BOK Financial in Tulsa, Okla., has acquired E-Spectrum Advisors, a Dallas investment bank that focuses on the energy sector.
The $31 billion-asset BOK Financial said in a press release Thursday that it completed the acquisition earlier this week, buying the business from the private equity firm Energy Spectrum. The price was not disclosed.
E-Spectrum offers a range of oil and natural gas property sales and strategic advisory services. The firm has closed more than 150 transactions with an aggregate value of more than $10 billion since 1997.
"Despite the current commodities downturn, we see significant opportunity in the energy industry," Stacy Kymes, BOK Financial's executive vice president for corporate banking, said in the release.
"The E-Spectrum … team has become a trusted adviser to exploration and production companies throughout our footprint," Kymes added. "With that expertise … we now bring a complete banking solution to our energy customers, including traditional banking services, acquisition and divestiture advisory, and derivatives risk management."
Coy Gallatin, E-Spectrum's managing director, was named executive director of energy banking, reporting to Kymes.
Tamara Wagman of Frederic Dorwart Lawyers advised BOK Financial. Jeff Sone of Jackson Walker represented E-Spectrum.
BOK Financial disclosed on Wednesday that it will report a $22.5 million loan-loss provision for its fourth quarter that partially reflects ongoing stress in the energy sector. The company earlier this month agreed to buy Weaver Wealth Management, an investment advisory firm in Texas, for an undisclosed amount.