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BOK to buy CoBiz Financial; Citibank to settle LIBOR complaint for $100M

Tulsa, Okla.-based BOK Financial Corp. is acquiring Denver-based CoBiz Financial Inc. for about $977 million, or $23.02 per share. The bank deal is expected to close in the fourth quarter.

Citibank NA agreed to pay a total of $100 million to 42 states for manipulating the London Interbank Offered Rate before and during the financial crisis, Washington State Attorney General Bob Ferguson said. In 2012, a multistate investigation found that Citibank managers asked the staff submitting LIBOR estimates to change their numbers to make it appear that the bank is not in financial trouble.

In Wisconsin, Hometown Bancorp Ltd. is acquiring Poynette, Wis.-based United Community Bank in a deal that is expected to close in the fourth quarter.

Elmira, N.Y.-based Chemung Canal Trust Co. agreed to pay $3.3 million in settlement with a plaintiff alleging the bank of liability for anticipatory breach and breach of contract. The parties agreed to dismiss the case with prejudice and to release each other from any and all liabilities, claims and counterclaims, among others.

President Donald Trump plans to nominate Kathy Kraninger to be the next director of the Consumer Financial Protection Bureau, The Wall Street Journal reports. If approved by the Senate, Kraninger, an associate director at the Office of Management and Budget, will succeed Mick Mulvaney. Mulvaney has been the regulator's acting director since November 2017.

And the Bank for International Settlements said in its annual economic report that bitcoin and other cryptocurrencies can never replace conventional money. The report warned that the trust in cryptocurrencies can "evaporate at any time because of the fragility of the decentralized consensus through which transactions are recorded."

In other parts of the world

Asia Pacific: 2 Japanese banks to merge in 2019; Australian regulator takes Westpac to court

Europe: CYBG, Virgin Money announce £1.7B tie-up; Allianz considers large-scale M&A deal

Middle East & Africa: Barclays Africa to ax top retail bank jobs; Sudanese central bank chief dies

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng was down 0.43% to 30,309.49. The Nikkei 225 fell 0.75% to 22,680.33.

In Europe, as of midday, the FTSE 100 was down 0.32% to 7,609.25. and the Euronext 100 was down 0.99% to 1,058.92.

On the macro front

The housing market index report is due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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