UMB Loses A Billion-Dollar Customer

UMB headquarters in Kansas City, Mo. | Photo courtesy of Creative Commons
UMB headquarters in Kansas City, Mo. | Photo courtesy of Creative Commons

Kansas City-based UMB Financial Corp. announced that a client is expected to move about $1.08 billion in deposits out of UMB Bank and into another depository institution within the next 120 days. UMB’s filing with the Securities and Exchange Commission did not identify the client or say which bank the deposits are moving to. UMB said the deposits represent 7.42 percent of its total deposits.

UMB ranked No. 1 in the Kansas City Business Journal‘s listing of Top Area Banks, based on market share of deposits. That ranking was based on figures as of June 30, 2012; rankings for the most recent year are not yet available.

UMB said there are no assurances that it will be able to replace the deposits if it elects to do so, or that their estimates on the impact on the company are accurate.

Read more from the Kansas City Business Journal


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