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UMB Financial Corp. in Kansas City, Mo., on Wednesday reported $23.3 million in fourth-quarter profits, up 22% from a year earlier but falling short of expectations.
January 25 -
U.S. Bancorp's 2.4% increase last quarter was "a high-water mark for last year and we won't see that again until later this year" when "things become a little more normal," CEO Richard Davis says.
January 18
U.S. Bancorp is forging ahead with its strategy of buying parts of other companies rather than acquiring entire banks.
U.S. Bank N.A., a banking unit of U.S. Bancorp, has agreed to buy the Indiana corporate trust business of UMB Bank N.A., a subsidiary of UMB Financial Corp. of Kansas City, Mo. The financial terms of the deal, which is expected to close in early March, were not disclosed.
Richard Davis, the chairman, president and chief executive of U.S. Bancorp, has indicated that the Minneapolis company was more likely to buy bank assets rather than entire banks.
In December, Elan Financial Services,
U.S. Bancorp has also acquired a few failed banks during the last few years.
U.S. Bancorp has $340 billion of assets; UMB has $12.5 billion of assets.
U.S. Bancorp's global corporate trust has more than $4 trillion of assets under administration in municipal, corporate, asset-backed and international , according to a news release. A U.S. Bancorp spokesman declined to say how big UMB's Indiana corporate trust business is.
