BOK Financial Corporation (NASDAQ: BOKF) today announced that
it has completed the previously announced acquisition of CoBiz
Financial Inc. (NASDAQ: COBZ), forming the premier commercial bank
in Colorado and Arizona.
“The closing of the acquisition of CoBiz is a prominent
milestone for our organization,” said Steven G. Bradshaw, president
and chief executive officer of BOK Financial. "The past performance
of our two companies, the strength of our reputations, and the
synergies between our business models made CoBiz a perfect merger
partner for BOK Financial. Today we celebrate the culmination of
both organization’s shared goal of serving the needs of our
customers, employees, and communities.”
The combined organization is now uniquely positioned to win
market share and expand its wide variety of products and services
in both the Colorado and Arizona markets. The merger drives an
internal rate of return in excess of 20 percent, and BOK Financial
expects this acquisition to be six percent accretive to earnings in
2019, and nine percent accretive to earnings in 2020, the first
full year with synergies. The combination also projects to achieve
annual cost savings of approximately 40 percent of CoBiz’s
non-interest expense, as well as add strength in return on equity
and return on assets, and provides further geographic diversity for
the banks’ loan and deposit portfolio. About BOK Financial
CorporationBOK Financial Corporation is a $38 billion
regional financial services company based in Tulsa, Oklahoma. The
company's stock is publicly traded on NASDAQ under the Global
Select market listings (BOKF). BOK Financial's holdings include
BOKF, NA, BOK Financial Securities, Inc. and The Milestone Group,
Inc. BOKF, NA operates TransFund, Cavanal Hill Investment
Management, BOK Financial Asset Management, Inc. and seven banking
divisions: Bank of Albuquerque, Bank of Arizona, Bank of Arkansas,
Bank of Oklahoma, Bank of Texas, Colorado State Bank and Trust and
Mobank. Through its subsidiaries, the company provides commercial
and consumer banking, investment and trust services, mortgage
origination and servicing, and an electronic funds transfer
network. For more information, visit www.bokf.com.
Forward-Looking Statements This communication
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 including, but not
limited to, CoBiz Financial Inc.’s and BOK Financial Corporation’s
expectations or predictions of future financial or business
performance or conditions. Forward-looking statements are typically
identified by words such as “believe,” “expect,” “anticipate,”
“intend,” “target,” “estimate,” “continue,” “positions,” “plan,”
“predict,” “project,” “forecast,” “guidance,” “goal,” “objective,”
“prospects,” “possible” or “potential,” by future conditional verbs
such as “assume,” “will,” “would,” “should,” “could” or “may”, or
by variations of such words or by similar expressions. These
forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time. Forward-looking
statements speak only as of the date they are made and we assume no
duty to update forward-looking statements. Actual results may
differ materially from current projections.
In addition to factors previously disclosed in CoBiz Financial
Inc.’s and BOK Financial Corporation’s reports filed with the SEC
and those identified elsewhere in this communication, the following
factors, among others, could cause actual results to differ
materially from forward-looking statements or historical
performance: difficulties and delays in integrating CoBiz Financial
Inc.’s business or fully realizing cost savings and other benefits;
business disruption following the merger; changes in asset quality
and credit risk; the inability to sustain revenue and earnings
growth; changes in interest rates and capital markets; inflation;
customer acceptance of BOK Financial Corporation’s products and
services; customer borrowing, repayment, investment and deposit
practices; customer disintermediation; the introduction,
withdrawal, success and timing of business initiatives; competitive
conditions; the inability to realize cost savings or revenues or to
implement integration plans and other consequences associated with
mergers, acquisitions and divestitures; economic conditions; and
the impact, extent and timing of technological changes, capital
management activities, and other actions of the Federal Reserve
Board and legislative and regulatory actions and reforms.
Annualized, pro forma, projected and estimated numbers are used
for illustrative purpose only, are not forecasts and may not
reflect actual results.
Important Additional Information and Where to Find
ItIn connection with the proposed merger, BOK Financial
Corporation filed with the SEC a Registration Statement on Form S-4
that included the Proxy Statement of CoBiz Financial Inc. and a
Prospectus of BOK Financial Corporation, as well as other relevant
documents concerning the transaction. This communication does not
constitute an offer to sell or the solicitation of an offer to buy
any securities or a solicitation of any vote or approval. INVESTORS
AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND
THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER E AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION.
A free copy of the Proxy Statement/Prospectus, as well as other
filings containing information about BOK Financial Corporation and
CoBiz Financial Inc., may be obtained at the SEC’s Internet site
(http://www.sec.gov). You will also be able to obtain these
documents, free of charge, from CoBiz Financial Inc.
at ir.cobizfinancial.com or from BOK Financial
Corporation by accessing BOK Financial Corporation’s website
at www.bokf.com. Copies of the Proxy Statement/Prospectus can
also be obtained, free of charge, by directing a request to CoBiz
Financial Inc. Investor Relations at CoBiz Financial Inc. Investor
Relations, 1401 Lawrence Street, Suite 1200, Denver, CO, by calling
(303) 312-3412, or by sending an e-mail
to info@cobizfinancial.com or to BOK Financial
Corporation Investor Relations at Bank of Oklahoma Tower, Boston
Avenue at Second Street, Tulsa, Oklahoma, by calling (918) 588-6000
or by sending an e-mail to investorrelations@bokf.com.
Information regarding CoBiz Financial Inc.’s directors and
executive officers is contained in CoBiz Financial Inc.’s Annual
Report on Form 10-K for the year ended December 31, 2017 and its
Proxy Statement on Schedule 14A, dated March 9, 2018, which are
filed with the SEC. Information regarding BOK Financial
Corporation’s directors and executive officers is contained in BOK
Financial Corporation’s Annual Report on Form 10-K for the year
ended December 31, 2017 and its Proxy Statement on Schedule 14A,
dated March 15, 2018, which are filed with the SEC.
For Further Information Contact:Katy Hall
Corporate Communications
(918) 588-6502
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