-excellent manangement -solid growth -hugh market share in core business-Oklahoma. -undervalued relative to other public banks of similar size -George Kaiser has been buying up to $46.00/share.--A floor? -Nationsbank entry into Oklahoma market via Boatman's should only enhance BOKF's ability to increase fee revenue.
Personally, I think George might be better off doing an LBO of the remaining public shareholders rather than attempting to increase public float. If there is going to be an acquisition, I think such an LBO is more likely. If an outsider makes an offer for this bank, I would expect it to go for nothing less than a substantial premium... say 4.0+ times book.
BOKF appears to have a solid franchise with unlimited buyers wanting to pay 4x + book when George is ready to sell. My only question is why has George historically given the mortgage division permission to "buy the market" with below market pricing on every deal when they would still get 90% of those mortgages with normal pricing? Must be the way they value servicing. I'm long BOKF and feel protected if the overall market gets "choppy."