UMB Financial Corporation to Acquire Mountain States Bancorporation
June 01 2006 - 9:21AM
Business Wire
UMB Financial Corporation (NASDAQ: UMBF) and Denver-based Mountain
States Bancorporation, Inc. today announced they have signed a
definitive agreement under which UMB Financial Corporation will
acquire Mountain States Bancorporation in an all-cash deal. UMB
Financial Corporation is the holding company of UMB Bank Colorado,
n.a. and Mountain States Bancorporation is the holding company of
Mountain States Bank. Following regulatory approval of the
transaction, anticipated in the fall of 2006, UMB Financial
Corporation will merge Mountain States Bank into UMB Bank Colorado,
n.a. Their combined deposits in the state of Colorado will be
approximately $658 million. UMB's analysis indicates this
acquisition will be accretive to Earnings Per Share in the first
year following the merger. Mountain States Bank has total assets of
$282 million and total deposits of $241 million, with non-interest
bearing deposits comprising 32.86% of total deposits as of December
31, 2005. "UMB and Mountain States Bank have foundations built on a
long history of service and quality. We could not pick a better
partner for our future in Colorado. Together, we tell even a more
compelling story, blending service with technology to deliver all
that any customer would ever want or need," said Mariner Kemper,
Chairman and CEO, UMB Financial Corporation. Following the merger
of operations, Mountain States Bank CEO Jeff Reder will become
President, Denver Metro East. He will be responsible for the Colfax
location, as well as current and future UMB locations in the
eastern part of the metro region. In addition, Will Schmidt will
become President, Denver Metro North & West with responsibility
for business development. "We are very excited about the
opportunities this transaction offers. It will immediately provide
a much larger suite of products and services for our customers and
additional locations to conduct business. The combination of these
organizations makes us more competitive and provides the
opportunity to grow more than we could on our own," said Will
Schmidt, President, Mountain States Bank. UMB Financial Corporation
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. Mountain States
Bancorporation Mountain States Bancorporation is a single bank
holding company headquartered in Denver, Colorado. Since 1947,
Mountain States Bank ("MSB") has provided traditional banking
services at the corner of East Colfax and Gilpin. In addition to
providing banking services from this location, the bank operates
three mobile branches to service commercial customers throughout
the Denver metropolitan area. MSB prides itself on developing
long-term banking relationships with commercial customers and
individuals who value these partnerships with a community bank.
Banking the way it should be. This release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements rely on a number of
assumptions concerning future events and are subject to risks and
uncertainties, which could cause actual results to differ
materially from those contemplated by the forward looking
statements in this press release and other public statements the
company may make. While management of UMB believes their
assumptions are reasonable, UMB cautions that changes in general
economic conditions, changes in interest rates, changes in the
securities markets, changes in operations, changes in competition,
technology changes, legislative or regulatory changes, the ability
of customers to repay loans, changes in loan demand and increases
in employee costs, and other risks and uncertainties detailed in
UMB's filings with the Securities and Exchange Commission, may
cause actual results to differ materially from those discussed in
this release. UMB has no duty to update such statements, and
undertakes no obligation to update or supplement forward looking
statements that become untrue because of new information, future
events or otherwise.
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