BOK Financial in Reverse Stock Split
BOK Financial Corp. said its board authorized a one-for-100 reverse split of the company's stock, effective Dec. 3.
The company said the reduction in shares is aimed at raising the stock price to a trading range that many investors find more attractive.
Shares at a Discount
The banking company's common stock traded with stock rights attached through Oct. 28. The rights entitle an owner to purchase up to 15 additional shares at a discount. The shares have begun to trade on NASDAQ without the rights attached.
New Stock in December
Shareholders who exercise their rights will receive new "post-split" shares in early December.
BOK Financial is the owner of the Bank of Oklahoma, Tulsa, the state's largest bank, which recently emerged from a Federal Deposit Insurance Corp. aid program.
