BOk Financial to Acquire First United Bank

Tulsa-based BOk Financial has agreed to acquire First United Bank, a Colorado-based bank, for $43 million.
First United Bank operates 11 banking locations. The branches – in Denver and Colorado Springs – will be integrated into the BOk subsidiary Colorado State Bank and Trust, which currently operates five branch locations in Denver and one location in Boulder.
Colorado State Bank and Trust Chairman and CEO Greg Symons said the planned acquisition is part of the company’s strategy to increase its Colorado market share for a number of business lines.
Colorado State Bank and Trust also plans to leverage this acquisition to grow its additional specialty areas including trust and wealth management and oil and gas lending.
Symons said the planned acquisition should accelerate the strong growth Colorado State Bank and Trust has enjoyed recently. Since 2003, the bank has nearly tripled average assets. Its net income in 2006 was double that of 2005 and up almost 10 times since 2004.
“We have a strong, talented team that has driven our success and we expect our best years are ahead of us,” he said.
The acquisition of First United Bank’s parent company, United Banks of Colorado, is being made by Colorado State Bank and Trust’s parent company, BOK Financial Corporation.
First United Bank has assets of $173.3 million. Colorado State Bank and Trust has average assets of over $1 billion, although BOK Financial has assets attributable to the Colorado market of $1.6 billion.
BOK Financial has assets of $18.1 billion, loans of $10.7 billion and deposits of $12.4 billion. The company owns seven bank subsidiaries with operations in eight states and more than 160 locations, offers wealth management services nationwide and owns TransFund, the nation’s 10th largest electronic funds transfer network.

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