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EXHIBIT 99.1
For information: Fred Ball, Bank of Texas, N.A.
(214) 987-8827
B. Ralph Williams, Citizens National Bank of Texas
(713) 661-4444
Russ Florence, BOK Financial Corp.
(918) 588-6348
BOK FINANCIAL ENTERS HOUSTON MARKET
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WITH ACQUISITION OF CNBT BANCSHARES
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HOUSTON (Monday, Aug. 21, 2000) - BOK Financial Corp. (NASDAQ: BOKF), its
Bank of Texas, N.A., subsidiary and CNBT Bancshares Inc. (NASDAQ: CNBT) today
announced a definitive agreement for BOK Financial to acquire CNBT Bancshares, a
$424 million banking organization based in Houston. CNBT Bancshares is the
parent company of Citizens National Bank of Texas, and operates six bank
facilities in the Houston metropolitan area.
The transaction marks Bank of Texas' entrance into the growing Houston
market.
"This is a natural extension of our growth in Texas," said Fred Ball,
president and chief executive officer of Bank of Texas. "There have long been
ties between Houston and Dallas related to the oil and gas industry, which is a
strong lending area for our organization. This move is also consistent with our
stated goal of expanding into high-growth metropolitan markets.
"Bank of Texas has proven to be highly successful, filling the void between
the large national banks and
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small local banks. We see our entrance into Houston as being similar. We are
acquiring an outstanding community and customer-oriented bank with a solid
foundation and a banking philosophy similar to ours, and we will add our larger
lending capabilities and broader array of products.
"Bank of Texas has established a reputation with both consumer and
commercial customers of offering nationally competitive products delivered with
community bank service."
B. Ralph Williams, president and chief executive officer of CNBT, will
retain his position and report to Ball. Other members of CNBT's management team
have also agreed to stay with the company.
"We looked at a number of holding companies with which to pursue a business
combination," Williams said. "After evaluating several inquiries, Bank of Texas
clearly emerged as our first choice. We're excited to join them - particularly
now, as their organization continues to evolve and grow. We are confident this
is the best possible move for our customers, shareholders and employees, and
that they will benefit for many years to come."
Citizens National Bank's headquarter's office is in Bellaire, seven miles
southwest of downtown Houston. It has five additional locations - three in
nearby Sugar Land, one in Stafford and one in northwest Houston. Three of the
six locations are supermarket branches. A seventh facility, under construction
at Westheimer and Shadowbriar, is scheduled to open in October, and land has
been purchased for an eighth location in the rapidly growing suburb of Katy,
Texas.
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Citizens National Bank has developed strong community ties that include a
Leisure Club for customers 50 and over that has grown to some 5,000 members in
the Houston-Bellaire area.
"There will be no disruption of service to Citizens National Bank
customers," said Williams. "With the expanded product offering and continued
commitment to customer service, we're convinced that service will in fact be
enhanced."
Bank of Texas currently has 13 locations, stretching from Hurst - which is
near Fort Worth - eastward through Dallas, and north to Sherman. Its most recent
expansion came in the summer of 1999, with the acquisitions of Swiss Avenue
Bank, Canyon Creek National Bank and Mid-Cities National Bank. Bank of Texas'
assets are $1.2 billion.
Details of the transaction were not disclosed. The acquisition is subject
to approval by regulators and CNBT's shareholders. Ball said he anticipates
closing the transaction during the first quarter of 2001.
Bank of Texas, N.A., is a subsidiary of BOK Financial Corp., a multi-bank
holding company based in Tulsa, Okla. BOK Financial's total assets are $8.8
billion. Other subsidiaries include Bank of Albuquerque, N.A., Bank of Arkansas,
N.A., and Bank of Oklahoma, N.A. BOK Financial Corp.'s trust company
subsidiaries are responsible for $17 billion in assets. TransFund, the company's
electronic funds transfer network, has more than 1,000 machines installed in an
eight-state area, and provides services for more than 280 financial institutions
and more than 1.2 million cardholders. BOK Financial's mortgage companies have
offices Arkansas, Kansas, Missouri, New Mexico, Oklahoma and Texas.
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CNBT Bancshares Inc.
Profile
Subsidiary Bank: Citizens National Bank of Texas
Assets as of June 30: $424 million
Loans as of June 30: $159 million
Deposits as of June 30: $347 million
Locations: Main Office Sugar Land
5320 Bellaire Blvd. 15245 Southwest Freeway
Bellaire, Texas Sugar Land, Texas
Sweetwater (supermarket) First Colony (supermarket)
4825 Sweetwater Blvd. 3665 Highway 6
Sugar Land, Texas Sugar Land, Texas
Stafford (supermarket) Northwest Branch
220 FM 1092 13230 W. Little York
Stafford, Texas Houston, Texas
Westheimer (opening October 2000)
12255 Westheimer
Houston, Texas
Management: Frank G. Cook, Chairman
B. Ralph Williams, President and Chief Executive
Officer
Randy Dobbs, CFO and Chief Operating Officer
Services, specialties: Retail and commercial banking
Number of employees: 130 (117 full-time, 13 part-time)
Background: CNBT Bancshares Inc. was founded in 1983. The bank
expanded in 1992 to Sugar Land, and today has six
locations. Common stock is traded on NASDAQ under the
symbol CNBT.
