UMB to buy corporate trust business in Iowa

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UMB Financial in Kansas City, Mo., has agreed to buy the corporate trust business of Bankers Trust in Des Moines, Iowa.

The $23.4 billion-asset UMB did not disclose the price it will pay or when the deal will close.

UMB said it will open its first Iowa office as part of the deal.

“We are thrilled with the opportunity to add this dynamic, market-leading team to our corporate trust business,” Jim Cornelius, president of UMB institutional banking, said in a Tuesday press release.

“Bringing the Bankers Trust corporate trust team aboard ... represents yet another way we are strategically growing our corporate trust footprint in key geographic areas,” Cornelius added. “We have experienced significant growth the past few years, and adding Bankers Trust’s team makes us even more optimistic about the future.”

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