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UMB Financial Corporation (UMBF) is a prominent provider of comprehensive financial services catering to both individuals and institutions. As a financial services holding company, UMBF offers a wide range of banking, asset management, and health spending solutions. The company operates through its primary banking subsidiary, UMB Bank, N.A., which is a member of the FDIC and an Equal Housing Lender.
UMB Financial Corp’s operations extend across the United States with a strong presence in the Midwest and Southwest regions. UMB Bank and its affiliates provide an extensive array of services including commercial banking, personal banking, and wealth management. Additionally, UMB Financial Corp’s subsidiaries specialize in mutual fund services, alternative investments, brokerage services, and insurance, further diversifying its financial offerings.
The company's revenue is balanced between interest income and noninterest income, showcasing a well-diversified portfolio. UMBF’s asset management arm delivers tailored investment advisory services, helping clients manage their financial health and achieve their long-term goals. The health spending solutions provided by UMB Financial Corp are designed to assist customers in efficiently managing their healthcare expenses.
UMB Financial Corp has continually demonstrated robust financial health, with consistent growth in its asset base and revenue streams. The company maintains a strong commitment to community involvement and corporate responsibility, contributing to various social and economic development projects.
Recent achievements include the expansion of their digital banking platforms, enhancing customer experience and accessibility. UMB Financial Corp has also formed key partnerships with fintech companies to innovate and streamline its service offerings. These strategic initiatives reflect UMBF’s dedication to adapting to evolving market needs and technological advancements.
For the latest updates and developments regarding UMB Financial Corporation, visit the company’s news section on their official website or stay tuned to financial news platforms.
UMB Financial (Nasdaq: UMBF) will release its second quarter 2024 earnings results after market close on July 30, 2024. The company will host an investor conference call on July 31, 2024, at 8:30 a.m. (CT) / 9:30 a.m. (ET) to discuss these results. Interested parties can join the call by dialing the provided numbers and using access code 944750. A live webcast of the call will be available on UMB's investor relations website. A replay of the call will be accessible until August 14, 2024.
ACA Group, a leader in governance, risk, and compliance solutions, announced plans to acquire UMB Distribution Services, a unit of UMB Financial (Nasdaq: UMBF). Expected to close in Q4 2024, this acquisition will add over $48 billion in client assets to ACA's portfolio, expanding ACA Foreside's distribution leadership, which currently services $2 trillion in assets. The acquisition will enhance ACA's service offerings with a comprehensive suite of compliance and technology solutions. Financial terms were not disclosed.
UMB Financial (NASDAQ:UMBF) announced the pricing of an underwritten public offering of 2,800,000 shares of common stock at $75.00 per share, expected to generate approximately $201.6 million in net proceeds. The offering is set to close on May 1, 2024, with an option for the underwriters to purchase an additional 420,000 shares. UMB entered into a forward sale agreement with BofA Securities, with plans to physically settle the agreement in approximately 18 months. The proceeds will be used for general corporate purposes, including contributing Tier 1 capital into UMB Bank.
UMB Financial (Nasdaq: UMBF) has announced the acquisition of Heartland Financial USA, Inc. (Nasdaq: HTLF) in an all-stock transaction valued at $2.0 billion. This will increase UMB's total assets by more than 40% and expand its geographic footprint across 13 states. The deal, the largest in UMB's history, will create a regional banking powerhouse with $64.5 billion in assets, elevating it to the top 5% of publicly traded banks in the U.S. The transaction is expected to close in the first quarter of 2025.
UMB Financial reported first quarter 2024 net income of $110.3 million and net operating income of $120.7 million. Key highlights include GAAP net income of $110.3 million, average loans increased by 4.2% on a linked-quarter basis to $23.4 billion, average deposits increased by 10.4% to $33.5 billion, and noninterest income increased by 22.3% from the first quarter of 2023. Credit quality remained strong with net charge-offs at 0.05% of average loans.
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