Thomson Reuters’ Third Quarter Report Indicates Growth for UMB
KANSAS CITY, Mo.--(BUSINESS WIRE)--UMB Corporate Trust & Escrow Services, a division of UMB Financial Corporation (NASDAQ: UMBF - News), enjoyed an increase in market share and number of municipal bond trustee appointments nationally in the third quarter of 2009, despite industry declines in transactions and overall issuance year to date for the same period. According to the 2009 third quarter report issued by Thomson Reuters, UMB Corporate Trust & Escrow Services, solidly occupying the fourth place ranking for municipal trustees nationally in terms of transactions, realized an increase of 1.9 percent in market share nationally in terms of total trustee transactions. This increase was the largest by any single provider mentioned in the report and represents significant growth within the U.S. market.
UMB attributes the positive momentum to a number of factors including an in-demand regional bank-based service model with dedicated administrators and expanded resources in two emerging markets – Colorado and Indiana.
“Our continued growth in the corporate trust industry validates our customer focused, regional bank-based business approach,” said Todd Duncan, executive vice president of UMB Corporate Trust & Escrow Services. “Now more than ever, people want to do business with someone they know and trust, and we fit the bill.”
For more than 60 years, UMB Corporate Trust & Escrow Services has been a leading provider of escrow agent services as well as trustee and agency services for taxable or tax-exempt debt (both publicly sold and privately placed) in the municipal and corporate marketplace. UMB services more than 4,500 escrow and debt transactions with more than $36 billion in assets under administration with offices located in Missouri, Colorado, Indiana, Kansas and Oklahoma.
UMB seeks to differentiate itself in the marketplace by employing a staff of Certified Corporate Trust Specialists and utilizing technology such as the free Web-based system called TrustDirect™, which allows online access to account information. Additional information about UMB Corporate Trust & Escrow Services and its full line of products can be found at umb.com/corporatetrust.
About UMB:
UMB Financial Corporation (NASDAQ: UMBF - News) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to both individual and business customers nationwide. Its banking subsidiaries own and operate 135 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., 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. Visit umb.com for more company information.
UMB Financial Corporation
Mandie Nelson, 816-860-5088
mandie.nelson@umb.com
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