UMB Financial (UMBF) in Kansas City, Mo., will settle a dispute over an asset purchase agreement.
The $16 billion-asset company disclosed in a regulatory filing Thursday that it will pay $4.2 million to P-Cap Holdings and $1.8 million to other parties. The settlement also involves UMB units Prairie Capital Management and UMB Merchant Banc.
UMB agreed to buy a wealth and asset management business from P-Cap in June 2010. A dispute arose earlier this year tied to the earn-out notice for the transaction and the calculation for an incentive bonus pool amount.
UMB set aside $15 million in the first quarter to cover potential exposure.
