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UMB Healthcare Services Acquires HSA/MSA Business from Benefit Administrators

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  Published in Business and Finance on Thursday, January 22nd 2009 at 8:23 GMT, Last Modified on 2009-01-22 08:24:46 by Market Wire
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KANSAS CITY, Mo.--([ BUSINESS WIRE ])--UMB Healthcare Services, a division of [ UMB Financial Corporation ] (NASDAQ: UMBF), announces the acquisition of health spending accounts from California-based Benefit Administrators, a division of E.G. Lee & Company Insurance Services, Inc. While financial terms will not be disclosed, the arrangement includes 315 Health Savings Accounts (HSAs) and 308 Medical Savings Accounts (MSAs) with total assets of $3.6 million. Final transfer of the accounts was initiated earlier this month.

"Our health care experience, financial strength, and customer service reputation is what made this transaction possible," said Dennis Triplett, president of UMB Healthcare Services. "We have the ability to aggressively explore growing our business through acquisition as we witness more financial and health care companies seeking solutions and support in outsourcing their health spending custodial business."

"In efforts to provide our accountholders with economies of scale along with enhanced administrative services, we are excited about the transition to UMB Healthcare Services," said Ernest G. Lee, president of Benefit Administrators. "UMB has clearly demonstrated their commitment to the consumer health financial services model."

Since the inception of Medical Savings Accounts in the late 1990's, UMB Healthcare Services has been a leading financial custodian for the health care industry. Today, UMB supports HSAs, FSAs and HRAs, and in conjunction with First Data was the first banking partner to provide multi-purpose card technology for the health care industry.

For more information, please contact [ UMB Healthcare Services ] at 816.860.7428 or [ HSAsales@umb.com ].

Funds in an HSA Base Account are held at UMB Bank, n.a., Member FDIC.

About UMB:

UMB Financial Corporation (NASDAQ: UMBF) is a multi-bank holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to both individual and business customers nationwide. Its banking subsidiaries own and operate 136 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include an investment services group based in Milwaukee, Wis., single-purpose companies that deal with brokerage services and insurance, and registered investment advisors for proprietary mutual funds.

About Benefit Administrators:

Benefit Administrators is a third party administrator, division of E.G. Lee & Company Insurance Services, Inc. headquartered in Lafayette, CA offering employer sponsored pre-tax administrative services and employee benefit consulting since 1983. The employee benefit operation is licensed to transact business in over 40-plus states with emphasis in consumer-directed health initiatives.