UMB Financial (UMBF) in Kansas City, Mo., has agreed to buy the corporate trust business of RCB Bank in Claremore, Okla.
The $15.9 billion-asset UMB said in a press release late Monday that RCB's corporate trust clients will be transitioned to its corporate trust and escrow services office in Oklahoma City. Terms of the transaction were not disclosed.
"UMB's strong capital position enables us to continue delivering on our business strategies, which includes acquisitions in our areas of focus," Todd Duncan, president of institutional asset management at UMB Bank, said in a press release. "Our consultative approach with clients is a natural fit with RCB's client base and within the Oklahoma marketplace."
UMB's corporate trust and escrow services business administers more than $66 billion in debt with more than 6,400 debt and escrow transactions.
RCB Bank is a $2.2 billion-asset unit of RCB Holding.