UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 28, 2007
BOK FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Oklahoma 000-19341 73-1373454
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Bank of Oklahoma Tower, Boston Avenue at Second Street, Tulsa, Oklahoma 74172
(Address of principal executive offices)
Registrant's telephone number, including area code:
(918) 588-6000
N/A
(Former name or former address, if changes since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425).
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12).
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b)).
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c)).
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 8.01 Other Events
BOK Financial Corporation Aligns Personnel Expenses with Revenue Growth
As part of a strategy to streamline operations and to align personnel expenses
with revenue growth, BOK Financial began an initiative to reduce its workforce
by approximately 5%, or approximately 200 jobs. This reduction affects both
management and staff level jobs throughout all of BOK Financial's eight-state
region. This action began today, August 28th, and is expected to be completed by
the end of the third quarter of this year.
Since the beginning of 2005, the company has experienced significant growth and
has added over 800 jobs. The company will continue to employ approximately 4,300
employees at the conclusion of this workforce reduction.
Third quarter earnings will include a pre-tax charge of approximately $3.9
million for severance and other costs. Management expects that these staff
reductions, including elimination of unfilled positions and associated benefit
costs, will result in an ongoing quarterly pre-tax savings of approximately $4.0
million.
Forward-Looking Statements
This announcement contains forward-looking statements that are based on
management's beliefs, assumptions, current expectations, estimates and
projections about BOK Financial, the financial services industry and the economy
generally. Words such as "anticipates," "believes," "estimates," "expects,"
"forecasts," "plans," "projects," variations of such words and similar
expressions are intended to identify such forward-looking statements. These
statements are not guarantees of future performance and involve certain risks,
uncertainties, and assumptions which are difficult to predict with regard to
timing, extent, likelihood and degree of occurrence. Therefore, actual results
and outcomes may materially differ from what is expected, implied or forecasted
in such forward-looking statements. Internal and external factors that might
cause such a difference include, but are not limited to (1) the ability to fully
realize expected cost savings from mergers within the expected time frames, (2)
the ability of other companies on which BOK Financial relies to provide goods
and services in a timely and accurate manner, (3) changes in interest rates and
interest rate relationships, (4) demand for products and services, (5) the
degree of competition by traditional and nontraditional competitors, (6) changes
in banking regulations, tax laws, prices, levies and assessments, (7) the impact
of technological advances and (8) trends in consumer behavior as well as their
ability to repay loans. BOK Financial and its affiliates undertake no obligation
to update, amend or clarify forward-looking statements, whether as a result of
new information, future events, or otherwise.
About BOK Financial Corporation
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., the TransFund electronic funds network, Southwest
Trust Company, N.A. and AXIA Investment Management, Inc. Shares of BOK Financial
are traded on the NASDAQ under the symbol BOKF. For more information, visit
www.bokf.com.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BOK FINANCIAL CORPORATION
By: /s/ Steven E. Nell
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Steven E. Nell
Executive Vice President
Chief Financial Officer
Date: August 28, 2007