May 10, 2010
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News: UMB Banks Acquires CardPartner
An agreement has been signed between the UMB Bank, n.a. and Serverside Group in the sale and purchase of the affinity credit card business of CardPartner. With the acquisition, UMB Bank and CardPartner will be able to extend the benefits of a harmonious business relationship which began in 2008 when the two companies launched its customized affinity Visa credit card program. UMB has been the exclusive issuer of the CardPartner affinity credit card which offers customers the opportunity to send financial support toward their designated approved charities and non-profit organizations. During that time period, UMB Bank has given charities and non-profit organizations assistance in raising funds.
George Schmelzel, Senior Vice President of UMB Credit Card Services noted that the bank is excited about the new acquisition that will give organizations a "simple, yet robust" avenue in supporting their fundraising efforts. Schmelzel said the demand for expansion on affinity cards has increased which will only further enhance the cards growth. Doug Davis, Vice President of CardPartner's business development said the company is excited to become associated with a financial industry leader and an expert in issuing credit cards which will only serve to further enhance the CardPartner brand. Furthermore, Davis said that customers will not experience any negative effects during the transition period and that the company is committed to continue providing excellent service.
UMB Bank is a subsidiary of UMB Financial Corporation headquartered in Kansas City, MO. UMB offers a full range of banking services including asset management, mutual funds, brokerage services, health spending solutions, and credit cards to individuals as well as commercial accounts. CardPartner has specialized in offering the co-branded UMB Visa card program to U.S. based membership organizations and charities. The company will now be owned and operated by UMB Bank. UMB Financial Corporation is traded on the NASDAQ under the symbol UMBF.