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UMB Financial Corporation

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UMB Financial Corporation
Company typePublic
Nasdaq: UMBF
S&P 400 Component
IndustryBanking
Founded1913; 111 years ago (1913)
HeadquartersKansas City, Missouri, U.S.
Key people
Mariner Kemper (Chairman, President & CEO)
Ram Shankar (CFO)
Jim Rine (CEO of UMB Bank)[1]
RevenueIncrease US$1.468 billion (2022)
Increase US$433.020 million (2022)[2]
Increase US$431.682 million (2022)[2]
Total assetsIncrease US$38.512 billion (2022)[2]
Total equityIncrease US$2.667 billion (2022)[2]
Number of employees
3,804 (2022)
Websitewww.umb.com

UMB Financial Corporation is an American financial services holding company founded in 1913 as City Center Bank and based in Kansas City, Missouri. It offers a number of financial services from checking and savings accounts, credit services including home mortgages, auto loans, business loans and credit cards, to investing and wealth management, all are offered to individuals, companies and offers additional customization options for private wealth management.[3]

UMB operates banking and wealth management centers in Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and North Texas.

History

In 1919, W.T. Kemper and Associates bought shares in City Center Bank, and R. Crosby Kemper became the president of the company. In 1926, the bank built a six-story headquarters, adding a drive-up service window in 1928. In 1934, the bank was renamed City National Bank and Trust Company and moved to Kansas City's financial center. In 1959, R. Crosby Kemper Jr. (a third generation banker from the Kemper family) became president of the bank and led the installation of its first computer processing system. City National acquired several other banks over the years as banking laws changed. In 1969, it reorganized as a holding company, Missouri Bancshares, which changed its name to United Missouri Bancshares (UMB) in 1971.[4]

In 1987, UMB acquired FCB Corp.[5] and its three banks in Southern Illinois. In 1992, UMB expanded into Colorado with the purchase of Valley Bank and National Bank of the West in Colorado Springs.[6] UMB acquired Denver's Columbine National Bank in 1992, and in 1994, all of UMB's Colorado banks were merged into one entity, UMB Bank Colorado. To reflect its expansion outside of Missouri, UMB changed its name to the current UMB Financial Corporation in 1994. In 1995, UMB acquired Oklahoma Bank and its holding company, First Sooner Bancshares.[7] That same year, UMB entered the online banking market in conjunction with Visa Interactive.[4]

In 2001, UMB purchased Sunstone Financial Group Inc. and rebranded it to UMB Fund Services, Inc. It followed in 2002 with its purchase of State Street Bank & Trust Company of Missouri.[8][9] In 2001 UMB also established Scout Investment Advisors Inc.[10]

In February 2002, the UMB acquired naming rights to St. Louis' Riverport Amphitheatre and renamed it UMB Bank Pavilion.[11] This agreement expired in 2006, after which Verizon Wireless purchased naming rights. In 2004, Peter deSilva became the president and Mariner Kemper became chairman and CEO of UMB Financial Corporation.[4][12]

In June 2015, UMB acquired Marquette Financial Companies, which expanded its operations into the U.S states of Minnesota, Texas and Arizona.[13][14][15]

In April 2017, the firm sold Reams Asset Management and Scouts Investments to Raymond James Financial for $172.5 million.[16]

As of December 2019, UMB has 91 branches located across eight U.S. states: Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. [17]

Lines of business

  • Accounts Receivable Financing
  • Commercial Banking and Lending
  • Healthcare Services: Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA)
  • Institutional Banking and Lending
  • Personal Banking: Private Wealth Management and Consumer Banking
  • Small Business Banking
  • Transportation Finance

Subsidiaries

Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment adviser that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.

  • UMB Bank, National Association
  • UMB Bank & Trust, National Association
  • UMB Distribution Services, LLC
  • UMB Financial Services, Inc.
  • Marquette Asset Management, LLC
  • Prairie Capital Management, LLC
  • United Missouri Insurance Company

References

  1. ^ "Officers & Directors". UMBfinancial. Retrieved June 2, 2021.
  2. ^ a b c d https://investorrelations.umb.com/news/default.aspx. {{cite web}}: Missing or empty |title= (help)
  3. ^ "UMB.com". Retrieved May 7, 2024.
  4. ^ a b c "UMB Investor Relations". UMB Financial.
  5. ^ "Personal Banking Services from UMB Bank". UMB Financial. Retrieved July 12, 2017.
  6. ^ "Banking dynasty's new leading man". The Denver Post. June 10, 2005. Retrieved July 12, 2017.
  7. ^ "UMB Buys First Sooner Bancshares". The Oklahoman. August 4, 1995. Retrieved February 7, 2019.
  8. ^ Mader, Becca (September 1, 2002). "UMB Financial grows its Sunstone acquisition". Milwaukee Business Journal. Retrieved February 7, 2019.
  9. ^ "UMB closes on State Street acquisition". St. Louis Business Journal. May 7, 2001. Retrieved February 7, 2019.
  10. ^ "UMB creates unit to manage advisory work for Scout Funds". Kansas City Business Journal. May 15, 2001. Retrieved February 7, 2019.
  11. ^ "UMB Bank acquires naming rights to Riverport Amphitheatre". St. Louis Business Journal. February 13, 2002. Retrieved February 7, 2019.
  12. ^ "Peter J. deSilva Joins UMB as President and Chief Operating Officer" (Press release). UMB Financial. January 19, 2004. Retrieved February 7, 2019 – via Business Wire.
  13. ^ "UMB Financial Corporation Finalizes Acquisition of Marquette Financial Companies" (Press release). UMB Financial. June 1, 2015. Retrieved February 7, 2019 – via Business Wire.
  14. ^ "UMB Financial Corporation Announces Agreement to Acquire Marquette Financial Companies for $182.5m, Expanding Presence in Key Texas and Arizona Markets; Will Add Two Specialty-Lending Businesses, Asset-Management Firm" (Press release). UMB Financial. December 15, 2014 – via MarketWatch.
  15. ^ "UMB Financial (UMBF) Set to Acquire Marquette for $182.5M". Zacks Equity Research. December 16, 2014.
  16. ^ "Raymond James to pay $172M for Scout Investments". 20 April 2017.
  17. ^ "UMB Bank Fact Sheet" (PDF). UMB Financial. Retrieved September 6, 2020.
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