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Credit Score: understanding the number

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Cholesterol, blood pressure, glucose, credit score…all numbers that mean nothing unless someone explains what is good and what is scary. Just like a doctor breaks down why your cholesterol level should be below 200, we’re here to explain what an ideal credit score could be. And you don’t even have to cut cheese out of your diet.

Your credit score (the most popular being the FICO® Score named after the organization that created it — the Fair Isaac Corporation) can range from 300 to 850 because it’s an adjusted scale. (You get 300 points just for having a credit history…so most adults have a higher score than 300 just by being “on the grid.”) In case you’re afraid to get the pronunciation wrong, FICO is pronounced “f-eye-ko,” like “psycho.”

Why does it matter? If you’re ever going to purchase a house or car or apply for a job, lenders and potential employers will be checking your score to assess your reliability and financial history.

While there are some schools of thought that advise consumers not to obsess over credit scores, the most popular being financial author and radio host Dave Ramsey, the FICO Score is a factor in 90 percent of lending decisions in the United States. And many in those anti-credit score camps still encourage you to be aware of your credit reports to check for errors and work on problem areas.

Most important step: check your score and your reports! Even if you’re worried because of past mistakes with late payments or credit card debt, it’s better to know where you stand and start taking action. No ostrich-like behavior!

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Good news—unless you’re within the 7 percent of the nation with a score between 350 and 549 (and if you are, stop reading this post and call a credit counselor), there is no need to stress. At a score of 550 or more, you can sometimes qualify for a loan. Your motivation for raising it as high as possible will be to get the best interest rates.

Most creditors consider a score above 700 to be acceptable to give a consumer the best rates. If your score is below 700, here are some tips that can help you bring it up. You may be surprised how quickly you can make a change (1-3 years instead of the 7-10 years it takes to start fresh after declaring bankruptcy).

How to raise your score:

1)    Understand how the score is decided

Credit Score Formula

In order of greatest to least weight:

  • Payment history – Did you pay all your bills on time? This includes student loans, car payments, credit card bill, etc.
  • Amount owed – for example, you still owe $10,000 before you can pay off your car, $15,000 in student loans and $500 on one of your credit cards.
  • Credit history length – something positive about getting older! The longer you have a credit history, the higher your score rises.
  • New credit – did you recently open a slew of store credit cards in order to get a discount on a shopping spree? You may be paying for it in the form of a lower credit score.
  • Type of credit used – Credit bureaus look at mortgages vs. auto loans vs. student loans vs. credit cards. Some are better for your score than others.

2)    Stay on top of your bills
The best way to improve on your credit score is to pay your bills on time. Have a steady income and live within your means so your bills don’t pile up until you’re completely buried in credit card and loan debt.

3)    Ask about your custom credit score
Lenders might also look at your custom credit score in addition to your traditional credit score. A lender will use your custom credit score to get a closer look at the risk factors that are related to what you are trying to fund with the line of credit.

4)    Discuss internal credit scoring
Not every creditor is required to report your credit. Some major lenders use their own internal credit scoring systems to help them make a decision. Lenders use these internal scores to predict future behavior of their customers. When you answer questions on the loan application form, the responses will go in to creating a custom score for you.

5)    One size doesn’t fit all
What makes you appealing to one lender will not make you appealing to all. If your credit has been damaged, be sure that any new information is reported to credit agencies.

6)    Pay the minimum
If you can’t pay the entire balance of a credit payment, at least pay the minimum due. Paying the minimum will keep your credit score from dropping even lower than it would if you don’t pay the bill at all.

7)    Keep checking
You have rights as a consumer under the Fair Credit Reporting Act. Check your report (not score) once a year for free at AnnualCreditReport.com‡.

This video from the Federal Trade Commission’s website does a great job at explaining why you need to check your report and how to do it.

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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. Stokes is a senior vice president and director of Private Banking at UMB. She is responsible for driving sales and relationship management activities. She works closely with the Wealth Management leadership team and regional presidents to grow business and helps to develop roles in wealth management, relationship management and presentation skills. She joined UMB in 2009 and has more than 30 years of experience in the financial services industry. She earned a bachelor’s degree in business administration from the University of Missouri- Kansas City and a Bachelor of Arts from the graduate school of retail banking.



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Financial Word of the Week: Revolving Credit vs. Installment Loans

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FWOTW

Ever been in a meeting with your banker or a cocktail party conversation where a financial term stumps you? Are you considering buying a house or want to plan for the future, but have no idea where to start? Well, look no further. We’d like to be a resource for you and to make all that financial jargon easier to understand. And by the time you’ve read a few of these, the added bonus will be impressing your friends with your new financial wit!

So now, we bring you the perfect (and easy) way to increase your financial knowledge.

What is the difference between revolving credit and installment loans?

Many forms of debt fall into one of two categories: revolving credit and installment loans. When you borrow money from a bank, you can choose to borrow a certain amount and pay it back in a set number of months (in installments) with an installment loan. Or you can choose revolving credit where you do not have a set end date. Instead, these accounts have a credit limit, which is the most you can borrow. At any time, you can use your credit line up to that maximum amount. As you make your monthly payments, your line becomes available again, if you need to use it. By contrast, an installment loan pays out only once at the beginning of the loan, such as a one-time purchase, and cannot be used again as you pay it down.

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So what does this mean for me?

You have choices when you need to borrow money. Some customers enjoy the flexibility of revolving credit options, like a home equity line of credit (HELOC) or credit card. Others prefer the fixed terms and certainty associated with an installment loan. As we will discuss over the next few weeks, different lending options have different criteria, different benefits and different costs.  The most important thing to remember is that a loan or line of credit should fit your budget. Different accounts have different payment options, allowing you to choose a payment plan that works for you.

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UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company 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.



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10 years is longer than you think!

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It’s hard to believe that 10 years ago today, our fearless leader, Mariner Kemper, became CEO of UMB Financial Corporation.

Since then…

  • UMB has had a ten-year total return of 220.3 percent.*
  • Annual revenue has increased by 87.9% in the last decade. It grew from $439.1 million in 2003 to $825.1 million in 2013, a compound annual growth rate of 6.5%.

What else was going on in 2004? This short list puts things in perspective:

  • $1.00 in 2004 had the same buying power as $1.26 has today. Annual inflation over this period was 2.37%.
    dollar_shutterstock_175950137
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  • Gas prices in April 2004 were $1.79/gallon. Today the national average is $3.61/gallon, an increase of 101.7%.
  • The U.S. dollar reached its lowest point against the Euro in November 2004.
    Euro_shutterstock_80010928

In non-financial happenings…

  • Facebook launches facebook-logo
  • “The Lord of the Rings: The Return of the King” wins 11 Academy Awards, a tie for the most ever won by a single film. Lord of the Ring_shutterstock_101043448
  • “Friends” airs last episode (May 6)
  • Google introduces Gmail: the launch is met with skepticism on account of the launch date. (April 1)
  • Ken Jennings wins 74 consecutive games on Jeopardy!
  • Mariner and his wife, Megan had a 4-year-old and an 1-year-old. Now they have a teenager and pre-teen!

Kemper family

UMB looks forward to the next decades of growth under the leadership of Mariner Kemper.

 

*10-year total return calculated from December 31, 2003 to December 31, 2013, according to SNL Financial.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company 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.



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1st step to buying a home: pre-approval

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Imagine walking in to your new house. You moved in a few weeks ago, you’ve unpacked most of your things, and it’s starting to feel like home. But then you wake up from this fantasy and realize you don’t know how to make this dream become a reality. We’re here to help.

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The process of purchasing your first home should be exciting and rewarding knowing you are taking control of your finances by investing into your own home. We want to give you a head start with understanding the process.

First things first. You’ll need to shop for a lender. Start with your own bank (a source you trust and believe in) and shop with other lenders as well. You’ll want to compare rates, cost associated with the loan and feel comfortable with the lender’s service levels before you apply.  A good lender will work closely with your specific situation. They will explain the loan and buying process and answer all your questions as a first-time home buyer.

The mortgage loan process has changed drastically over the years, so be prepared that the lender will want at least 30 days to get your loan approved and closed. Processing times will vary based on how complex your personal history is to document and verify. We suggest getting a pre-approval letter from your lender before shopping for your new home.

Why do you need a pre-approval letter?

  • A pre-approval letter will give your real estate agent a price range to know what homes to include in your search. It outlines the loan amount and terms you are approved for.
  • Pre-approval gives you a negotiating advantage. A seller might be more inclined to accept your offer if you have a pre-approval letter, even if you make an offer that’s lower than a buyer without a pre-approval. Sellers want the assurance of knowing their buyer can get financing since they are also planning on a home move.
  • A pre-approval letter is a stronger option than a pre-qualification letter because the approval is based on verified credit, income and asset data that an underwriter has reviewed and approved. The pre-qualification is based only on the data provided on the loan application that has not been verified or reviewed by an underwriter.

In order to expedite your loan process, here is a list of the documentation to bring to your lender when you have your first meeting for a loan application:

  • Last two years of W-2’s and tax returns with all schedules – This allows the lender to evaluate any other income or loss for qualifying purposes. All self-employed borrowers will need to provide a two year history of tax returns to determine income for qualifying purpose.
  • Most recent paystubs to cover 30 consecutive days – The lender will review and calculate income for wage earners.
  • Most recent asset statements to cover 30 days – This statement, also known as your bank statement, will need to show you have sufficient funds in your account to close on the loan. Any large deposits will need to be documented as to where the funds came from to meet loan requirements.
  • Additional information may apply based on the type of loan you are applying for – another important reason to select a lender who will walk you through the process and give you clear explanations.

The home-buying process can be long and complicated. Preparation involved in getting a pre-approval letter is fairly simple and it helps both you and the seller in the long-run.

Stay tuned for part two of this series: The second step to buying a home—choosing the right loan for you.

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Diane Hughes is Sr. Vice President/Director Mortgage Sales for UMB at 1010 Grand Blvd., Kansas City, MO.  She is responsible for the bank-wide mortgage services and has 29 years of experience as a Mortgage Banker. 



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Connecting: one of the keys to centered leadership

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UMB’s Dana Abraham spoke to the Saint Louis University Cook School of Business this week. Here is an excerpt from her talk.

Dana

The leadership model is advancing, and evolving into a better place than ever before.

What began as a specific push for progress among women in leadership roles spurred the study1 that formed “Centered Leadership” – a model that has served successful professionals around the globe. Common themes appeared in this study, and the data was later validated by a survey of 2,500 executives.

They called the resulting model centered leadership. It’s about having a well of physical, intellectual, emotional and spiritual strength that drives personal achievement, and in turn inspires others to follow.

One of the elements to this model is connecting.

Connecting: Identify who can help you grow, build stronger relationships and increase your sense of belonging.

People with strong networks and good mentors enjoy more promotions, higher pay and greater career satisfaction.

One thing that differentiates a leader from a manager is the leader’s ability to figure out where to go to get things done. In order to get things done, you need three types of essential networks.

1)     Work Resource – The people in this network assist you with projects and give you access to information and ideas.

2)     Personal Support: These are your personal counselors, your friends. They provide a safe place to vent.

3)     Career Support: These include your mentors, coaches and sponsors.

HOW to network –

  • First of all, don’t start with an actual networking event. Instead, work on meaningful encounters with others. For example, getting to know people by working with them on a committee or taking part in a shared interest.
  • Remember to give, not just take. Effective networks are earned. There is a need for reciprocity when people receive—they feel obligated to reciprocate. Focus on the value you add to others and what you bring to these relationships. Do you have expertise, a point of view from another generation, information, referrals?
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When I first joined UMB, I tried to connect with our largest and most profitable commercial banking clients. I needed to prove myself to these business partners. I laid out my service model, but didn’t have any referrals. It wasn’t until I first referred business to them that they saw the value I could bring. Today, commercial bankers are my leading sources of new business.

It’s also important to take a long-term approach. Build relationships before you need them so you can save time in the future.

What’s the difference between a mentor and a sponsor?

Mentorship is important to our personal development, but sponsorship will help us break through. A sponsor is willing to go beyond the role of mentor to stick out his/her own neck to create an opportunity for a protégée.

A mentor dispenses wisdom, while a sponsor gets involved. Sponsors believe in you, but mentors don’t always go that far.

I have been fortunate to have sponsors. My direct supervisor has put my name into the hat several times and has an interest in my personal development. I also have peers from other lines of business who I would view as sponsors—people who would recommend me for a project or development opportunity.

Networks are about reaching out, showing interest in another person, and offering help – a true key to professional growth. Authenticity matters, so develop an approach that fits your personality and style.

 

footnote
1 – A study was launched by McKinsey and Company to determine what drives and sustains successful female leaders – this was done to help younger women navigate the paths to leadership to learn how organizations could get the best out of this group of talented associates. This work was lead and later published by Joanna Barsh, Suzie Cranston and Geoffery Lewis. They interviewed 85 successful women from across the globe and in diverse fields.


Dana Abraham is president of the Private Wealth Management Division and is responsible for the delivery of comprehensive financial services to high-net-worth clients. Her areas of focus include Wealth Planning, Private Banking, Personal Trust, Investment Management and Insurance. She joined UMB in 2005 and has more than 20 years of experience in the financial services industry. Abraham earned a bachelor’s degree in business administration with a concentration in both accounting and economics from the University of Louisiana. She is a graduate of Leadership Overland Park and Kansas City Tomorrow Leadership programs.



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From 19 to Retirement…a look at a life-long UMB career

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A letter from Rosie, reflecting on her time at UMB:

Rosie

It’s hard to imagine how much has happened during the last 45 years of my time at UMB. I started at the age of 19, on July 17, 1968.

We now have UMB Bank branches in eight states; 112 branches total. I’ve worked for City National Bank, United Missouri Bank, United Missouri Bancshares Inc., UMB Financial Corporation, and UMB Bank, n.a—all the same organization, but with name changes over the years. With each name change, UMB has had six different logos, my favorite being the Indian Scout. What an accomplishment for me to be able to work for such a stable company.

With my first job, we didn’t have computers—a fact that is difficult for my two grown children to comprehend. I started in the Stock Transfer Department working on a posting machine. We actually had to type certificates for the new stockholders on manual typewriters! (After a few years we graduated to electric typewriters.) It’s hard to believe where we came from looking at us now, with all the modern technology UMB Bank has today.

While working at UMB Bank, I was able to meet each of the Kempers who were president or CEO. The first was Mr. R. Crosby Kemper, Sr. who officially retired shortly after I was employed by the bank. Then I met Mr. R. Crosby Kemper, Jr., Sandy Kemper, R. Crosby Kemper III and Mariner Kemper. I would encounter them on the elevators, and each one was so friendly. They thanked me for being part of the UMB family. I especially remember Mr. Kemper, Jr. buying his breakfast in the cafeteria and going to each of the tables to say good morning to everyone. I remember the famous Kemper smiles. They all seemed to have that same smile that reached out to everyone they saw or met.

Rosie and Mariner1

Mr. R. Crosby, Jr. was a big fan of the University of Missouri Tigers. I remember the day I went to the 928 Grand tellers and saw a huge, beautiful tiger in the lobby. Yes, a real tiger. Sometimes I wonder if I really saw that tiger or if it was just a dream, but some of my fellow co-workers also remember the “Tiger in the Lobby” day.

Umbert_Czar the Tiger_1973

In my time here, I witnessed the construction of the 1010 Grand UMB building in 1986 and the Technology and Operations Center in 1999. I saw old buildings being demolished, the resulting big hole in the ground, and then the new completed bank buildings that take up one square block. I loved being there for that history and now getting to tell my grandchildren about it.  Sometimes it pays to be old. You see so many things happen during your life.

As my 45 years are coming to a close, I look back upon a career that has really flown by. There have been ups and downs just like in life, and you become one big family.

I realize that soon I will not be seeing and greeting my work family. Over the years I have made a lot of friends, some gone, some still here and I get a little emotional because I will be leaving part of my family behind.

Once I retire, I will be volunteering for my church and Alexandra’s House, which provides perinatal hospice support, watching my grandchildren while they are out of school and trying to keep busy.

I am saying goodbye now and leaving you with these paraphrased words: “Live. Laugh a lot. It’s good for the soul. And last of all, love your job, because one day you too will be walking down the hallways for the last time.”

With fondest memories,
Rosie Corral

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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. Corral is an operations associate for UMB. She works in the settlement department, receiving and settling buys from brokers. She joined UMB in 1968 and has 45 years of experience in the financial services industry. She is retiring April 30 after a long career at UMB.



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Happy Birthday to Us!

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On this day in history…way back in 2013, our CEO, Mariner Kemper, kicked off the blog with this first post.

So that makes today our blog’s 1st birthday! We wish all our readers could enjoy a piece of this yummy chocolate torte created by Kam at André’s Confiserie Suisse, one of our long-time customers. Instead, we promise to eat an extra slice for you, our reader.

Thanks for joining us on this journey.

BlogBirthday

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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 financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company 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.



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More than an annual report—and a look at what’s ahead

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CEO Mariner Kemper shares thoughts from the 2013 Annual Report and some of the challenges facing UMB in 2014.

UMB is not your typical financial organization. We are unique. With our business model, we’re more than just a bank—we’re a financial services company that owns a good-sized regional bank, an institutional asset management company, a fund services business, and a payments solutions business. That diversification, with nearly 60 percent of revenue coming from non-bank services, is key to UMB’s success. This did not come about by accident—it’s a core strategy backed by years of investment and organic growth.

There are a lot of organizations that would love to be where we are. Many banks in our size category are trying to figure out how we’ve done it—they would like to emulate it. What they will figure out is that you can’t create this overnight. Replicating UMB’s business model is not easy. It took this company 100 years to be excellent at it.

Quality has always been our focus. To find out more about our focus on quality, take a look at our 2013 Annual Report.

Challenges for 2014

1)      Economic cyclesAs much as we all desire calm waters, the norm has always been to experience economic cycles. When will the economy take a turn again? No one knows, but history teaches us that these factors do move up and down—so we can be confident that change is in our collective future.

When the economy was at the top, people were saying “It’s different this time.” When things were getting overheated, you’d constantly hear “But, it’s different this time.” It’s never different.

  • The good news: UMB has proven over the last century that we can thrive in all economic conditions. We have a solid balance sheet and take pride in our extraordinary credit quality and are well positioned to benefit when interest rates begin to move up.
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2)      Bank regulation – The philosophy of expanding regulatory intervention is affecting all areas of our economy—primarily financial services. In the last four years, we have increased our own audit and compliance departments by 62 percent (and rising). Instead of helping, we believe that piling on more regulation passes on the higher costs of doing business to the consumer. To see the failure, you do not have to look further than Washington’s posturing about “too big to fail” banks. Far from solving that big-bank problem, since 2008, we have seen less than a dozen of the largest banks grow to control fully two-thirds of total U.S. banking assets.

  • The good news: Regardless of government regulations, we remind our people to stay prudent and trust the practices we have had in place for more than 100 years. We’re not followers.

The Next 100

Last year, we looked back on the 100-year history of UMB. We’ve found that although many things have changed, our founding principals have remained the same. This has allowed us to weather the storms and provide solid long-term returns to our investors. The below statistics clearly show how UMB compares to the industry.

UMBFvsIndustry

As we head into our next 100 years, our foundation remains the same as we strive to do what’s right, not what’s popular at the moment.

We hope you’ll join us on this journey of continuing our quality story.


Mr. Kemper 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.



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Meet the Leadership Series: Begonya Klumb, UMBFC Executive VP and Chief Strategy Officer

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Q&A with Begonya Klumb

Begonya Klumb is one of the most influential women in Kansas City, and that’s not just our opinion at UMB. This is KC magazine recently named her as one of their honorees. Read more to find out how she feels about this honor, growing up in Spain and her passion for business.
Klumb family 1

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How does it feel to be named one of Kansas City’s Most Influential Women?

I’m flattered, of course, and it raises the bar for me because I want to live up to expectations.

What’s your favorite accomplishment in your 11 years at UMB?

When I was head of Mergers and Acquisitions, we completed 20 acquisitions in 3 ½ years. It’s what I was in charge of doing, and I believe it made a difference in the company. That’s a very satisfying feeling of accomplishment.

What inspired you growing up and what led you to where you are today?

I was raised in a comfortable and very happy home in Spain, where my parents live. I am blessed to come from a very close-knit and supportive family.

My maternal grandmother was an important influence on me. She built the family business, a shoe manufacturing and export company. She was extremely business-minded, and had a strong personality. Until her last days, people in town called her “la Jefa,” “the Boss!”  I admired her deeply and she is why I studied economics and business.

How did you end up in the United States?

After college, I got an Erasmus scholarship to do graduate work in Germany and England. It was an exciting time around the European Union, with the lead-up to the single currency. I learned about practical macro-economics and European business, but also about myself – living and studying in different countries and different languages. I also developed a deeper appreciation of my own strengths and weaknesses.

I met my husband while he was a student at the London School of Economics. We got married and lived in Europe for a few years before coming to the United States in 2001.  I went to Yale for an MBA, and then we decided to make our home in Kansas City, where he was born.

What is your day-to-day like at UMB and how has it evolved?

I am responsible for strategic planning.  I enjoy sitting down with UMB leaders to think through strategy. It’s good to know these leaders well, learn their challenges, and answer the question, “where will we take the business?”

Of course, acquisitions are a big part of strategy. I built the Mergers and Acquisitions department back in 2008. That’s one of the things we’re very focused on today and a key component to what I do.

Where do you choose to give back?

Through UMB, I got involved with MOCSA many years ago. I was also the Board Chair of the Mattie Rhodes Center – which is involved in the community through social services, mental health counseling, and the arts. My husband and I were actively involved in a capital campaign for our children’s school, trying to grow the school to accommodate more students from the community.

Community involvement is very rewarding, and has been a tremendous learning experience, requiring me to grow as a leader.

Describe your perfect Saturday.

My perfect weekend is with my family. Our children are six and eight, so I realize time with them is precious and fleeting.

We are at that point in our lives where we run the circuit of school activities and soccer games and piano lessons. Weekends are busy, with family, which is perfect.
Klumb family

 

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. Klumb serves as executive vice president, chief strategy officer. She joined UMB in 2003. She received a Master of Business Administration from Yale University and a Bachelor of Science in Economics from Universitat d'Alacant. Ms. Klumb is actively involved in the community, having served on a number of boards including the Mattie Rhodes Center and Academie Lafayette.



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Happy Income Tax Day from the Mad Men

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April 15 is finally here! To “celebrate” we want to take a look at what taxes the Mad Men (and women) at SC&P would have paid back in the 1960s…and if they were real people.

Enjoy this retro infographic from our friends at H&R Block.

“TheThe Taxes of Mad Men‡ via H&R Block

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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 financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company 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.



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