BOK Financial Corporation announced Wednesday it has entered into an agreement to acquire a Topeka, Kansas independent trust and asset management company, GTRUST Financial Corporation.
In a news release, BOK says this acquisition will increase their assets under management or custody by $600 million and expand the company's capabilities and presence in the Kansas market.
Founded in 1991, GTRUST provides a range of financial services for its clients including asset and risk management, tax planning, fee-only financial planning, debt management, estate planning and charitable/social capital strategy.
BOK Financial says this is the company's first purchase of a fee-only financial planner.
"Wealth management is an important growth business for us, and we look forward to having GTRUST under the BOK Financial umbrella," said Steve Bradshaw, senior executive vice president for BOK Financial. "We believe that this acquisition provides us with new wealth management products and expertise, a talented and creative team of wealth management entrepreneurs who have built and grown a successful business, and an expanded presence in the important Kansas market. It is also a win/win, as the talented team at GTRUST now has the entire portfolio of BOK Financial products and services to provide to its clients in more than 25 states."
GTRUST has 30 trust and investment professionals in Topeka, Wichita, Marysville, Larned and Overland Park, Kansas.
Terms of the transaction were not disclosed.