UMB Financial Corporation Reviews

UMB Financial Corporation


This article explains all you need to know about UMB Financial Corporation.

About UMB Financial Corporation 

UMB Financial Corporation, formerly known as City Center Bank, is an American financial services holding company based in Kansas City, Missouri, that was formed in 1913 as City Center Bank. A variety of financial services, including checking and savings accounts, credit services such as home mortgages, auto loans, business loans and credit cards, as well as investing and wealth management, are available to individuals and businesses alike. It also provides additional customization options for private wealth management. 

UMB Financial Corporation History 

United Merchant Bank was named one of America’s Best Banks by Forbes and SNL Financial for the sixth consecutive year in 2015. The rankings are based on eight financial measures, such as asset quality, capital adequacy, and profitability. Bank of Missouri and Bank of Illinois operate banking and wealth management centers throughout Missouri and Illinois as well as Colorado and Kansas as well as Nebraska, Arizona, and North Texas. 

City Center Bank was founded in 1919 by W.T. Kemper and Associates, and R. Crosby Kemper was appointed as the bank’s president in the following year. In 1926, the bank constructed a six-story headquarters, which was later expanded to include a drive-up service window in 1928. The bank was renamed City National Bank and Trust Company in 1934, and it relocated to the heart of Kansas City’s financial district. In 1959, R. Crosby Kemper, Jr. (a third generation banker from the Kemper family) was appointed president of the bank, and he oversaw the installation of the bank’s first computer-based processing system in 1960. As banking regulations changed throughout the years, City National purchased a number of other financial institutions. United Missouri Bancshares (UMB) was established as a holding company in 1969, and it changed its name to United Missouri Bancshares (UMB) the following year. 

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FCB Corporation and its three banks in Southern Illinois were purchased by UMB in 1987. The purchase of Valley Bank and National Bank of the West in Colorado Springs in 1992 marked the beginning of UMB’s expansion into the state of Colorado. Columbine National Bank, based in Denver, was acquired by United Merchant Bank in 1992, and in 1994, all of United Merchant Bank’s Colorado banks were combined into a single company known as UMB Bank Colorado. UMB Financial Corporation was established in 1994 as a result of the company’s expansion outside of Missouri and to better reflect this expansion. Oklahoma Bank and its holding firm, First Sooner Bancshares, were bought by United Merchant Bank in 1995. On September 9, 2009, UMB launched an online banking service in partnership with Visa Interactive. In 2001, UMB acquired Sunstone Financial Group Inc., which was then rebranded as UMB Fund Services, Inc. It followed this up with the purchase of State Street Bank & Trust Company of Missouri in the year 2002. Scout Investment Advisors Inc. was founded by the University of Manitoba in 2001. 

It was in February 2002 that the UMB bought naming rights to the Riverport Amphitheatre in St. Louis, which was christened the UMB Bank Pavilion. It was decided that this deal would end in 2006, and Verizon Wireless obtained the name rights. UMB Financial Corporation was founded in 2004 by Peter deSilva, who was appointed president, and Mariner Kemper, who became chairman and CEO. 

UMB bought Marquette Financial Companies in June 2015, allowing the company to expand its operations into the states of Minnesota, Texas, and Arizona in the United States.  

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Commercial Banking and Lending 

* Accounts Receivable Financing

* 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 

* Transportation Finance 

* Transportation Finance 

Subsidiaries 

Mutual fund and alternative investment services groups, single-purpose companies that provide brokerage services and insurance, and a registered investment adviser that manages the company’s proprietary mutual funds and investment advisory accounts for institutional customers are among the subsidiaries of the holding company and the lead bank, UMB Bank.

* UMB Bank, National Association is a financial institution. 

* United Missouri Insurance Company 

* UMB Bank & Trust, National Association 

* UMB Distribution Services, LLC 

* UMB Financial Services, Inc. 

* Marquette Asset Management, LLC 

* Prairie Capital Management, LLC 

* UMB Financial Services, Inc. 

* United Missouri Insurance Company

UMB Financial Corporation: Conclusion 

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