...Consistent Strategy Drives Ratings: BOK Financial Corporation's (BOKF) ratings reflect its long-term, consistent strategy that has led to earnings and credit outperformance relative to peers over various economic cycles. CoBiz Financial Acquisition: BOKF closed its acquisition of CoBiz Financial Inc. (COBZ) and its primary subsidiary CoBiz Bank in 4Q18. COBZ operates within BOKF's existing footprint and is focused on similar commercial-based lending. The transaction was valued at approximately $977 million, or about 2.9x COBZ's tangible book value, which, at the time, was in line with other recently announced transactions in the industry. Fitch Ratings believes that the merger could allow BOKF to strengthen its franchise within its footprint while providing a strong core funding base to facilitate continued loan growth in Colorado and Arizona. Strong Company Profile: Fitch considers BOKF's business model and franchise rating strengths to support a higher rating relative to peers over time....
