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TULSA, Okla., March 27, 2019 (GLOBE NEWSWIRE) -- BOK Financial (NASDAQ: BOKF) has expanded its mortgage-backed security desks to enhance CMO capabilities through two key hires. Steve Palmer and Sung Cho will join the organization and head the financial institution’s new issue CMO and agency CMO derivative businesses.
The key additions continue the growth initiatives in the organization’s agency structured products, pass-through and asset-backed securities. This move demonstrates the firm’s long-term commitment to these business lines.
“We are proud of what we have accomplished in the past three years. We enhanced our market-making capabilities in specified pools and ABS, as well as expanded our services to TBA customers,” said Jerry Williams, director of national sales and trading. “Our TBA initiatives and new CMO desk will allow us to better serve our originator and institutional clients. We look forward to improving our client reach and adding more product lines to our growing balance sheet.”
Palmer has more than 25 years of experience trading and structuring both agency and non-agency CMOs. Prior to joining BOK Financial, Palmer traded non-agency CMOs at JP Morgan Chase before running the mortgage platform at BNY Mellon and then building out the new issue CMO platform at Keybanc. He has extensive experience in the creation and analysis of structured product cash flows as well as prepayment modelling. Steve is a graduate of the Wharton School of Business with a degree in economics and finance.
Cho will partner with Palmer on the new issue CMO desk. Prior to joining BOK Financial, he worked at Merrill Lynch, JP Morgan, Barclays and Citi. His expertise lies in valuation of CMO cash flows and the embedded optionality, prepayment projection and risk management of this product. He worked intimately with numerous clients to provide market liquidity and share his insight in optimizing a mortgage portfolio strategy to accommodate client needs. Cho is a graduate of Columbia University and holds a degree in computer science.
BOK Financial Corporation is a $38 billion regional financial services company headquartered in Tulsa, Oklahoma with $78 billion in assets under management and administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc., The Milestone Group, Inc., CoBiz Wealth, LLC and BOK Financial Insurance, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management and BOK Financial Asset Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Arkansas; Bank of Oklahoma; Bank of Texas; BOK Financial in Colorado, and Arizona; and Mobank in Kansas and Missouri; as well as having limited purpose offices Nebraska, Milwaukee and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
Contact: Katy Hall
BOK Financial Media Relations