The parent of UMB Bank needed less than a week to identify its next leader following the unexpected resignation of Mike Hagedorn as CEO a week ago. UMB Financial Corp. has elevated veteran banker Jim Rine to that role, effective immediately.
The company didn’t address reasons for Hagedorn’s departure, saying only that he had left to pursue other opportunities. That came after a 13-year stretch in which he started as chief financial officer, rose to vice chairman within five years, and succeeded Peter deSilva in the top role in 2014.
Rine takes over for a bank that has been on a long growth track. During Hagedorn’s tenure, UMB became the deposit market-share leader in the Kansas City area; its 20.04 percent of deposits here as of June is more than double the 9.36 percent share from mid-2005.
“I’m extremely excited to have Jim in this role,” said Mariner Kemper, UMB Financial’s chairman and CEO, in a news release announcing the move. “Jim and I have worked side-by-side throughout most of our careers, and to be able to place him in this position from an expertise, experience, culture, and continuity perspective will enable a seamless transition.”
Rine started with UMB straight out of Missouri State University, and most recently oversaw commercial banking strategy and leadership at the bank’s operations, including specialty lending businesses and treasury management, which accounted for approximately 60 percent of the company’s net income.
“Jim will continue to build on the amazing momentum we’re creating across our company,” said Kemper. “Part of this will be creating and implementing integrated strategies for the bank’s businesses that will help us continue to execute against our business priorities and achieve our short- and long-term goals. I appreciate and thank Mike for his contributions, but am also excited for what Jim will bring in this expanded leadership role.”
Rine, a 2004 member of Ingram’s 40 Under Forty, also sits on the board of the Downtown Council of Kansas City, Truman Library Institute, Kansas City Area Development Council, The Young Presidents Association (YPO) and is also on the advisory board for Charlie’s House. He also co-chaired this year’s Heart Ball for the American Heart Association.