Blog

Learn the Rules of “CHES”

  |  Posted by

Although many people consider home ownership to be part of the American Dream, home ownership rates have been lagging across the nation. At the end of 2016, the national home ownership rate was 63.7%, a drop of more than five percent from 2006 when the national home ownership rate was 68.9%.*

While there are some obvious economic conditions driving this trend, there are a number of additional contributing factors that vary among demographic groups. Analysis of 2015 mortgage application trends demonstrates that low- and moderate-income applicants in the state of Missouri are more than one and one half times more likely (4.3% vs. 2.6%) than middle- and upper-income applicants to be turned down for a home loan due to their credit history.

Recognizing this challenge, UMB is working with Credit & Homeownership Empowerment Services, Inc. (CHES, Inc.), a Kansas City-based non-profit credit-counseling organization. UMB will provide sponsorships to qualified referrals, making the six-month CHES, Inc. program—valued at $694—available to participants at a deeply discounted total cost of only $55.

Continue Reading

Through UMB’s sponsorship, low- and moderate-income applicants who didn’t credit qualify for a mortgage purchase loan will have the opportunity to participate in consumer credit education and credit restoration services provided by CHES, Inc., which is a U.S. Department of Housing and Urban Development (HUD) housing, financial education and credit counseling organization.

The program provides access to a financial counselor who can help address the individual’s unique financial situation, with the goal of achieving long-term financial and home ownership success. While no one can guarantee the results of participation, UMB’s sponsorship of program participants is broadening the pathway to home ownership for low- and moderate-income individuals in Kansas City.

“We’ve seen many clients transform their lives in a short period of time and we’re excited to be working with UMB to continue this work in the community,” said Coley Williams, President and CEO of CHES, Inc.

*Statistical information contained within this post was compiled from the 2015 Home Mortgage Disclosure Act data available at www.consumerfinance.gov/data-research/hmda/‡ and the Current Population Survey/Housing Vacancy Survey, Series H-111, U.S. Census Bureau, Washington, DC 20233.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.pulation Survey/Housing Vacancy Survey, Series H-111, U.S. Census Bureau, Washington, DC 20233.


Zach Wentz joined UMB in 2015 as fair and responsible banking manager. In this role, Zach manages UMB’s compliance with federal banking laws such as the Community Reinvestment Act (CRA), Equal Credit Opportunity Act, Fair Housing Act, and Unfair, Deceptive, Abusive Acts and Practices (UDAAP). He holds a Bachelor of Science degree in business finance from the University of Nebraska – Lincoln and is a graduate of the North Carolina School of Banking.



Leave a Comment

Tagged: ,

How to Prepare for Ag Challenges in 2017

  |  Posted by

For those in the ag business, it’s no secret that 2015 and 2016 were challenging years. And 2017 is looking like it might follow suit. In an industry known for its optimism, you could be hard-pressed to find anyone overly positive about what lies ahead this year.

Producers, in particular, are going to face more challenges in 2017 given the current commodity prices and over supply of crops. In light of those challenges, here are a few steps they can take to prepare for 2017 and beyond.

1. Know Your Numbers: As lenders work with you to project what the next year will look like, it will help to be prepared with key data points, including:

  • Planting intentions – Know your acres, crop type and fertilizer application plans
  • Working capital needs – Know what is changing and ways to improve working capital
  • Break-even analysis – Know your input costs, conservative bushel projections and sales triggers
  • Expense management – Know what specific changes are being made in your operation to endure lower prices and what further trimming can be done
  • Balance sheet basics – Have a good understanding of your current amount of working capital, overall debt-to-equity ratio and value of unencumbered real estate
Continue Reading

2. Be a Tough Negotiator: With the significant price changes in the grain complex, those who sell to farmers are having a harder time making the next sale. This means you have an opportunity to attain better prices when you spend money.

  • Cash rents – In general, landowners will need to make some concessions on cash rents. Be willing to negotiate but not afraid to walk away if the math doesn’t work for you at renewal time.
  • Equipment – There are definitely deals to be had on used iron, but only do what makes sense for your operation. Also, aggressive lease terms are being offered and in many cases may lower cost, or improve cash flow, throughout your operation.
  • Basic purchases – Those who sell you crop insurance, seed, fertilizer, chemical, parts, equipment and more will need to know that farmers are carefully weighing each purchase. Loyalty to such suppliers is wonderful but it is also okay to encourage competition for your spending dollars.

3. Sell Items that Aren’t Contributing: The truth is there are some things that just need to go. Whether it is a poor piece of land that isn’t producing, a tractor that might not be essential or a trailer that is collecting dust, take stock of what you have and determine what needs to go.

During this period in which some producers will have limited working capital and struggle to service debt, it is imperative to critically examine your assets. Working capital and liquidity have become – and will continue to be – critically important in the coming years. Any asset sale that bolsters your liquidity position will improve your ability to endure the current commodity prices and thriving as we look forward to better days.


Lance Albin is vice president, agribusiness commercial lending officer at UMB Bank and has more than nine years of experience in agriculture financing. He has a master’s degree in business administration from Fort Hays State University. UMB Bank is one of the Top 25 Farm Lenders in the United States serving farmers/ranchers, producers, processors, manufacturers and dealers throughout the Midwest and Mississippi Delta regions.



Leave a Comment

Tagged: , ,

Meet the Leadership: Dana Abraham, President of Personal Banking

  |  Posted by

UMB prides itself on being a financial institution with a heartbeat that embraces the diversity of our associates. In honor of women’s history month, we’d like to introduce you to Dana Abraham.

Dana’s father inspired her to be a leader, her small business owner mother influenced her commercial banking roots and several mentors helped to shape her career. Learn more about what inspires the President of our Personal Banking Team.

Continue Reading

UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



Leave a Comment

7 Tips to Prevent Tax ID Fraud

  |  Posted by

As the 2017 tax season gets underway, it’s a good idea to take extra precaution to prevent exposure to tax fraud. As we saw in 2016, criminals are using new and innovative methods to try to gain your trust or scare you into lowering your defenses and making a costly mistake. These tactics have continued‡ into 2017.

Tax identity fraud takes place when a criminal files a false tax return using a stolen Social Security number in order to fraudulently claim a refund. Identity thieves generally file false claims early in the year and victims are unaware until they file a return and learn one has already been filed in their name.

To help prevent tax ID fraud, the Federal Trade Commission (FTC) ‡ and Internal Revenue Service (IRS) ‡ offer the following tips:

  • File early – File your tax return as soon as you have all of your documentation giving criminals less time to use your information to file a false return.
  • File on a protected Wi-Fi network – If you’re using an online service to file your return, be sure you’re connected to a password-protected personal network. Avoid using public networks like a Wi-Fi hotspot at a coffee shop.
  • Use a secure mailbox. If you’re filing by mail, mail your tax return at the post office or an official postal box instead of your mailbox at home. Some criminals look for completed tax return forms in home mailboxes during tax season.
Continue Reading
  • Find a tax preparer you trust. If you’re planning to hire someone to do your taxes‡, get recommendations and research a tax preparer thoroughly before handing over all of your financial information.
  • Shred what you don’t need. Once you’ve completed your tax return, shred the sensitive documents that you no longer need and safely file away the ones you do.
  • Beware of phishing scams by email, text or phone. Scammers may try to solicit sensitive information by impersonating the IRS‡. Know that the IRS will not contact you by email, text or social media. If the IRS needs information, they will contact you by mail first.
  • Keep an eye out for missing mail. Fraudsters look for W-2s, tax refunds or other mail containing your financial information. If you don’t receive your W-2s, and your employer indicates they’ve been mailed, or it looks like it has been previously opened upon delivery, contact the IRS immediately‡.

If you believe you’re a victim of tax identity theft or if the IRS denies your tax return because one has previously been filed under your name, you should:

  • Alert the IRS Identity Protection Specialized Unit at 1-800-908-4490
  • Respond immediately to any mailed IRS notice and complete IRS Form 14039‡, Identity Theft Affidavit
  • Contact your bank immediately, to determine if any accounts have been opened without your permission or if your current accounts have been tampered with
  • Contact the three major credit bureaus to place a fraud alert on your credit records:
  • Continue to pay your taxes and file your tax return, even if you must do so by paper

More information about tax identity theft is available from the FTC at ftc.gov/taxidtheft‡ and the IRS at irs.gov/identitytheft‡. To learn more ways to keep yourself protected online, visit UMB’s Security & Privacy page.

Content adapted from the American Bankers Association (ABA).

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



Leave a Comment

Tagged: , ,

UMB’s History: Women take on new roles at the bank

  |  Posted by

During World War II, more than 16.3 million people served in the United States armed forces, 10 million were men drafted into service. At home, women filled the jobs that were normally filled by men. Women moved into traditionally male dominated occupations, including banking.

In 1942, for the first time in its history, City National Bank (which would become UMB Bank) placed a woman in the bookkeeping department. Up until then, all of the bookkeepers, tellers and most of the associates working in the transit department were men.

Today, women serve in a multitude of management and leadership roles inside nearly every business line and department within UMB.

In honor of women’s history month every Wednesday in March we’ll be featuring some of the women that are now in those leadership roles.

Continue Reading

UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



Leave a Comment

February’s special anniversary

  |  Posted by

Valentine’s Day has always been a favorite of associate Jan H. But in Feb. 2010 the day of hearts took on new meaning for her when she had heart surgery to replace her aortic valve. She now uses her story to spread heart awareness to others.

“Since finding out about my ailment, which is actually a birth defect, I always try to provide awareness to others, particularly on Go Red Day, about heart disease and stroke dangers. Since I began sharing this information, I have found others with the same issue and feel very fortunate to be part of the Survivors Club. My colleagues make these time of year even more special by always remembering me on Go Red for Women Day.


Personally, I also have a great cardiologist who takes care of my heart and great friends and a loving husband who all make each year better and better. I am very blessed!

Continue Reading

UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



Leave a Comment

St. Louis Snapshot: Q&A with Peter Blumeyer

  |  Posted by

In the early months of the year, bankers are looking ahead and considering challenges the industry might face as well as where the industry could be going. The Risk Management Association recently hosted a Bank Presidents’ Fireside Chat to gain insight and industry perspectives for 2017. Following are a few of the comments shared by UMB Bank St. Louis President Peter Blumeyer, who served as one of the panelists.

What is your outlook for the year?

As we begin 2017, the banking industry is very competitive. We believe C&I, manufacturing and distribution will be the most competitive industries for lending this year. We have set high goals and will work very hard to compete in this market. We will also keep a keen eye on the talent in the market. We want to ensure we hire people who can compete in this industry while providing them a fruitful career.

How has UMB Bank dealt with the extended period of extremely low interest rates?

We continue to operate in a sustained low interest rate environment that has impacted our net interest margin and continues to challenge our industry. However, we have actively positioned UMB to benefit as rates begin to rise. As a result, whenever the Federal Reserve does drive the short end of the rate curve higher, the nimble position of our earning assets is expected to produce a lift in interest income. We have a solid balance sheet and take pride in our extraordinary credit quality and are well positioned for when interest rates begin to move up.

Are there any new trends developing, positive or negative, in lending?

One negative trend we are experiencing is aggression. As mentioned above, the market is very competitive as every bank looks for new deals and areas to grow. We are seeing customers hone in on the aggressive competitive nature. They might ask for more money with a lower rate or try and compare different term sheets. This can work in their favor as they search for the best rate, but it’s also a risky situation. If a customer tries to piecemeal a deal, it might not be very attainable for the banker to create.

A positive trend is the market is healing. We are slowly coming back from the recession, which is very exciting. Companies have access to the money they need to grow their business and perform their capital expenditures. This is even better for our economy as more growth is added to St. Louis. It is encouraging to see, and at UMB, we are excited to support this growth.

Continue Reading

UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



Leave a Comment

Tagged: , , ,

CEO Corner: UMBF Earnings Summary

  |  Posted by

Earnings infographicOur recent earnings report reflected our financial performance in 2016’s fourth quarter and a snapshot of the full year. I’m pleased to share some high-level results, and call out a few important points.

Here are some key points that were particularly noteworthy for us:

  1. We had a great fourth quarter, with net income of $42.9 million, and $158.8 million for the full year. That reflects record annual net income, which increased nearly 37 percent from 2015, double-digit year-over-year loan growth, and perhaps most importantly, continued improvement in our profitability metrics.
  2. During 2016, we fully integrated our acquisition of Marquette and grew the combined customer base with average loans increasing 12.5 percent. The acquisition doubled our presence in the Arizona and Texas regions, driving a significant part of that loan growth.
  3. We continued our progress in optimizing our balance sheet by shifting earning assets into loans. The results can be seen in our improving net interest margin (NIM), which in the fourth quarter, increased 24 basis points from a year ago to 3.00 percent. This was driven by loan volumes and by a more optimal asset mix.
Continue Reading

Last year was certainly an interesting year for our industry, with the continued low-rate outlook turning to a more positive sentiment almost overnight following the election. While it’s too early to predict what a potentially new economic and regulatory environment could mean for UMB, some of the potential changes that have been suggested could prove beneficial.

Suffice it to say, we are listening to the discussions and different thoughts regarding what may or may not come to fruition, and we look forward to seeing what 2017 holds for the industry and the economy. That said, our path in the year ahead is to maintain focus on our key priorities.

I am very proud of the progress we made in 2016 and look forward to working with all our associates in providing our customers with another excellent year of service and partnership.

Read more in American Banker, UMB Financial profit rises on double-digit loan growth‡.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mariner is the chairman and chief executive officer of UMB Financial Corporation and UMB Bank, n.a. He joined UMB in 1997. Mr. Kemper is active in both civic and philanthropic endeavors. One of the causes he is most passionate about is the arts. He currently serves as a trustee and executive committee member for the Denver Art Museum and is a past board member for The Arts Council of Metropolitan Kansas City.



Leave a Comment

Tagged: , , ,

Our Guiding Principles

  |  Posted by

What is true today, was true 103 years ago when our organization was formed. Doing what is right, and serving the needs of those that choose our company, have always been our guiding principles. From 1887 when William T. Kemper started as an assistant cashier at the Rufus Crosby Valley Falls Bank of Deposit in Kansas, banking has been in our blood.

Five generations later we are still passionate about those founding principles, and every day we strive to deliver on our value of providing the unparalleled customer experience. Our journey started more than a century ago as the City National Bank. As we build on what came before, we honor our past as we shape our future.

Check out this video, and watch for more posts that share an inside look at our history, culture, people and business approach.

 

Continue Reading

UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



Leave a Comment

Tagged: , , ,

The Anatomy of a Romance Scam

  |  Posted by

It’s important to be wary of scammers looking to use emotion to get you out of your comfort zone and convince you to reveal personal information. Unlike other scams that happen solely online, romance scammers have also been known to call their victims. These types of scams are also known as catfishing.

Romance scammers will go to great lengths to gain your interest and trust, showering you with compliments, sharing what appears to be details about their life and emphasizing what you have in common. This process may take months as the scammer goes to great lengths to make the target fall in love.

Warning signs:

  • Their profile on the dating website or Facebook page is not consistent with what they tell you. For example, the images they use don’t match how they describe themselves, or they say they are university educated but their English is poor.
  • After gaining your trust, they tell you an elaborate story and ask for money, gifts or your bank account/credit card details.
  • They don’t keep their promises and always have an excuse for why they can’t travel to meet you and why they always need more money.
  • If you don’t send money straight away, their messages and calls become more desperate, persistent or direct. If you do send money, they continue to ask you to send more.
Continue Reading

Protecting yourself:

  • When you meet someone online, always consider the possibility that s/he could be a scammer – particularly if any of the warning signs are present.
  • Perform a Google image search‡ of the individual who contacted you to see if the images consistently match to the name and aren’t featured on unusual websites.
  • If you agree to meet with an individual in person, always tell family and friends where you are going and how long you’re going to be away. Meeting in a public place is another way to protect yourself.
  • Be wary of money requests. Never send personal information that could be used to open up credit cards or accounts in your name, and carefully consider the possibility of a scam before you agree to give anyone money.

For more tips, visit StaySafeOnline.org‡, or visit UMB’s Security and Privacy page to help you stay current on security best practices.

romance scam infogrpahic

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Ms. Flores serves as senior vice president and Chief Information Security Officer, providing oversight of UMB’s information security and privacy programs. She joined UMB in 2010 and more than 15 years of experience in information technology and information security. She attended Kansas State University with a focus on management information systems and is a Certified Information Security Manager (CISM), Certified Information Privacy Professional (CIPP/US) and Certified Information Systems Auditor (CISA).



Read One Comment

Tagged: , ,

Page 8 of 23First...678910...20...Last