UMB FINANCIAL CORP — M&A Activity 2001

Mar 21, 2001

8-K 1 statest8-k.htm UMB FINANCIAL TO ACQUIRE STATE STREET'S MO TRST CO UMB FINANCIAL PLANS TO ACQUIRE STATE STREET'S MISSOURI TRUST COMPANY 8K

March 20, 2001

Contacts: Bridget Mason, UMB Financial Corporation 816/860-5644 or bridget.mason@umb.com Alyson Riley, State Street Corporation 617/664-6437 or ariley@statestreet.com

| UMB BANK TO ACQUIRE STATE STREET'S MISSOURI TRUST COMPANY |
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| ST. LOUIS, Mo., -
UMB Bank, n.a., and State Street Corporation announced
today they have signed a definitive agreement whereby UMB Bank will
purchase State Street Bank and Trust Company of Missouri, N.A., which
comprises State Street's St. Louis-based corporate trust business. This
transaction, subject to regulatory approval and scheduled to close in the
second quarter 2001, will enhance UMB Bank's position as one of the
premiere full-service corporate trust service providers in the Midwest.
State Street, one of the nation's five largest providers of corporate trust
services, with offices in Boston, Hartford, Los Angeles and New York, will
continue to offer a wide range of trust services to its large client base.
Following the transaction, UMB Bank will continue to operate this business
in St. Louis under the UMB name. Terms of the agreement were not disclosed. |
| "With an established presence in St. Louis, this move will enhance our
position in a key market," said R. Crosby Kemper III, chairman and CEO of
UMB Financial Corporation and its lead bank, UMB Bank, n.a. "Combining
these two premiere corporate trust operations in the Midwest is part of our
overall strategy to grow fee-based business in an area where we are a known
leader with a reputation for quality. State Street has established an
excellent record of premium client service and we look forward to
continuing that service." |
| "Our decision to divest the St. Louis office will allow us to focus
resources on our core product offerings domestically and our expansion
efforts abroad," said Alan Greene, executive vice president of State
Street. "State Street is strongly committed to the corporate trust business
and we believe this transaction will assist us in executing our strategy of
providing high-quality service to our clients domestically as well as in
the global markets. We are confident that UMB will continue to provide
superior service to our corporate trust clients based in the Midwest." |
| About UMB Bank, n.a.: |
| UMB Bank, n.a., is a wholly owned subsidiary of UMB Financial Corporation
(UMBF), a $7.5 billion multi-bank holding company headquartered in Kansas
City, Mo., offering complete banking and related financial services to both
individual and business customers. The Company owns and operates 170
banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma
and Nebraska. Subsidiaries of the holding company and the lead bank, UMB
Bank, n.a., include eScout.com, a leader in e-commerce solutions for
independent businesses and community banks, a trust management company in
South Dakota and single-purpose companies that deal with brokerage
services, consulting services, leasing, venture capital and insurance. With
almost $104 billion in assets under administration, UMB is one of the
largest trust companies headquartered in the Midwest. |
| About State Street Corporation |
| With $6.1 trillion in assets under custody and $711 billion under
management, State Street Corporation is the world's leading specialist in
meeting the needs of sophisticated global investors. Offices are located in
the United States, Canada, Chile, Cayman Islands, Netherlands Antilles,
Ireland, United Kingdom, Netherlands, France, Belgium, Luxembourg,
Switzerland, Germany, Czech Republic, United Arab Emirates, Russia,
People's Republic of China, Taiwan, South Korea, Japan, Singapore,
Australia and New Zealand. State Street Corporation's common stock is
traded on the New York Stock Exchange under the symbol STT. For more
information, please visit the company's web site at www.statestreet.com. |
| This news release may contain forward-looking statements, as defined by
federal securities laws, pertaining to State Street's business that are
based on current expectations and involve risks and uncertainties.
Important factors that could cause actual results to differ materially are
set forth in State Street's annual report and subsequent SEC filings. They
include risks and uncertainties relating to the sustainability of worldwide
economic growth, the value of global and regional financial markets, and
consolidations among clients and competitors. State Street encourages
investors to review its annual report and SEC filings in conjunction with
this announcement and prior to making any investment decision. The
forward-looking statements contained in this news release speak only as of
the date of release, March 19, 2001; and the company does not undertake to
revise those forward-looking statements to reflect events after the date of
this release. |
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