CoBiz Financial sold in $1 billion deal

A Colorado Business Bank branch at 301 University Blvd. in Cherry Creek. The bank is operated by Denver-based CoBiz Financial. Credit: Thomas Gounley

The Denver-based parent company of Colorado Business Bank is set to be purchased in a deal worth nearly $1 billion.

Tulsa, Oklahoma-based BOK Financial Corp., the parent company of Colorado State Bank and Trust, said Monday that it has reached a deal to acquire CoBiz Financial, which offers commercial banking services in Colorado and Arizona under the Colorado Business Bank and Arizona Business Bank brands.

CoBiz also has private bank, wealth management and commercial insurance business. The transaction is expected to close in the fourth quarter.

BOK Financial operates seven banks, including two — Colorado State Bank and Trust, and Bank of Arizona — with a presence in markets served by CoBiz Financial. The other five banks that BOK Financial runs are Bank of Oklahoma, Bank of Texas, Bank of Albuquerque, Bank of Arkansas and MoBank.

Colorado State Bank and Trust has 12 locations in the Denver and Boulder metro areas. Colorado Business Bank has about 10 locations along the Front Range and in Vail.

As of the end of June 2017, CoBiz accounted for 1.78 percent of deposits at FDIC-insured institutions in Colorado and 2.4 percent in the Denver metropolitan area, according to FDIC figures

BOK Financial, meanwhile, accounted for 1.11 percent of deposits in the state and 1.79 percent in the metro area, according to the figures.

Under the agreement, CoBiz Financial shareholders will receive 0.17 shares of BOK Financial common stock and $5.70 in cash for each share of CoBiz common stock. That makes the acquisition worth $977 million, based on the $23.02 closing price of CoBiz stock on June 15.

CoBiz Chairman and CEO Steve Bangert will join the BOK Financial Board of Directors when the deal closes.

“Steve Bangert and his team have built a well-respected commercially focused bank that has consistently grown shareholder value, with a strong credit culture and differentiated approach to business banking,” Steven Bradshaw, president and CEO, BOK Financial, said in a statement. “The two banks have enjoyed a close relationship for almost two decades, and both franchises will benefit as a result of this partnership.”

CoBiz headquarters is at 1401 Lawrence St.

CoBiz is the second Denver bank in a month to announce it will be acquired for nearly $1 billion. Guaranty Bancorp, the holding company for Guaranty Bank and Trust Co., is slated to be purchased by Texas-based Independent Bank Corp. in the fourth quarter. 

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