BOK Financial has agreed to acquire GTrust Financial, a Kansas-based independent trust and asset management firm, for an undisclosed sum.
This acquisition will boost BOK Financial’s assets under management by US$600 million.
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The transaction, which is subject to customary regulatory approval, is expected to close before the end of the fourth quarter 2013.
The move marks BOK’s first acquisition of a fee-only financial planner, giving it a new wealth management capability that can be leveraged across the company’s geographic footprint.
Steve Bradshaw, senior executive vice president for BOK Financial, said: "It is also a win/win, as the talented team at GTRUST now has the entire portfolio of BOK Financial products and services to provide to its clients in more than 25 states."
Bradshaw added that BOK Financial’s goal with Gtrust is to replicate the integration and growth of Colorado-based The Milestone Group, which BOK Financial acquired last year.
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By GlobalDataDaryl Craft, president and CEO of GTRUST Financial, said:"BOK Financial was a natural fit for us, as the two organizations share a common philosophy and approach to wealth management based on putting the client’s needs front-and-center in our respective planning processes.
"With BOK Financial’s fiscal strength, breadth of services, and marketing know-how supporting our business, we believe we can provide our clients with an even more comprehensive suite of products and services to support their overall financial needs," he added.
BOK Financial is a US$28 billion financial services company headquartered in Tulsa, Oklahoma and GTRUST has a team of 30 trust and investment professionals in its offices in central and eastern Kansas.
