TULSA — BOK Financial Corp. has added a Kansas wealth-management firm to its private banking group, the company's first acquisition of a fee-only financial planner.
BOK Financial, parent of Bank of Oklahoma, said Wednesday it had reached an agreement to acquire Topeka, Kan.-based Gtrust Financial Corp., which specializes in trust and asset management services.
Terms of the deal were not disclosed. The transaction is expected to close before the end of the year and is subject to regulatory approval.
Steve Bradshaw, senior executive vice president for BOK Financial, said wealth management is an important growth business for the company. Gtrust has more than $600 million in assets under management.
“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,” Bradshaw said in a statement.
Bradshaw said BOK Financial's goal with Gtrust is to replicate the integration and growth of Colorado-based The Milestone Group, which BOK Financial bought last year. Gtrust has 30 investment professionals in the Kansas cities of Topeka, Wichita, Marysville, Larned and Overland Park.
“BOK Financial was a natural fit for us, as the two organizations share a common philosophy and approach to wealth management based on putting the client's needs front-and-center in our respective planning processes,” said Daryl Craft, Gtrust's president and CEO. “With BOK Financial's fiscal strength, breadth of services and marketing know-how supporting our business, we believe we can provide our clients with an even more comprehensive suite of products and services to support their overall financial needs.”
The Gtrust acquisition will add to BOK Financial's Kansas businesses, which include the Bank of Kansas City and mortgage offices in Wichita and Salina.
Wealth management makes up about 15 percent of BOK Financial's profits, according to a recent analyst report from Morningstar. Commercial banking comprises 60 percent, with consumer banking making up the remainder.
Shares of BOK Financial fell $1.13 to close at $62.73 in Wednesday trading on the Nasdaq exchange.
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.”
Senior executive vice president