The list of banks selling insurance businesses keeps getting longer.
BOK Financial in Tulsa, Okla., has agreed to sell BOK Financial Insurance to USI Insurance Services in Valhalla, N.Y. The sale will result in a $28 million pretax gain.
The $49 billion-asset BOK Financial plans to use the gain to realize an equivalent amount of securities losses and reposition into higher-yielding securities. This will generate a net benefit to recurring earnings.
Goldman Sachs and Frederic Dorwart Lawyers advised BOK Financial. Arnold & Porter advised USI.