Business & Finance
Wed, February 1, 2012
KANSAS CITY, Mo.--([ BUSINESS WIRE ])--UMB Bank, n.a., a subsidiary of [ UMB Financial Corporation ], (NASDAQ: UMBF) announced today the sale of its Indianapolis corporate trust operations, which has served the Indiana area, to U.S. Bank National Association. Terms of the transaction are not disclosed.
"We believe our corporate trust clients there are best served by a national scope provider like U.S. Bank and are pleased we can partner with U.S. Bank on this transaction."
UMB has operated in Indianapolis since 2008, and has been pleased with the performance of the business line there, said Todd Duncan, UMB executive vice president, Corporate Trust.
aHowever, with the ongoing changes in the capital markets and corporate trust business, UMBas corporate trust service model has gravitated to a regional bank, full service model that requires the support of commercial banking and other traditional banking services, which UMB does not plan to build in the Indianapolis area,a Duncan said. aWe believe our corporate trust clients there are best served by a national scope provider like U.S. Bank and are pleased we can partner with U.S. Bank on this transaction."
aUMB is wholly committed to its traditional corporate trust function in the seven states where it has cross-functional business lines,a Duncan said. aUMB will continue to focus nationally on business lines not directly related to state and local governments. We are bullish about the corporate trust business long-term and are focusing on building within our major markets.a
The transaction is expected to close on March 2, 2012 and customers are being notified of the change in providers.
About UMB:
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 commercial, institutional and personal customers nationwide. Its banking subsidiaries own and operate banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. 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 advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers. For more information, visit umb.com or follow us on Twitter at @UMBBank.
