s president and CEO Grant Burcham will join BOK Financial as chairman of the Kansas City market.
Bank of Kansas City, the tradename of BOK in the Kansas City, market president and CEO Michael Viazzoli will work alongside Burcham to build the combined operations.
“The transaction is expected to contribute four to six cents to BOK Financial’s 2017 earnings per share after integration costs,” BOK said.
Commenting on the deal, Viazzoli said: “Combining Mobank’s different approach to consumer and small business banking with our strength in commercial banking and wealth management will allow us to better serve clients in this important growth market. This is not a typical ‘large bank acquires smaller bank’ scenario.
“In this case, Mobank’s brand will be adopted across BOK Financial’s banking center network in Kansas City. We’ll take best practices from Mobank and combine them with resources from BOK Financial to provide a consumer banking experience unlike any other.”
Operational integration of the two banks is expected to be completed in the first quarter of 2017. The BOK Financial brand will remain the customer-facing brand in commercial banking and wealth management following the acquisition .
The $102.5m deal, announced in December 2015, is anticipated to be wrapped up on or about 30 November 2016.