UMB Bank n.a. Sells Trust Portfolio in Indianapolis Market
January 30 2012 - 10:39AM
Business Wire
UMB Bank, n.a., a subsidiary of UMB Financial Corporation,
(NASDAQ: UMBF) announced today the sale of its Indianapolis
corporate trust operations, which has served the Indiana area, to
U.S. Bank National Association. Terms of the transaction are not
disclosed.
UMB has operated in Indianapolis since 2008, and has been
pleased with the performance of the business line there, said Todd
Duncan, UMB executive vice president, Corporate Trust.
“However, with the ongoing changes in the capital markets and
corporate trust business, UMB’s corporate trust service model has
gravitated to a regional bank, full service model that requires the
support of commercial banking and other traditional banking
services, which UMB does not plan to build in the Indianapolis
area,” Duncan said. “We believe our corporate trust clients there
are best served by a national scope provider like U.S. Bank and are
pleased we can partner with U.S. Bank on this transaction."
“UMB is wholly committed to its traditional corporate trust
function in the seven states where it has cross-functional business
lines,” Duncan said. “UMB will continue to focus nationally on
business lines not directly related to state and local governments.
We are bullish about the corporate trust business long-term and are
focusing on building within our major markets.”
The transaction is expected to close on March 2, 2012 and
customers are being notified of the change in providers.
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 banking and wealth management 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 @UMBBank.
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