Newspaper article THE JOURNAL RECORD

Boatmen's Acquisitions Aggressive, Quick

Newspaper article THE JOURNAL RECORD

Boatmen's Acquisitions Aggressive, Quick

Article excerpt

By Nancy Raiden Titus

Journal Record Staff Reporter

Since Boatmen's Bancshares Inc. appeared on the Oklahoma scene 16 months ago, the St. Louis company has lived up to its aggressive image in which acquisitions have been described as a "line of business."

The company does seem to have the process down pat. In rapid succession _ as rapid as anything can be when federal regulators are involved _ the company bought Oklahoma City's second and fourth largest banks. Thursday it announced a proposed purchase of two Tulsa area banks for an undisclosed cash amount.

Boatmen's gained a $900 million bank when it purchased First Interstate Bank of Oklahoma NA and added another $320 million in the acquisition of Founders Bank and Trust Co. The purchase of Tulsa's Security Bank and First Bank of Catoosa would take the bank to $1.4 billion in assets, bringing it about even with Liberty Bank and Trust Co. of Oklahoma City NA, the state's second largest bank. Tulsased Bank of Oklahoma NA is the largest with $2 billion in assets.

The company announced the $86 million purchase of First Interstate on March 1, 1991. In midptember, exactly six weeks after completing that deal, it announced plans to buy Founders for $32 million. The purchase was completed March 2, and the bank was merged into the downtown bank May 1.

A day short of eight weeks later, Boatmen's announced its planned entry into Tulsa. The banks, which together have assets of $240 million, would become branches of the Oklahoma City bank.

Other additions in the Tulsa area are probable as Boatmen's has consistently focused on having signficant market share wherever they are located. That emphasis was seen in Oklahoma City when the company folded Founders into what was already the second largest bank in the city. That merger gave Boatmen's about 13 percent of the Oklahoma City market and 15 locations. …

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