UMB Financial Corp. is set to make its first — and promises not the last — acquisition as part of a strategy to "substantially" expand its insurance services unit.

The Kansas City, Mo., company said last week that UMB Scout Insurance Services Inc. signed a definitive agreement to buy the assets of Chapman-Sander, an independently owned insurance agency in St. Louis. The price of the deal was not disclosed.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.