BOK Financial agrees to buy MBT Bancshares

BOK Financial Corporation, the holding company for Bank of Oklahoma, has signed an agreement to purchase MBT Bancshares, according to a news release.

Under the terms of the agreement, BOK will pay $102.5 million for all outstanding shares of MBT stock, according to the release. MBT is the parent company of Missouri Bank and Trust of Kansas City, which has $578 million in assets and operates four bank branches in the Kansas City metro area.

BOK Financial currently is in the Kansas City market with its Bank of Kansas City brand, which has branches in Overland Park and Lee’s Summit, Mo. Missouri Bank and Trust President and CEO Grant Burcham will join BOK as chairman of the organization’s Kansas City market, according to the release.

Steven Bradshaw, president and CEO of BOK Financial, said in the release that the acquisition will “open new doors in Missouri and Kansas, deploy excess capital, and provide a strong return opportunity.”

The transaction has already been approved by the boards of directors of both companies, according to the release, and is expected to close during the second quarter of 2016, subject to regulatory approval. BOK Financial is a $31 billion financial services company based in Tulsa.

This story was originally published December 10, 2015 at 10:41 AM with the headline "BOK Financial agrees to buy MBT Bancshares."