BOK Financial in Tulsa, Okla., has agreed to buy MBT Bancshares in Kansas City, Mo., for $102 million.
The $31 billion-asset BOK will pay all cash for the $584 million-asset MBT, according to a news release Tuesday. The purchase price is subject to "certain conditions and potential adjustments," BOK said in the release. The deal is expected to close in the second quarter.
BOK projects earnings accretion of 3 cents per share in the first year after closing, before integration costs. It projects 6 cents per share earnings accretion in the second year.
Grant Burcham, chief executive of MBT, will join BOK Financial as chairman of the Kansas City market.
MBT Bancshares is the holding company for Missouri Bank & Trust Co. of Kansas City, which does business under the trade name mobank. It has four branches in the Kansas City area. BOK operates two branches in the area under the name Bank of Kansas City.
Frederic Dorwart Lawyers was legal counsel to BOK, which did not name a financial adviser. Robert Wray of The Capital Corp. was both financial and legal adviser to MBT.