UMB Bank Offers Advice on Banking Relationships During Current Economic EnvironmentBrad Smith, Executive Vice President, UMB Ban
August 27 2008 - 1:04PM
Business Wire
With the overwhelming daily attention to the challenges of today�s
economy, apprehension and uncertainty is influencing consumer
confidence. From gas pump to grocery aisle, consumer pocketbooks
continue to feel the strain of tighter economic conditions. Yet
another indication of financial pressures is portrayed in a recent
USA Today article that states home equity lines of credit (HELOC)
delinquencies have hit an 11-year high. Although this may appear
alarming, there are also many homeowners with strong banking
relationships who do not, and will not, fall into this category.
Sound planning and education conducted before entering into a HELOC
play an integral part in this as well as continuing loan
evaluation. A reliable and trusted banking partner can help
homeowners avoid financial pitfalls. �As the industry continues to
experience increases in loan charge-offs, researching your
financial institutions� safety and soundness is essential to
ensuring you and your investments are not at risk,� UMB executive
vice president of Consumer Services Brad Smith said. �There are
banks, like UMB, that are not dealing with problem loans because of
high credit standards and abiding by a policy that protects
customer�s best interest and properly qualifies them.� As with any
loan product, consumers should consistently examine short- and
long-term responsibilities, and determine whether or not they can
comfortably manage these in all economic times. With help from
responsible financial advisors, this process can be accurately
analyzed and explained with confidence. �Our time-tested, proven
approach of maintaining the consumer�s best interest not only
mitigates their risk, but ours as well,� Smith said. �Taking a
variety of factors into consideration, we may not advise every
client that is interested in taking out a HELOC to do so. This
approach has proven successful as we have zero HELOC defaults and
have seen no increase in delinquencies; in actuality, we have
experienced an increase in customers seeking our financial
assistance.� 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 135 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.
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