UMB Acquires St. Louis-based Chapman-Sander Insurance, Inc.
August 06 2009 - 5:34PM
Business Wire
UMB Scout Insurance Services, Inc., an affiliate of UMB
Financial Corporation (NASDAQ: UMBF), has signed a definitive
agreement to purchase the assets of Chapman-Sander, an
independently-owned insurance agency in St. Louis, Mo., in an
all-cash deal. Details of the transaction are not disclosed.
The agency will operate as an office of UMB Scout Insurance
Services and will retain the Chapman-Sander name. Ron Burlison will
remain in his role as president of Chapman-Sander, reporting to
Roger Forystek, president of UMB Scout Insurance.
“This is UMB’s first acquisition of an independent insurance
agency. Although UMB has offered insurance products for some time,
this indicates UMB’s focus on building a full range of insurance
services which includes the property and casualty side of
insurance,” said Forystek, president, UMB Scout Insurance Services.
“Insurance is a natural extension of UMB’s relationships in other
lines of business and fits with our strategy of building a diverse
financial services business model.”
Chapman-Sander employs about 20 associates who are expected to
be retained.
“Chapman-Sander customers and associates will benefit from the
security and strength of a healthy corporate parent like UMB,” said
Burlison, president, Chapman-Sander. “Our clients will have
additional insurance choices and resources through UMB, and this
provides us with the opportunity to expand and enhance our
customers’ experience. I am pleased that we also have a strong
cultural fit, making this a plausible business combination.”
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 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 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.
Visit umb.com for more company information.
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