The largest bank in the Kansas City area has a new chief executive.
Jim Rine is UMB Bank’s new president and CEO, effective immediately. He replaces Michael Hagedorn, who resigned Sept. 27, according to a filing Wednesday with the Securities and Exchange Commission.
Rine, a 24-year veteran of UMB Bank, most recently served as UMB Bank’s president of commercial banking.
Hagedorn was president and CEO of UMB Bank and vice chairman of UMB Financial Corp., the bank’s holding company.
His departure was not a result of a disagreement with the bank, according to the filing. Hagedorn signed an agreement with the bank that includes a one-year non-compete clause and a one-time payment of $1.75 million.