BOK Financial Corporation

History

BOK Financial was formed in 1910 primarily as a source of capital for the energy industry and broadened its geographic and market reach to become one of the largest and most multifaceted regional financial institutions in the country.

The company traces its roots to the Exchange National Bank of Tulsa, which was formed in 1910. In 1917, Exchange National Bank began construction of a headquarters building in Tulsa at Third Street and Boston Avenue. In 1928, the bank constructed a 28-story tower adjacent to the initial building. The combined structure, since renamed the 320 South Boston Building, remained the tallest building in Tulsa until 1967. The bank has continuously operated a branch in the building since then.

The bank was rebranded as National Bank of Tulsa in 1933 and in 1975 to Bank of Oklahoma to reflect its statewide approach. Also in 1975, the bank installed the first automated teller machine in Oklahoma. The following year, the company began moving employees into the new BOK Tower and in 1979, the bank reached $1 billion in assets.

Five years later, in 1984, the company purchased Fidelity of Oklahoma and reached $3 billion in assets. Shortly after, the Bank was in danger of failing as the Oklahoma energy market went into depression.

In 1986, the Federal Deposit Insurance Corp bailed the Bank of Oklahoma out for a total cost of $130 million in a move hailed as an innovative response. It was only the eighth time in the past 50 years that the FDIC has acted to keep a troubled bank afloat rather than allow it to fail. Bank of Oklahoma and Bank of Oklahoma, Tulsa were merged, and the FDIC received preferred shares convertible into a 99.99 percent ownership stake in the merged institution. On June 7, 1991, with the company's assets totaling just under $2 billion, it was acquired by George Kaiser, who had served on the bank's board of directors, for $60.7 million in a sale facilitated by the FDIC.