

                            BOK FINANCIAL CORPORATION

                                   EXHIBIT 21

                         SUBSIDIARIES OF THE REGISTRANT

                              Banking Subsidiaries

                    Bank of Albuquerque, National Association
                     Bank of Arkansas, National Association
                     Bank of Oklahoma, National Association

                       Bank of Texas, National Association

                 Other subsidiaries of BOK Financial Corporation

                        BOK Capital Services Corporation
                          BOK Plaza Holding Corporation

                                   BOSC, Inc.
                           Chaparral Bancshares, Inc.
                            Chaparral Delaware, Inc.
                     First of Muskogee Insurance Corporation
                         Merger Corporation Number Seven
                          Park Cities Bancshares, Inc.
                             Park Cities Corporation

                     Subsidiaries of Bank of Oklahoma, N.A.
                     --------------------------------------
                          Affiliated BancServices, Inc.
                      Affiliated Financial Holding Company
                   Affiliated Financial Insurance Agency, Inc.
                   Affiliated Financial Life Insurance Company
                      BancOklahoma Agri-Service Corporation
                        BancOklahoma Mortgage Corporation

                         BOK Auto Receivable Corporation
                               BOK Delaware, Inc.
                           BOK Equipment Finance, Inc.
                              BOK Real Estate Trust
                          BOSC Agency, Inc. (Oklahoma)
                         BOSC Agency, Inc. (New Mexico)
                            BOSC Agency, Inc. (Texas)
                              CVV Management, Inc.
                CVV Partnership, an Oklahoma General Partnership
                        Cottonwood Valley Ventures, Inc.
                            Investment Concepts, Inc.
                           Pacesetter Leasing Company
                             Southwest Trust Company

                       Subsidiaries of Bank of Texas, N.A.

                Bank of Texas Trust Company, National Association

All  subsidiaries  are  incorporated in Oklahoma,  with the exception of Bank of
Oklahoma, National Association,  Bank of Arkansas, National Association, Bank of
Texas, National Association,  Bank of Texas Trust Company, National Association,
and Bank of Albuquerque,  National Association which are chartered by the United
States  of  America;  Affiliated  Financial  Life  Insurance  Company,  which is
incorporated in Arizona;  Chaparral  Bancshares,  Inc., Park Cities  Bancshares,
Inc.,  Swiss Avenue State Bank,  BOSC Agency,  Inc.  (Texas) and BOK Real Estate
Trust,  which are  incorporated  in Texas;  BOK  Delaware,  Inc.  and  Chaparral
Delaware  which are  incorporated  in Delaware;  BOSC Agency,  Inc. (New Mexico)
which is  incorporated  in New  Mexico;  and Park Cities  Corporation,  which is
incorporated in Nevada.
