Former UMB CEO Hagedorn Takes Valley National Job

Hagedorn in 2017.

Michael Hagedorn, the former president and chief executive officer of UMB Financial Corp., is now the chief financial officer of Valley National Bancorp, based in Wayne, N.J.

Hagedorn unexpectedly left UMB last year and was replaced by Jim Rine, who had overseen the institution’s commercial banking business.

Prior to his near five-year tenure as UMB’s top executive, Hagedorn was formerly chief financial officer. During his time there, UMB became the deposit market-share leader in the Kansas City area; its 20.04 percent of deposits here as of June 2018 was more than double the 9.36 percent share from mid-2005.

Before UMB, Hagedorn had positions at Norwest Bank and Wells Fargo. In his role at Valley National, he leads all key finance and capital market initiatives and “will oversee all aspects of financial reporting, accounting, taxation, corporate treasury, balance sheet management, and investor relations,” according to a press release.