UMB Sells EB Biz to M&I Trust

May 22, 2003 ( - UMB Bank, n.a. has signed a definitive agreement to sell its employee benefits business, including defined contribution, defined benefit, Taft-Hartley, and Flexible Spending accounts, to Marshall & Ilsley Trust Company, n.a.

UMB will continue to service its investment management clients and manage assets in the transferred defined benefit and Taft-Hartley plans.

The transition will take place over the next several months.

“Our decision to sell the employee benefit business to M&I will allow us to focus on our core product offerings,” said R. Crosby Kemper III, chairman and CEO of UMB.   Those businesses include:

  • retail and commercial banking,
  • mutual fund administration, and
  • investment management business.

UMB Bank is a wholly owned subsidiary of UMB Financial Corporation, an $8 billion holding company headquartered in Kansas City, Missouri.

UMB Trust & Wealth Management group has custody of more than $97 billion in assets and is responsible for $11.7 billion in trust and investment counsel assets under management, according to the firm.