BOK Financial Corp. (NASDAQ: BOKF) elected not to participate in
the Treasury’s Capital Purchase Program, an
element of the Troubled Assets Relief Program (TARP) intended to provide
banks with additional capital.
“We were invited to participate in this
program though government officials made it clear this was solely our
business decision,” said BOK Financial
President and CEO Stan Lybarger. “We studied
it closely as a potential option to supplement our existing strong
capital position, but we determined the additional funds were
unnecessary. Our current capital levels are well above government
requirements and we have access to additional private capital, uniquely
positioning the company to continue growth plans without the additional
capital provided by the program. Our support of customers in this region
has remained strong; we continue to lend and we have adequate funding
and liquidity to support anticipated loan opportunities. Our capital
strength will permit sufficient support to our regional customers and
allow us to seek and take advantage of acquisitions opportunities.”
On October 29, BOK Financial reported 2008 third quarter earnings of
$56.7 million or $0.84 per diluted share, net interest revenue of $164.3
million and fees and commissions revenue of $126.7 million. The company
and each of its subsidiary banks exceeded the regulatory definition of
well-capitalized at September 30, 2008, with the company’s
Tier 1 and tangible capital ratios at 9.25% and 7.16%, respectively.
Combined reserves for credit losses totaled $209 million or 1.65% of
outstanding loans at September 30, 2008. At September 30, the bank’s
ratio of reserves to outstanding loans exceeded the median of its
defined group of similarly sized peer banks. On October 28, the company’s
board of directors maintained its cash dividend of $0.225 per common
share.
“The government is taking appropriate steps
to stabilize the U.S. economy and financial markets and we anticipate
these efforts will generate results by helping support the financial
institutions that would benefit most from the assistance,”
Lybarger said.
BOK Financial is a regional financial services company that provides
commercial and consumer banking, investment and trust services, mortgage
origination and servicing, and an electronic funds transfer network.
Holdings include Bank of Albuquerque, N.A., Bank of Arizona, N.A., Bank
of Arkansas, N.A., Bank of Oklahoma, N.A., Bank of Texas, N.A., Colorado
State Bank & Trust, N.A., Bank of Kansas City, N.A., BOSC, Inc., Cavanal
Hill Investment Management, Inc., the TransFund electronic funds
network, and Southwest Trust Company, N.A. Shares of BOK Financial are
traded on the NASDAQ under the symbol BOKF. For more information, visit www.bokf.com.
BOK Financial Corp.
Steven Nell, 918-588-6000
Chief Financial
Officer
or
Jesse Boudiette, 918-588-6532
Corporate
Communications Manager
