BOK Financial in Tulsa, Okla., has lined up its next chief risk officer.
The $31 billion-asset company said in a press release that Marty Grunst will also join its executive leadership team on Aug. 1. Grunst previously served as the company's treasurer, overseeing balance sheet management and the Dodd-Frank Act stress test program.
Grunst will succeed Don Parker, who has been the chief risk officer and chief information officer since 2013. Parker, who will remain chief information officer, built the company's central compliance function and developed a model for its Bank Secrecy Act/anti-money-laundering program.
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BOK Financial continued to diversify its lending, booking strong increases in health care, manufacturing and commercial real estate credits. Progress on that front, however, was overshadowed by ongoing deterioration in its energy portfolio.
April 27 -
BOK Financial in Oklahoma plans to further increase its reserves to cover loan losses amid the energy slump, emphasize health care and other non-energy sectors, and expand in markets like Kansas City that are less reliant on oil.
January 27 -
The rise in oil prices in recent months is welcome news for the energy sector, but it doesn't mean that oil and gas firms and the banks that lend to them are out of the woods just yet.
June 16
"It has always been our intention to move the CRO position to another individual when the initial work to build the division was complete," Steve Bradshaw, BOK Financial's president and chief executive, said in the release. Grunst "will be charged with taking what's been established and driving it forward as our company continues to grow and expand."
Grunst takes over as energy lenders continue to adjust to low oil prices, which caused many banks to increase their loan-loss reserves. BOK has said that it expects the pace of reserving to
Steven Nell, the company's chief financial officer, will take over treasurer responsibilities while the company searches for Grunst's successor.
