May 26, 2010
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News: UMB Bank Acquires 5Star's CC Portfolio
The UMB Bank, n.a. announced its new acquisition of the credit card portfolio of the 5Star Bank. Although complete terms of the agreement have not been released, it is known that it acquisition brings over $66 million in card assets to UMB Bank along with 63 affiliated bank credit card businesses. George Schmelzel, Senior Vice President of UMB Credit Card Services, said that 5Star's credit card portfolio is a mirror image of that of the UMB Bank business and it just made plain sense to marry the two. He said it was a "smart and easy decision" for the bank and that 5Star cardholders will not have anything to worry about as they will continue to receive the same great service as before.
Michael League, Chief Executive Officer of 5Star Bank said the company had been looking for the perfect bank to secure its credit card division and is very pleased with the acquisition by UMB. Additionally, League said that the company was confident that credit card customers will be pleased with UMB and find that their new provider will do an excellent job at servicing their needs. UMB has been aggressively pursuing high quality card portfolios and believes the 5Star to be just that.
UMB, n.a. is a subsidiary of the UMB Financial Corporation and is based in Kansas City, MO. In addition to its credit card portfolios, the bank offers and extensive line of financial products including asset management, health spending solutions, mutual funds, and alternative investment services to individuals and commercial industries. The bank owns and operates over 135 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. 5Star Bank also offers a full range of financial products and is the provider of banking services for Armed Forces Benefit Association (AFBA). The bank is headquartered in Colorado Springs, CO and operates three branches in CO. The bank plans to expand with two more locations scheduled to be opened during 2010.