BOK Financial Corporation has announced the closing of its acquisition of First United Bank.
Shareholders of United Banks of Colorado, the parent company of First United Bank, have approved the acquisition. The transaction, valued at $43 million, became effective today.
BOK Financial’s acquisition of First United adds approximately $156 million in assets, $101 million in loans and $134 million in deposits. The acquisition also adds 11 full-service branches to Colorado State Bank and Trust’s growing network, for a total of 15 branches located in the Denver area complemented by one in Colorado Springs and one in Boulder.
BOK Financial acquired Colorado State Bank and Trust in 2003. Since then, Colorado State Bank and Trust’s average assets have nearly tripled. Currently, it has assets of $1 billion while BOK Financial has assets attributable to the Colorado market of $1.6 billion. Colorado State Bank and Trust has loans of nearly $700 million, deposits of more than $869 million and trust assets of $2.7 billion.
BOK Financial is an $18 billion holding company headquartered in Tulsa.