UMB continues corporate trust growth with big move in the Hawkeye State
UMB recently announced an agreement to acquire the corporate trust business of Bankers Trust Company—the dominant player in Iowa’s corporate trust market. We’re excited about what this means for both our business and our customers.
We continue to experience exciting growth with our corporate trust team, including adding associates and incorporating new business. Earlier this year, UMB announced an agreement to acquire the corporate trust business of Bankers Trust Company in Des Moines, Iowa. This will make our company the largest paying agent in Iowa, and the only one with a physical office in the state.
This acquisition bolsters our corporate trust growth by strategically and significantly expanding UMB’s presence in the Midwest, while growing the bank’s portfolio in the state of Iowa – a great geographic fit for our company given our headquarters in neighboring Missouri.
We’re also excited to welcome the new team we are bringing on from Bankers Trust. They are a dynamic, market-leading group and will continue serving existing and prospective clients. We are thrilled to add their experience and expertise to our already high-performing team.
Our Corporate Trust team has seen tremendous growth in the past year, ranking third nationally for the number of new trustee transactions and for the number of new paying agent transactions in 2018 (Source: Thomson Reuters). As of Dec. 31, 2018, total assets under administration for Corporate Trust was more than $17 billion, which is an annual increase of nearly 10 percent from year-end 2017.
Growth Across our Institutional Division
We’re also experiencing growth across our Institutional business, which is driving growth, and in turn, our team expansion. We have added 50 experienced and top talent associates during the past year in a number of locations, including Atlanta, Grand Rapids, Houston, Kansas City, San Antonio, Boston, New York, Salt Lake City and Des Moines.
As we enter the second half of 2019, we’re enthusiastic about what the future holds for this part of our business and look forward to continuing the outstanding success we’ve seen over the 24 months.
Read some of the news coverage from the acquisition announcement below:
- American Banker, UMB to buy corporate trust business in Iowa
- BankBeat, UMB buys corporate trust business
- Des Moines Business Record, Bankers Trust agrees to sell corporate trust business
- Kansas City Business Journal, Acquisition will deliver UMB its first office in neighboring state
Learn more about how UMB provides valuable solutions for global and domestic custody needs through the depth of our technology investments, our integrated banking capabilities and our commitment to be the provider of choice in the marketplace.
Corporate Trust is part of UMB’s Institutional Banking division, which also encompasses the following areas: Default/Workout Services, FDIC Sweep, Fund Services, Institutional Custody, Investor Solutions and Investment Banking Division which also includes Public Finance.
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