UMB Looks To Raise $200 Million With Stock Sale

UMB headquarters in Kansas City, Mo. | Photo courtesy of Creative Commons
UMB plans to raise $200 million in an equity sale. | Photo courtesy of Creative Commons

UMB Financial Corp. plans to raise at least $200 million through the sale of 3.9 million shares of common stock. The Kansas City-based banking company said it’s pricing shares to the public at $54 each and is offering Bank of America Merrill Lynch the option to purchase 585,000 additional shares.

The stock sale, which is expected to close Monday, follows the news that UMB will lose a client that has $1 billion in deposits in the bank. UMB says it will use the revenue for corporate purposes.

Read more from the Kansas City Star

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