Exhibit 21

BOK FINANCIAL CORPORATION

SUBSIDIARIES OF THE REGISTRANT

Banking Subsidiaries

Bank of Albuquerque, National Association (1)

Bank of Arkansas, National Association (1)

Bank of Oklahoma, National Association (1)

Bank of Texas, National Association (1)

Colorado State Bank and Trust, National Association (1)

Bank of Arizona, National Association (1)

Bank of Kansas City, National Association (1)

Other subsidiaries of BOK Financial Corporation

BOK Capital Services Corporation

BOKF Capital Corporation

BOSC, Inc.

BOKF Equity, LLC

BOKF Private Equity, LP

Private Equity Limited Partnership II

Lakeland Operating Company

Worth Bancorporation, Inc. (2)

BOKC Real Estate Corporation

BOKF Special Assets I, LLC

BOKF – CS (Newco Valves) LLC

BOKF – CS (Global Holdings) LLC

BPE Consulting Group, LLC

BOKF – CC (Aimbridge) LLC

Subsidiaries of Bank of Oklahoma, N.A.

Affiliated BancServices, Inc.

Affiliated Financial Holding Company

Affiliated Financial Insurance Agency, Inc.

BancOklahoma Agri-Service Corporation

BancOklahoma Mortgage Corporation

BOK Delaware, Inc. (3)

BOKF 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

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

Southwest Trust Company, National Association (1)

NGV Investment Fund LLC

MetaMarkets Preferred Series NGV

NGV Fleet Leasing I LLC

1155 W. 5th Avenue, LLC

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