BOK Financial Corporation

From Wikipedia, the free encyclopedia
Jump to: navigation, search
BOK Financial Corporation
Type Public
Traded as NASDAQBOKF
Industry Financial Services
Founded 1910
Headquarters Tulsa, Oklahoma USA
Key people George B. Kaiser, Chairman
Products Banking
Revenue IncreaseUS$1.40B (FY 2010)[1]
Net income IncreaseUS$247M (FY 2010)[1]
Total assets IncreaseUS$23.9B (FY 2010)[2]
Total equity IncreaseUS$2.52B (FY 2010)[2]
Employees 4,110[3]
Website www.bokf.com

BOK Financial Corporation, based in Tulsa, Oklahoma, is a financial services company in the West South Central States region of the United States. The corporate headquarters is located in the BOK Tower in downtown Tulsa. BOK Financial's holdings include BOKF, NA, BOSC, Inc, Cavanal Hill Investment Management and Southwest Trust Company. BOKF, NA operates seven banking divisions: Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, Bank of Texas, and Colorado State Bank and Trust. BOKF, NA has full-service banks located in eight states. BOSC, Inc., the broker/dealer subsidiary, provides brokerage services in 10 states.[4]

BOKF has a market value of approximately $3.7 billion USD as June 21, 2011. [5]

Corporate history[edit]

Foundation[edit]

BOK traces its roots to the Exchange National Bank of Tulsa, which was formed in 1910 when four men bought the remains of the failed Farmers National Bank.[6] One of the bank's major investors was Harry F. Sinclair, who became the bank's president.[7]

In 1917, Exchange National Bank of Tulsa began construction of a headquarters building in Tulsa at Third Street and Boston Avenue. In 1928, the bank constructed a 28-story tower adjacent to the initial building. The combined structure, since renamed the 320 South Boston Building, remained the tallest building in Tulsa until 1967.[8]

During the Great Depression, several Tulsa oil men—including William G. Skelly and J.A. Chapman, pumped $18 million of their own wealth into the bank to keep it afloat. As a result, it was a major player in the early 1930s oil boom. In 1933, it was reorganized as the National Bank of Tulsa (NBT).[9][10]

In 1975, NBT changed its name to Bank of Oklahoma (BOK). The following year, BOK began moving its headquarters employees into the new BOK Tower.[7]

Expansion[edit]

Bank of Oklahoma was placed into Federal Deposit Insurance Corporation receivership in 1990, and a year later was bought by Tulsa businessman George Kaiser.[7] At the time, it was a $2 billion bank with 20 branches in Oklahoma.[11]

Under Kaiser's ownership, BOK began an aggressive expansion effort. BOK's expansion strategy is to locate in growing markets near Oklahoma.[12][13] Currently BOK Financial operates banks in 8 states including Oklahoma, New Mexico, Arizona, Arkansas, Texas, Colorado, Kansas and Missouri.

Also in 2007, BOK continued their aggressive push in expanding market share in the Dallas-Fort Worth area. Currently, the Bank of Texas is the 8th largest bank based in Texas with assets of 3.7 billion.[14]

On August 17, 2012, BOK Financial acquired Milestone Group. The acquisition is the first since 2007.[15]

Sponsorships[edit]

Tulsa's BOK Center, designed by noted architect César Pelli.

In 2005, BOK Financial acquired the naming rights for the BOK Center, for a price of $11 million USD.[16]

References[edit]

  1. ^ a b BOK Financial (BOKF) annual SEC income statement filing via Wikinvest.
  2. ^ a b BOK Financial (BOKF) annual SEC balance sheet filing via Wikinvest.
  3. ^ "Company Profile for BOK Financial Corp (BOKF)". Retrieved 2008-10-21. 
  4. ^ "BOK Financial Corporation". Retrieved July 8, 2011. 
  5. ^ "BOK Financial Corporation". Retrieved July 8, 2011. 
  6. ^ OKLAHOMA BANKS CLOSED.; New York Times. "State Concern Forced to the Wall by Failure of National Bank"
  7. ^ a b c Laurie Winslow, "Bank of Oklahoma celebrates 100 years", Tulsa World, November 15, 2010.
  8. ^ Historic Tulsa: The Bank at 320 South Boston,[1]
  9. ^ HURST v. KRAVIS 1958 OK 290 333 P.2d 314 Case Number: 38477 Decided: 12/16/1958 Supreme Court of Oklahoma THURMAN S. HURST, GUARDIAN AD LITEM, AND TRUSTEE, ETC., PLAINTIFFS IN ERROR, v. RAYMOND F. KRAVIS, LOUIS P. MYERS, AND NATIONAL BANK OF TULSA, COTRUSTEES, ET AL., DEFENDANTS IN ERROR.
  10. ^ Graham, Ginnie. Tulsa weathered other failures. Tulsa World, 2008-08-30.
  11. ^ BOK enters Salt Lake market,Tulsa World, 4/27/2007
  12. ^ The Muskogee Banking Market is defined as including the Muskogee RMA and the remainder of Muskogee County; all of Cherokee County; the town of Wagoner in Wagoner County; and the town of Checotah in McIntosh County. Vian State Bank, Vian, Oklahoma, CFR, 1996, reaffirmed in BOK Financial Corp., Tulsa, Oklahoma, 1999).
  13. ^ BOK enters Muskogee, Oklahoma market -- Citizens Holding Company
  14. ^ BOK Expands in Texas, Oklahoman, 6/1/2007
  15. ^ "BOK Financial acquires Milestone Group wealth management firm". Tulsa World. Retrieved August 19, 2012. 
  16. ^ BOK Financial Corp press release "Bank of Oklahoma to Pay $11 Million for Tulsa Arena Naming Rights", 27-Oct-2005 ofchq.snl.com/cache/1500007029.doc

External links[edit]