BOK Financial acquired CoBiz for $1bn.

BOK Financial, a bank holding company, acquired CoBiz, a diversified financial services company, for $1bn. Approximately 75% of the consideration will be in stock, with the rest in cash. Based on the closing price of BOK Financial’s common shares on June 15, 2018, common shareholders of CoBiz will receive $977m 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, based on the closing price of BOK Financial on June 15, 2018. “CoBiz is a perfect fit as a merger partner for BOK Financial,” said Steven G. Bradshaw, president and chief executive officer of BOK Financial. “Steve Bangert and his team have built a well‐respected commercially‐focused bank that has consistently grown shareholder value, with a strong credit culture and differentiated approach to business banking. The two banks have enjoyed a close relationship for almost two decades, and both franchises will benefit as a result of this partnership. We believe the combined organization will be the premier commercial bank in Colorado and Arizona.”