UMB Financial Corporation

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UMB Financial Corporation
Public
Traded as NASDAQUMBF
S&P 400 Component
Industry Banking
Founded 1913 (current name in 1994)
Headquarters Kansas City, Missouri, U.S.
Key people
Mariner Kemper (CEO)
Mike Hagedorn[1]
Revenue $897 million (2015)[2]
$123 million (2015)[2]
Increase $166 million USD (2016)[2]
Total assets $19.094 billion (2015)[2]
Total equity $1,894 million (2015)[2]
Number of employees
3,887
Website www.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 complete banking, payment solutions, asset servicing and institutional investment management to customers.

In 2015, for the sixth straight year, UMB ranked as one of America's Best Banks by Forbes[3] and SNL Financial, based on eight financial measures of asset quality, capital adequacy and profitability. UMB operates banking and wealth management centers in Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas.

History[edit]

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 released its first online banking solution in conjunction with Visa Interactive.[4]

In 2001, Sunstone Financial Group Inc.,[8] which changed its name to UMB Fund Services], Inc. and in 2002 it closed on the purchase of State Street Bank & Trust Company of Missouri.[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 would expire in 2006, at which point it became Verizon Wireless Amphitheater. 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 Texas and Arizona.[13][14][15]

Lines of business[edit]

  • 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[edit]

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 Financial Corporation
  • 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

Recognition[edit]

  • Ranked bank number 2 in the nation by Forbes (2009)[16]
  • Entered Congressional Record for excellent performance during the financial crisis (2010)[17]

References[edit]

  1. ^ "Officers and directors". UMBfinancial.com. Retrieved January 27, 2016. 
  2. ^ a b c d e "UMB Financial Corporation Reports Fourth Quarter and Full-Year 2015 Results". snl.com. January 26, 2016. Retrieved January 27, 2016. 
  3. ^ "america's Best and Worst Banks". Forbes.com. December 22, 2014. 
  4. ^ a b c "Our history". Umb.com. 
  5. ^ "Personal Banking Services from UMB Bank". www.umb.com. Retrieved July 12, 2017. 
  6. ^ "Banking dynasty's new leading man". The Denver Post. 2005-06-10. Retrieved July 12, 2017. 
  7. ^ "UMB Buys First Sooner Bancshares". NewsOK.com. 1995-08-04. Retrieved July 12, 2017. 
  8. ^ "UMB Financial grows its Sunstone acquisition". www.bizjournals.com. Retrieved July 12, 2017. 
  9. ^ "UMB closes on State Street acquisition". www.bizjournals.com. Retrieved July 12, 2017. 
  10. ^ "UMB creates unit to manage advisory work for Scout Funds". www.bizjournals.com. Retrieved July 12, 2017. 
  11. ^ "UMB Bank acquires naming rights to Riverport Amphitheatre". www.bizjournals.com. Retrieved 2017-07-12. 
  12. ^ "Peter J. deSilva Joins UMB as President and Chief Operating Officer". www.businesswire.com. Retrieved July 12, 2017. 
  13. ^ "UMB Financial Corporation Finalizes Acquisition of Marquette Financial Companies". www.businesswire.com. Retrieved 2017-07-12. 
  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". Marketwatch.com. 15 December 2014. 
  15. ^ "UMB Financial (UMBF) Set to Acquire Marquette for $182.5M". Zacks.com. 16 December 2014. 
  16. ^ "Best Banks in America". Forbes. January 6, 2010. Retrieved 2015-03-27. 
  17. ^ "Congratualtions UMB" (PDF). Congressional Printing Office. March 24, 2010. Retrieved 2015-03-27. 

External links[edit]