Exhibit 21

BOK FINANCIAL CORPORATION

SUBSIDIARIES OF THE REGISTRANT

Banking Subsidiaries

BOKF, National Association (1)

Other subsidiaries of BOK Financial Corporation

BOK Capital Service Corporation

BOKC Real Estate Corporation (6)

BOKF Capital Corporation

BOKF-CC (FSE), LLC

BOKF-CC (Collision Works), LLC

BOKF-CC (Heartland), LLC

BOKF-CC (O2 Concepts), LLC

BOKF Equity, LLC

BOKF Private Equity Limited Partnership

BOKF Private Equity Limited Partnership II

BOK Financial Securities, Inc.

Cavanal Hill Distributors, Inc.

HFP II, LLC

The Milestone Group, Inc. (5)

Subsidiaries of BOKF, National Association(1)

Affiliated BancServices, Inc.

Affiliated Financial Holding Co.

Affiliated Financial Insurance Agency, Inc.

BancOklahoma Agri-Service Corporation

BancOklahoma Mortgage Corporation

BOK Delaware, Inc. (3)

BOK Financial Asset Management, Inc. (2)

BOK Financial Equipment Finance, Inc.

BOK Funding Trust (3)

BOKFCDF Fund I, LLC

BOKF Community Development Fund, LLC

BOKF Community Development Corporation

BOKF Petro Holding, LLC

BOKF Special Assets I, LLC

BOSC Agency, Inc. (Oklahoma)

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

BOSC Agency, Inc.. (Texas) (2)

Calicotte Ranch HOA, LLC

Cavanal Hill Investment Management, Inc.

Cottonwood Valley Ventures, Inc.

CVV Management, Inc.

CVV Partnership, an Oklahoma General Partnership

Oklahoma New Markets Fund I, LLC

Oklahoma New Markets Fund II, LLC

Oklahoma New Markets Fund III, LLC

Oklahoma New Markets Fund IV, LLC

Ottawa Land Partners, LLC (6)

Pacesetter Leasing Company

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 Kansas