Oct. 15, 2009 (Business Wire) -- UMB Corporate Trust & Escrow Services, a division of UMB Financial Corporation (NASDAQ: UMBF), leads the Missouri and Midwestern markets as one of the first agents to be selected for all three bond types created by The American Recovery and Reinvestment Act of 2009: Build America Bonds, Qualified School Construction Bonds, and Recovery Zone Economic Development Bonds.
UMB also tops the list as agent of choice, managing the largest volume of these bond types in Missouri with 20 Qualified School Construction Bonds, ten Build America Bonds, and one Recovery Zone Economic Development Bonds issued to date. UMB is uniquely specialized and serves as either the trustee, registar, paying agent or dissemination agent on more than $165 million of these issued funds to date for counties, municipalities and school districts in Missouri.
“A year ago, the economy’s volatility put a hold on many public projects,” said Clyde Wendel, President of UMB Asset Management. “As a leading provider of corporate trust and escrow services to the Midwest and Rocky Mountain marketplace, we are proud to offer our expertise in moving these projects, and ultimately the economy, forward once again.”
In an effort to stimulate the ailing economy, the American Recovery and Reinvestment Act of 2009 established several new bond programs to allow public entities such as school districts, counties and municipalities to pursue capital projects at lower borrowing costs.
“We understand the complexities and special needs of each of these new financing tools,” said Todd Duncan, Executive Vice President of UMB’s Corporate Trust & Escrow Services. “Our appointment as trustee or agent for these bonds is directly related to the expertise and personal service we offer our customers. We also believe that the underlying financial strength of UMB uniquely positions us to provide stability and support for these projects in Missouri, the Midwest and throughout our footprint.”
About the Bond Programs
Build America Bond Program funds necessary capital projects, such as work on public buildings, courthouses, schools, roads, transportation infrastructure, government hospitals, public safety facilities and equipment, water and sewer projects, environmental projects, energy projects, governmental housing projects and public utilities . The bonds allow a new direct federal payment subsidy, taxable bonds issued by state and local governments that will give them access to the conventional corporate debt markets.
Qualified School Construction Bonds, divides the $11 billion national bond volume authorization for 2009 among the states and 100 largest local school districts based on Federal school funding.
Recovery Zone Economic Development Bonds, divides $10 billion in national bond volume authorizations among the states to finance government projects with economic development outcomes.
About UMB:
UMB Financial Corporation (NASDAQ: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to both individual and business customers nationwide. Its banking subsidiaries own and operate 135 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company’s proprietary mutual funds and investment advisory accounts for institutional customers. Visit umb.com for more company information.
