BOK Financial Corp. (BOKF) in Tulsa, Okla., has agreed to buy MBM Advisors, a wealth management firm based in Houston.
The deal would increase BOK Financial's retirement and individual assets under management by $1.25 billion, the company said. The acquisition is expected to close in the second quarter. The financial terms of the purchase were not disclosed.
The $27 billion-asset BOK Financial is "highly motivated to continue expanding our geographic and product reach in the wealth management space," Scott Grauer, executive vice president for wealth management, said in a news release March 4. The company acquired two other wealth management firms in the past 18 months: the Milestone Group in Denver and GTrust Financial Corp. in Topeka, Kan.
With the purchase of MBM Advisors, BOK Financial will add 222 retirement plans and 16,000 plan participants to its existing 430 retirement plans and 70,000 plan participants.
Frederic Dorwart acted as legal counsel to BOK Financial. Steven Gordon of Lipnick & Gordon served as legal counsel to MBM Advisors. Performance Trust Capital Partners served as financial advisor to MBM Advisors.