BOK Financial: Valuing Relationships Over Transactions for 30 Years
In this quarter’s Spotlight on Community Banks article, we spoke with Stacy Kymes, President and Chief Executive Officer of BOK Financial. BOK Financial is a top 25 U.S.-based bank, offering sophisticated wealth, commercial and consumer products and services. BOK Financial has been listed on Nasdaq for over 30 years under the symbol “BOKF”.
You recently celebrated 30 years as a listed company with a bell ringing at Nasdaq, what was that experience like?
It was a great opportunity to highlight the hard work and accomplishments of our employees who have propelled BOK Financial to growth and consistent financial outcomes through a lot of economic cycles over the past three decades. It was a special day for us and all 5,000 of our employees, who took a lot of pride in that experience.
As we said during the bell ringing, these 30 years are just one chapter in a more than 100-year history. And it’s that rich history, our team and our collaborative culture, that have really propelled us forward into milestones such as this.
Learn more about the history of BOK Financial.
How has your mission evolved over the last 30 years?
Our geographic reach, capability and sophistication have evolved, but our mission has remained the same. Our mission and values are foundational. We are now over $50 billion in bank assets with full-service financial centers in eight states. As we evolved, our fee businesses matured such that they can be as much as 50% of our total revenue. We have sophisticated wealth offerings with over $100 billion in assets under administration, a top 10 EFT business and other important fee businesses that have grown almost entirely organically.
How important is community involvement for a regional bank?
Community involvement is critical for regional providers like us. We exist to ensure and enhance the economic activities in our footprint. In our legacy Oklahoma market, the major banks have largely vacated this role, so having a strong, locally headquartered financial institution matters to the economic development of our state. BOK Financial enjoys a hard-earned “Outstanding” rating for our community reinvestment activities, an accomplishment earned by only a few banks.
“Actively advance the communities we serve” is a value that BOK Financial has demonstrated for more than a century. Learn more about BOK Financials’ community Investment here.
What’s been the biggest surprise during your 30 years as a publicly traded company?
There have been a lot of trends in this industry – from rapid consolidation, branch building, technology innovations, branch divestitures and now back to industry consolidation. Through all this change, people still want to do business with a trusted advisor who can help them navigate important financial decisions. Throughout all the changes, we’re reminded that advice matters. We are proud we continue to be that trusted resource providing honest guidance.
Who is the ideal BOK Financial customer? How do you build customer loyalty?
Our ideal customer is one who wants to build a relationship. We value relationships over transactions. We build relationships by delivering expertise and advice, rather than pushing products. We have the breadth of services that allows us to compete on a national scale, but a deep connection to our communities that makes us good neighbors.
Connect with BOK Financial:
About Stacy Kymes:
Stacy Kymes is president and CEO of BOK Financial Corporation. He leads a team that oversees a diverse portfolio of services for commercial, consumer and wealth management clients across the country through banking centers in eight states in the Midwest and Southwest. The company’s national lines of business include energy financial services; healthcare banking; trading and brokerage; mortgage origination and servicing; and TransFund, a top 10 electronic funds transfer network.
Prior to being named CEO in January 2022, Kymes was the chief operating officer and oversaw all of the company’s revenue-generating divisions. He also served as executive vice president over specialized banking areas, including energy, commercial real estate, healthcare, treasury services, commercial strategies and TransFund.
Kymes joined BOK Financial in 1996. He has held a number of positions in various areas of the company, previously serving as chief auditor, corporate controller, treasurer and chief credit officer.
Kymes graduated from Harding University, summa cum laude, with a bachelor’s degree in Accounting. He began his career at KPMG LLP where he audited public and private companies, primarily in the financial services sector.
Having played a major role in generating economic development opportunities for Tulsa’s downtown core, Kymes assisted with the private fundraising of $30 million and the formation of a public entity to build a new minor league ballpark in the downtown corridor. He is a past chairman of the Tulsa Stadium Trust. Kymes was also involved in a successful effort to privatize the local zoo through a public-private partnership between the City of Tulsa and the Tulsa Zoo, and is a past chairman of Tulsa Zoo Management, Inc. Kymes has previously served as treasurer and a member of the executive committee of the Tulsa Regional Chamber, co-chaired Tulsa’s Future on behalf of the Tulsa Regional Chamber, and is a past board member of Gilcrease Museum and Philbrook Museum of Art.
Kymes is a member of the company’s Diversity & Inclusion Council which works to ensure that the company fosters and supports an environment that reflects the entirety of the company’s values.
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