UMB Bank announced Thursday its newest plans to acquire Hybarger & Associates, a consulting firm that provides outsourced finance support to community banks.
According to Steve Kitts, executive vice president and executive director of middle markets sales for UMB Bank, the acquisition will work towards UMB’s attentiveness in community banking.
Community banks, already under cost pressure from regulations that large banks are better positioned to absorb, will benefit from access to more sophisticated products and services to manage risk and regulatory requirements, Kitts said.
“As a company that has offered these services for more than 80 years, we truly know the important role community banks play,” he said. “This move further emphasizes UMB’s commitment to community banks and our primary goals of increasing our customers’ profitability and enhancing their long-term shareholder value.”
Hybarger has a presence in Kansas City in addition to Dallas and Huston.
The acquisition is expected to close in the second quarter of 2023.
Posted May 25, 2023