UMB Acquires Credit Card Portfolio from 5Star Bank
May 26 2010 - 7:19AM
Business Wire
UMB Bank, n.a., the lead bank of UMB Financial Corporation
(NASDAQ: UMBF), announces the acquisition of 5Star Bank’s credit
card portfolio. 5Star Bank is a provider of banking services for
Armed Forces Benefit Association (AFBA) a 63-year-old organization
of members of the uniformed services of the United States. The
agreement closed on April 26, 2010, and included $66 million in
assets and 63 agent bank credit card relationships. Terms of the
deal will not be disclosed.
“Our evaluation and due diligence of 5Star’s credit card
portfolio uncovered a near mirror image of UMB’s credit card
program,” said George Schmelzel, senior vice president of UMB
Credit Card Services. “So from the standpoint of service,
operations and customer base, this was a smart and easy decision
for us. But more importantly, the customers will continue to
experience the same level of service with UMB they have come to
expect from 5Star Bank.”
“After a rigorous RFP process, we could not be more pleased to
find a quality institution like UMB to transition our customers and
AFBA members,” said Michael League, chief executive officer of
5Star Bank. “We are confident they will find UMB to be a great
credit card provider.”
UMB has been active in the acquisition of high quality, credit
card portfolios and Schmelzel stated, “If it’s the right
opportunity for customers, our company and shareholders,
acquisition is a strategy we will pursue aggressively.”
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 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
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 @UMBFinancial.
About Five Star
Bank
5Star Bank is a $192 million asset organization headquartered in
Colorado Springs, Colo. The bank operates three branches with plans
to open two more locations this year. The bank offers a full range
of services to AFBA members and the Colorado Springs Community.
5Star Bank maintains an enviable market leading Total Risk Based
Capital Ratio of 46.9 percent. For more information visit us at
afba.com or 5StarBankUS.com.
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