UMB Financial (UMBF) in Kansas City, Mo., is planning a stock sale that could bring in as much as $257 million.
The $15 billion-asset company announced Monday that is planning a public offering of up to 3.9 million shares of its common stock. The underwriter, Bank of America Merrill Lynch, would also have the option of buying an additional 585,000 shares, it said in a news release.
The public offering would raise approximately $224 million, based on UMB's Monday closing share price of $57.34, and the underwriters' option would generate a further $34 million, if it were exercised in full.
UMB, which did not announce the offering price, said it plans to use the proceeds for general corporate purposes.
Last week, UMB disclosed that it was losing its largest deposit customer, which held $1.1 billion in the bank.