UMB Bank, a wholly-owned subsidiary of UMB Financial Corporation has entered into a definitive agreement with RCB Bank to transition RCB’s corporate trust business to UMB Corporate Trust and Escrow Services.
Clients previously associated with RCB corporate trust business are being transitioned to UMB’s Corporate Trust and Escrow Services office in Oklahoma City.
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Todd Duncan, president, Institutional Asset Management, UMB Bank, said: "UMB’s strong capital position enables us to continue delivering on our business strategies, which includes acquisitions in our areas of focus. Our consultative approach with clients is a natural fit with RCB’s client base and within the Oklahoma marketplace."
UMB’s Corporate Trust and Escrow Services ranks nationally as the fourth largest municipal bond trustee and third largest paying agent in terms of combined transactions. UMB has been a provider of corporate trust services for more than 60 years and administers more than $66 billion in debt with more than 6,400 debt and escrow transactions.
Janet Lambert, Vice President, Corporate Trust, said: "We look forward to serving these clients while introducing them to UMB and our Corporate Trust and Escrow Services division. Our Oklahoma City market continues to gain momentum and this acquisition provides additional opportunities for growth."
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