UMB Prices Offering at $54 Per Share

UMB Financial (UMBF) seeks to raise up to $242.2 million next week from a common stock offering that priced Tuesday.

The Kansas City, Mo., company will offer 3.9 million shares to the public at $54 a share, a slight discount to its Tuesday closing share price of $55.37, it announced. The underwriters, Bank of America's (BAC) Merrill Lynch unit and Wells Fargo (WFC), will have the option of buying a further 585,000 shares.

The $15 billion-asset UMB expects the sale to close on Monday. It plans to use the proceeds for general corporate purposes.

UMB disclosed last week that it is losing its largest deposit customer, which holds $1.1 billion with the bank.

Its shares were trading at $53.79 midafternoon Wednesday.