UMB Financial Corporation Announces Increase in Common Stock and a Two-for-One Stock Split; Board of Directors Increases Quarte
April 25 2006 - 2:32PM
Business Wire
The Shareholders of UMB Financial Corporation (Nasdaq:UMBF) today
approved an amendment to the company's Articles of Incorporation
authorizing an increase in the company's authorized shares of
common stock from 33 million shares to 80 million shares.
Shareholders also elected Michael Chesser to the Board of
Directors. Mr. Chesser is the Chairman and CEO of Great Plains
Energy of Kansas City, Mo. An active member in the Kansas City
community, Mr. Chesser currently serves as a Trustee of the
University of Missouri-Kansas City and the Midwest Research
Institute (MRI). He also is a board member of the Heart of America
United Way. The Board of Directors subsequently declared a
two-for-one stock split of UMB Financial Corporation common stock
in order to broaden the distribution of the stock among investors
and to create a wider market for the stock, among other potential
benefits. The stock will be distributed on May 30, 2006, to
shareholders of record on May 16, 2006. The Board of Directors also
declared a dividend of $0.13 per share on the post-split shares,
which is an increase of 4 percent over the fourth quarter of 2005.
The dividend will be paid on July 3, 2006, to shareholders of
record on June 12, 2006. The Board of Directors also authorized the
repurchase of up to two million shares of the company's common
stock during the next 12 months. Shares purchased under the program
will be used for general corporate purposes and may be available
for re-issuance in connection with the company's stock plans and
dividend reinvestment plan. The company may repurchase the shares
from time to time in open market or privately negotiated
transactions at the company's discretion, and on such terms,
including, without limitation, quantity, timing and price, as
management may determine to be in the company's best interest. UMB
Financial Corporation is a multi-bank holding company headquartered
in Kansas City, Mo., offering complete banking and related
financial services to both individual and business customers
nationwide. Its banking subsidiaries own and operate 141 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, Wisconsin, a trust management company in South
Dakota, and single-purpose companies that deal with brokerage
services, consulting services and insurance. UMB was named one of
Business Week's "Web Smart 50" companies in 2005.
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