In a union of Top 25 banks in the Kansas City market, MBT Bancshares, parent company of Kansas City’s Missouri Bank & Trust Co., is being acquired by BOK Financial for $102.5 million in cash, the Tulsa-based bank announced today.
Grant Burcham, CEO of Missouri Bank, will serve as chairman of BOKF’s Kansas City operations, while Bank of Kansas City CEO Michael Viazzoli will continue in his role as chief executive. Burcham’s family has owned the bank since 1983.
BOK is a public company with $31 billion in assets, considerably larger than Missouri Bank’s $578 million. But the smaller bank’s sound financial position made it an attractive partner in this market, said Steven Bradshaw, BOK’s chief executive, in a news release announcing the deal.
BOK has just three branches in the Kansas City area, but 132 throughout Oklahoma, Texas, Arkansas, Colorado, Arizona and New Mexico. Missouri Bank, with four branches in this region, was roughly comparable to Bank of Kansas City in assets, effectively doubling BOKF’s footprint in this market, Bradshaw said.
The transaction must still be approved by regulators, but could close as early as the second quarter of 2016.