UMB Bank, N.A., a subsidiary of UMB Financial Corporation (UMBF) has inked an agreement with Claremore, OK-based RCB Bank to transfer the latter’s corporate trust business to its own Corporate Trust and Escrow Services. As per the deal, RCB’s erstwhile corporate clients are being shifted to UMB’s Corporate Trust and Escrow Services office in Oklahoma City.
UMB Bank provides commercial banking, private wealth management, consumer, payment solutions and healthcare services through 112 banking centers and wealth management centers in eight states – Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. UMB Financial Corporation’s strong financial position enables UMB Bank to strategically continue strengthening its focused business areas.
Moreover, RCB’s Oklahoma-centred business operations and client base is expected to aid the transition as UMB too operates there. Notably, RCB Bank was established in 1936 and currently operates in the states of Kansas and Oklahoma.
For the fifth straight year, UMB Bank has been named by the Forbes as one of the best banks in America. UMB holds the proven track record of offering corporate trust services for more than six decades and currently it administers over $66 billion in debt. UMB’s Corporate Trust and Escrow Services ranks as the fourth largest municipal bond trustee, nationally.
The current transition of RCB’s corporate trust business is expected to complete in a smooth way and thereby strengthen UMB’s Corporate Trust and Escrow Services division. The Oklahoma City market will continue to thrive and open up additional growth opportunities for UMB.
Currently, UMB Financial holds a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Midwest Banks category include Chemical Financial Corp. (CHFC), MidWest One Financial Group, Inc. (MOFG) and First Busey Corp. (BUSE). While Chemical Financial and MidWest One Financial hold a Zacks Rank #1 (Strong Buy), First Busey Corporation holds a Zacks Rank #2 (Buy).