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The $16.3 billion-asset UMB will pay $182.5 million in stock for the Marquette, which is owned by the Pohlad family. The acquisition, which values Marquette at 160% of its tangible book value, is expected to close in mid-2015.
December 15 -
UMB Bank's strong fee revenue and cheap deposits give it leeway to compete on loan pricing, employing a strategy often used by much larger banks. Mike Hagedorn, the 100-year-old bank's chief executive, also discussed UMB's renewed interest in disciplined M&A.
November 19
UMB Financial in Kansas City, Mo.,
The $17.5 billion-asset company reported fourth-quarter earnings that fell 22% from a year earlier, to $26.9 million. Earnings of 59 cents a share were 17 cents below the average estimate of analysts polled by Bloomberg.
The results come as UMB prepares to
A sharp drop in equity earnings drove the quarter's decline. Noninterest income plunged 15%, to $115.2 million, mostly because of alternative investments associated with Prairie Capital Management, a wealth management firm
UMB took a $4.5 million hit on its alternative investments, after earning $15.1 million a year earlier.
Net interest income rose 6%, to $90.9 million. Total loans rose 15%, to $7.5 billion, and the net interest margin widened by 1 basis point, to 2.52%.
Noninterest expenses dipped 2%, to $166.7 million.