Community banking

In Brief: BOK in Tulsa Buying an Arizona Bank

Published December 22, 2004, 2:00 a.m. EST

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Updated December 21, 2004, 5:34 p.m. EST

1 Min Read

BOK Financial Corp. in Tulsa said Tuesday that it is buying the $152 million-asset Valley Commerce Bancorp Ltd. of Phoenix for $32 million in cash.

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BOK, with $14.4 billion of assets, is a multibank holding company with branches in Arkansas, Colorado, New Mexico, Oklahoma, and Texas and loan production offices in Kansas and Missouri.

The purchase of the 9-year-old Valley would give BOK its first branch in Arizona (it opened a loan production office in Phoenix in August). Stan Lybarger, BOK's president and chief executive, said in a news release that the deal fits with its strategy of building up its business in high-growth markets.

The sale is expected to close in the first quarter.

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