Oct. 2 (Bloomberg) -- BOK Financial Corp., the Oklahoma lender majority owned by billionaire oilman George Kaiser, purchased wealth-management firm GTrust Financial Corp. to expand in Kansas.
The acquisition will increase BOK’s assets under management by $600 million, the Tulsa-based lender said today in a statement. The deal, terms of which weren’t disclosed, is expected to be completed before year-end, the company said.
GTrust, founded in 1991, provides wealth-management services to clients in Kansas with 30 trust and investment professionals, according to the statement. BOK, which expanded its wealth-management business in Colorado last year with the purchase of Denver-based Milestone Group, has 225 branches in 10 states, according to the statement. It had 4,712 employees and $27.8 billion of assets as of June 30, a filing shows.
“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,” BOK Senior Executive Vice President Steve Bradshaw said in the statement.
Kaiser, 70, BOK’s chairman and majority owner, is the world’s 70th-wealthiest person, with an estimated fortune of $13.6 billion, according to the Bloomberg Billionaires Index.
BOK fell 1.4 percent to $62.99 at 11:40 a.m. in New York. The shares have climbed 16 percent this year, trailing the 27 percent gain for the 50-company KBW Regional Banking Index.
Frederic Dorwart, a trustee of the George Kaiser Family Foundation and a longtime attorney for the billionaire’s various banking and energy companies, provided legal counsel to BOK. Shumaker Loop & Kendrick LLP advised Topeka-based GTrust.
To contact the reporter on this story: Fanni Koszeg in New York at email@example.com