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UMB Completes Conversion of Citadel Bank in Colorado Springs

^{Published on 2009-02-26 10:10:18, Last Modified on 2009-02-26 10:11:02 - Market Wire}
 

KANSAS CITY, Mo.--([ BUSINESS WIRE ])--UMB Financial Corporation (NASDAQ: UMBF) announces the final steps in the conversion of Citadel Bank (Citadel) to UMB Bank Colorado, n.a. are complete. UMBF is the holding company of UMB Bank Colorado, n.a., and Citadel is a subsidiary of Citadel Bancorporation.

Now that the merger of operations is final, Citadel banking centers will reopen on March 2 as UMB Bank locations, complete with the company branding, services and products. The combined deposits in the Colorado Springs market will be approximately $229 million, increasing UMB's deposit market share ranking for the area from nine to six. This acquisition brings UMB Colorado's total deposits statewide to $773 million.

"We look forward to serving former Citadel customers and introducing them to the strength and stability of UMB," said Chairman and Chief Executive Officer Mariner Kemper. "This transaction has allowed us to expand further into the marketplace, which enhances our distribution network to customers, as well as positioning UMB for long-term success in the marketplace."

Under the newly merged operations, Citadel Chairman Gary Whitlock will serve as Vice Chairman for the Colorado Springs region, and UMB's Gar Anneler will continue serving as the Community Bank President for the Colorado Springs region.

UMB Financial Corporation

UMB Financial Corporation (NASDAQ: UMBF) is a financial services 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. Visit [ umb.com ] for more company information.