Missouri’s UMB Bank is a buying the corporate trust division from Des Moines-based Bankers Trust.
As part of the acquisition, Kansas City-based UMB will open its first Iowa office and welcome the corporate trust associates from Bankers Trust, who will continue serving existing clients and growing new relationships.
“We are thrilled with the opportunity to add this dynamic, market-leading team to our corporate trust business,” said Jim Cornelius, president of UMB Institutional Banking. “Bringing the Bankers Trust corporate trust team aboard in Iowa represents yet another way we are strategically growing our corporate trust footprint in key geographic areas. We have experienced significant growth the past few years, and adding Bankers Trust’s team makes us even more optimistic about the future.”
Bankers Trust will continue “investing in and growing ourprivate client services, institutional custody, retirement plan services and South Dakota trust services businesses,” said Scott Eltjes, executive vice president of investments and wealth management at the $4.5 billion Bankers Trust. “With this transaction, UMB will acquire a topnotch team and book of business.”
Following the acquisition, the $23 billion UMB will be the largest paying agent in Iowa. According to Thomson Reuters, UMB ranked third nationally for the number of new trustee transactions and for the number of new paying agent transactions in 2018.