Exhibit 21

BOK FINANCIAL CORPORATION

SUBSIDIARIES OF THE REGISTRANT

Banking Subsidiaries

BOKF, National Association (1)

Other subsidiaries of BOK Financial Corporation

BOK Capital Services Corporation

BOKF Capital Corporation

BOSC, Inc.

Cavanal Hill Distributors, Inc.

BOKF Equity, LLC

BOKF Private Equity, LP

BOKF Private Equity Limited Partnership II

Lakeland Operating Company, LLC (6)

BOKC Real Estate Corporation (7)

BOKF - CS (Newco Valves), LLC

BOKF - CS (Global Holdings), LLC

BPE Consulting Group, LLC

BOKF - CC (Aimbridge), LLC

BOKF - CC (FSE), LLC

BOKF - CC (QAA), LLC (3)

Quality Aircraft Accessories Holding Corporation (3)

Quality Aircraft Accessories, Inc. (3)

The Milestone Group, Inc. (5)

Subsidiaries of BOKF, National Association (1)

Affiliated BancServices, Inc.

Affiliated Financial Holding Company

Affiliated Financial Insurance Agency, Inc.

BancOklahoma Agri-Service Corporation

BancOklahoma Mortgage Corporation

BOK Delaware, Inc. (3)

BOK Financial Equipment Finance, Inc.

BOK Funding Trust (3)

BOSC Agency, Inc. (Oklahoma)

BOSC Agency, Inc. (New Mexico) (4)

BOSC Agency, Inc. (Texas) (2)

CVV Management, Inc.

CVV Partnership, an Oklahoma General Partnership

Callicotte Ranch HOA, LLC

Cottonwood Valley Ventures, Inc.

Pacesetter Leasing Company

BOKF Community Development Fund, LLC

BOKF Community Development Corporation

Cavanal Hill Investment Management, Inc.

Oklahoma New Markets Fund I, LLC

Oklahoma New Markets Fund II, LLC

Oklahoma New Markets Fund III, LLC

Oklahoma New Markets Fund IV, LLC

NGV Investment Fund LLC

NGV Fleet Leasing I LLC

1155 West 5th Avenue, LLC

BOKF Special Assets I, LLC

BOKFCDF Fund I, LLC

4525 - 4527 Fairway, LLC

MBM Advisors, Inc. (2)

All Subsidiaries listed above were incorporated in Oklahoma, except as noted.

(1) Chartered by the United States Government

(2) Incorporated in Texas

(3) Incorporated in Delaware

(4) Incorporated in New Mexico

(5) Incorporated in Colorado

(6) Incorporated in California

(7) Incorporated in Kansas