38.6 F
Fort Worth
Tuesday, October 27, 2020
Banking Meridian Bank Texas parent acquired by UMB Financial for $182.5M

Meridian Bank Texas parent acquired by UMB Financial for $182.5M

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Kansas City, Mo.-based UMB Financial Corp., the parent company of UMB Bank, said Dec. 15 it has signed a definitive agreement to acquire Marquette Financial Companies in an all-stock transaction. The transaction has been approved by the boards of directors of both companies and is expected to close mid-2015. MFC is a $1.3 billion financial services company owned by the Pohlad family of Minneapolis, Minn.

Upon closing of the transaction, the Pohlad family will receive 3.4 million shares, or $182.5 million based on UMBF’s closing price of $53.16 on Dec. 12, representing 7 percent ownership in UMBF. MFC has a portfolio of businesses, including Fort Worth-based Meridian Bank Texas and Phoenix-based Meridian Bank N.A. Meridian Bank Texas has five branches in Fort Worth, Dallas and Denton, with total assets of $433 million, loans of $318 million and deposits of $378 million, as of Sept. 30, 2014. Meridian Bank, N.A. has eight branches in the Phoenix area, with total assets of $720 million, loans of $539 million and deposits of $574 million, as of Sept. 30.

Within Meridian Bank, N.A. are Dallas-based Marquette Business Credit, which provides asset-based loans for working capital, recapitalization, growth, and mergers and acquisitions; Marquette Transportation Finance, which provides accounts-receivable financing and factoring for the transportation industry, and its division, Marquette Commercial Finance; and Marquette Asset Management, which provides private asset-management and trust services and is based in Minneapolis. “This acquisition will quickly increase UMB’s presence in Arizona and Texas – two key growth markets for UMB – and supplement UMB’s commercial-banking services with national factoring and asset-based lending and asset-management businesses,” said Mariner Kemper, chairman and CEO of UMB Financial Corp.

UMB Bank entered the Fort Worth market in July, marking its second office in Texas. The bank began an expansion to the Lone Star State in January 2013 with its first location in Dallas. UMB currently operates banking centers in eight states and specializes in commercial banking, private wealth management and personal banking. UMB Financial Corp., a $16.3 billion diversified financial holding company as of Sept. 30, trades on the Nasdaq under the symbol UMBF.

Betty Dillard bdillard@bizpress.net  

Latest News

Texas Capital Bank names new CEO, president

Texas Capital Bancshares Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, N.A., on Oct. 27 announced that Rob C. Holmes...

Independent Bank Group: 3Q Earnings Snapshot

MCKINNEY, Texas (AP) _ Independent Bank Group Inc. (IBTX) on Monday reported third-quarter earnings of $60.1 million.The bank, based in McKinney, said...

Texas Trust Credit Union names Ginia Chapline COO

Ginia Chapline has been promoted from Senior Vice President of Talent to Chief Operating Officer at the $1.5...

Initial public offerings scheduled to debut week of Oct. 26

Initial public offerings scheduled to debut next weekNEW YORK (AP) — The following is a list of initial public offerings planned for...

Southside Bancshares: 3Q Earnings Snapshot

TYLER, Texas (AP) _ Southside Bancshares Inc. (SBSI) on Friday reported third-quarter net income of $27.1 million.The Tyler, Texas-based bank said it...