BOK Financial (BOKF) has agreed to acquire GTRUST Financial, an independent trust and asset management company in Topeka, Kan.
Adding GTRUST would increase BOKs assets by $600 million, according to the companies press release Wednesday. The price of the deal, expected to close in the fourth quarter, was not disclosed.
It would be BOK's first acquisition of a fee-only financial planner and would further expand its presence in the Kansas market, according to the press release. BOK, based in Tulsa, Okla., plans to retain GTRUSTs 30 trust and investment professionals.
The $28-billion asset BOK operates seven banking divisions: Bank of Kansas City, Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust. It also has mortgage offices in Kansas and serves wealth management and commercial clients throughout the state. Wealth management is an important growth business for us, and we look forward to having GTRUST under the BOK Financial umbrella, Steve Bradshaw, senior executive vice president for BOK, said in the release. We believe that this acquisition provides us with new wealth management products and expertise, a talented and creative team of wealth management entrepreneurs who have built and grown a successful business and an expanded presence in the important Kansas market.
Frederic Dorwart Lawyers advised BOK Financial on the deal. Shumaker, Loop & Kendrick served as legal counsel to GTRUST.