UMB Financial Corporation is an American
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
holding company
A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
founded in 1913 as City Center Bank and based in
Kansas City, Missouri
Kansas City (abbreviated KC or KCMO) is the largest city in Missouri by population and area. As of the 2020 census, the city had a population of 508,090 in 2020, making it the 36th most-populous city in the United States. It is the central ...
. It offers a number of financial services from checking and savings accounts, credit services including home mortgages, auto loans, business loans and credit cards, to investing and wealth management, all are offered to individuals, companies and offers additional customization options for private wealth management.
In 2015, for the sixth straight year, UMB ranked as one of America's Best Banks by ''
Forbes
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...
'' and SNL Financial, based on eight financial measures of asset quality, capital adequacy and profitability. UMB operates banking and wealth management centers in Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and North Texas.
History
In 1919,
W.T. Kemper and Associates bought shares in City Center Bank, and
R. Crosby Kemper
Rufus Crosby Kemper Sr. (1892–1972) was an American banker. He is known for expanding City Center Bank, acquired by his father, from a three-man operation with $600,000 in deposits into UMB Financial Corporation, with $300 million in deposits, du ...
became the president of the company. In 1926, the bank built a six-story headquarters, adding a drive-up service window in 1928. In 1934, the bank was renamed City National Bank and Trust Company and moved to Kansas City's financial center. In 1959,
R. Crosby Kemper, Jr. (a third generation banker from the Kemper family) became president of the bank and led the installation of its first computer processing system. City National acquired several other banks over the years as banking laws changed. In 1969, it reorganized as a holding company, Missouri Bancshares, which changed its name to United Missouri Bancshares (UMB) in 1971.
In 1987, UMB acquired FCB Corp. and its three banks in
Southern Illinois
Southern Illinois, also known as Little Egypt, is the southern third of Illinois, principally along and south of Interstate 64. Although part of a Midwestern United States, Midwestern state, this region is aligned in culture more with that of th ...
. In 1992, UMB expanded into
Colorado
Colorado (, other variants) is a state in the Mountain West subregion of the Western United States. It encompasses most of the Southern Rocky Mountains, as well as the northeastern portion of the Colorado Plateau and the western edge of t ...
with the purchase of Valley Bank and National Bank of the West in
Colorado Springs
Colorado Springs is a home rule municipality in, and the county seat of, El Paso County, Colorado, United States. It is the largest city in El Paso County, with a population of 478,961 at the 2020 United States Census, a 15.02% increase since ...
. UMB acquired
Denver
Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the Unit ...
's Columbine National Bank in 1992, and in 1994, all of UMB's Colorado banks were merged into one entity, UMB Bank Colorado. To reflect its expansion outside of Missouri, UMB changed its name to the current UMB Financial Corporation in 1994. In 1995, UMB acquired Oklahoma Bank and its holding company, First Sooner Bancshares. That same year, UMB entered the online banking market in conjunction with Visa Interactive.
In 2001, UMB purchased Sunstone Financial Group Inc. and rebranded it to UMB Fund Services, Inc. It followed in 2002 with its purchase of State Street Bank & Trust Company of Missouri. In 2001 UMB also established Scout Investment Advisors Inc.
In February 2002, the UMB acquired naming rights to
St. Louis
St. Louis () is the second-largest city in Missouri, United States. It sits near the confluence of the Mississippi and the Missouri Rivers. In 2020, the city proper had a population of 301,578, while the bi-state metropolitan area, which e ...
'
Riverport Amphitheatre
The Hollywood Casino Amphitheatre (originally Riverport Amphitheatre and formerly the UMB Bank Pavilion and Verizon Wireless Amphitheater) is an outdoor concert venue in Maryland Heights, Missouri, near St. Louis.
History
The venue was built ...
and renamed it UMB Bank Pavilion. This agreement expired in 2006, after which Verizon Wireless purchased naming rights. In 2004, Peter deSilva became the president and Mariner Kemper became chairman and CEO of UMB Financial Corporation.
In June 2015, UMB acquired Marquette Financial Companies, which expanded its operations into the U.S states of Minnesota, Texas and Arizona.
As of December 2019, UMB has 91 branches located across eight U.S. states: Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas.
Lines of business
*Accounts Receivable Financing
*Commercial Banking and Lending
*Healthcare Services: Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA)
*Institutional Banking and Lending
*Personal Banking: Private Wealth Management and Consumer Banking
*Small Business Banking
*Transportation Finance
Subsidiaries
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 adviser that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.
*UMB Bank, National Association
*UMB Bank & Trust, National Association
*UMB Distribution Services, LLC
*UMB Financial Services, Inc.
*Marquette Asset Management, LLC
*Prairie Capital Management, LLC
*United Missouri Insurance Company
Recognition
* Ranked bank number 2 in the nation by ''Forbes'' (2009)
* Entered Congressional Record for excellent performance during the financial crisis (2010)
References
External links
UMB Bank websiteReuters profile
{{NASDAQ Financial-100
American companies established in 1913
Banks established in 1913
Financial services companies of the United States
Banks based in Missouri
Companies based in Kansas City, Missouri
Companies listed on the Nasdaq
Kemper family