BOK Financial To Acquire CoBiz - Quick Facts

(RTTNews) - BOK Financial Corp. (BOKF) and CoBiz Financial Inc. (COBZ) announced a merger agreement under which CoBiz will merge with BOK Financial in a transaction valued at approximately $1 billion. Approximately 75 percent of the consideration will be in stock, with the rest in cash.

CoBiz is headquartered in Denver, with approximately $3.8 billion in assets. CoBiz is a commercially-focused bank, with presence in Colorado and Arizona, specialty lending lines of business including healthcare and public finance, and fee-generating businesses including wealth management and commercial insurance.

The common shareholders of CoBiz will receive $977 million of total consideration, consisting of 0.17 shares of BOK Financial common stock and $5.70 in cash for each share of CoBiz common stock. The merger consideration is valued at $23.02 per share. CoBiz CEO Steve Bangert will join the BOK Financial Board of Directors after the close of the transaction.

BOK Financial expects to incur pre-tax merger and integration costs of approximately $60 million and expects to achieve annual cost savings of approximately 40 percent of CoBiz's non-interest expense. BOK Financial expects the acquisition to be 6 percent accretive to earnings in 2019, and 9 percent accretive to earnings in 2020, the first full year with synergies.