Missouri Bank and Trust in Kansas City, a lender known for focusing on small businesses, has agreed to a $102.5 million buyout from an Oklahoma-based company that also owns the Bank of Kansas City.
BOK Financial Corp. said it will buy MBT Bancshares, which owns Missouri Bank and Trust, in an all-cash transaction. Subject to regulatory approval, the deal could close in the second quarter of next year.
“We are confident that BOK Financial is the right partner for us. They understand the value we place on the client experience and have the infrastructure that will help us continue to grow,” Missouri Bank chief executive Grant Burcham said in an announcement.
Burcham will become chairman of BOK’s Kansas City market, where its bank operates under the Bank of Kansas City brand. Michael Viazzoli remains BOK’s president in this market.
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BOK chief executive Steven Bradshaw said Missouri Bank and Trust is attractive for its “differentiated strategy in consumer banking and proven expertise in business banking.” It adds to BOK’s commercial banking, wealth management and mortgage banking operations.
Based in Tulsa, BOK Financial has $31 billion in assets. Its bank network includes operations in Arizona, Arkansas, Oklahoma, Texas and Colorado.
Missouri Bank & Trust has $578 million in assets and branches in downtown Kansas City, the Crossroads Arts District and the Brookside area, as well as in Prairie Village.