BOK Financial Completes Weaver Wealth Management Acquisition
Strengthening its asset management business, BOK Financial Corporation BOKF completed the acquisition of Weaver Wealth Management from Texas based-Weaver and Tidwell LLP. Financial terms of the deal remained undisclosed.
An advisory firm registered with the SEC, Weaver Wealth Management will integrate with The Milestone Group, a Denver-based subsidiary of BOK Financial. The Milestone Group is engaged in offering investment management and strategic financial planning services to ultra-high net worth clients.
Notably, the acquisition is expected to amplify BOK Financial’s assets under management and administration by around $320 million with expansion of company’s wealth management foothold in Texas. As of Dec 31, 2015, BOK Financial’s assets under management and administration stood at $71 billion.
During the announcement of the deal in January this year, Scott Grauer, executive vice president, Wealth Management at BOK Financial, mentioned, “Weaver Wealth Management clients will benefit from a broad set of products and services that come with the backing of a $31 billion company like BOK Financial. We benefit by adding the talent and expertise of their team and accelerating the growth opportunities of our business in Texas.”
Over the past several years, BOK Financial has transformed from merely being a bank in Oklahoma to a chief financial service provider. The company has consistently continued its expansion into carefully selected markets in neighboring states.
The latest acquisition by Oklahoma-based BOK Financial barely comes a few weeks after it closed an asset purchase deal with Dallas-based energy investment banking firm, Spectrum Advisors. Further, last December, the company announced an agreement to acquire MBT Bancshares, which will enhance BOK Financial's foothold in Kansas City. The company’s diverse revenue mix and favorable geographic footprint should support growth in the upcoming quarters while a strong capital position should induce the company to undertake further strategic acquisitions.
However, several issues including still low oil prices, a stringent regulatory landscape and rising expenses remain the concerns.
BOK Financial currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the finance space include Banc of California, Inc. BANC, Chemical Financial Corporation CHFC and Popular, Inc. BPOP, each sporting a Zacks Rank #1 (Strong Buy).
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