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BOK Financial to acquire CoBiz Financial in $1B deal

Denver-based CoBiz Financial Inc. has agreed to merge with Tulsa, Okla.-based BOK Financial Corp. in a transaction valued at approximately $1 billion.

Approximately 75% of the deal consideration will be in stock, and the remaining in cash.

CoBiz shareholders will receive $977 million of total consideration, consisting of 0.17 shares of BOK Financial common stock and $5.70 in cash for each share of CoBiz common stock. The merger consideration is valued at $23.02 per share.

More details to follow ...