UMB Financial (UMBF) Agrees to Acquire Citadel Bancorp.

July 16, 2008 10:07 AM EDT

UMB Financial Corporation (NASDAQ: UMBF) and Colorado-based Citadel Bancorporation announce they have signed a definitive agreement under which UMB Bank Colorado, n.a. will acquire The Citadel Bank in an all-cash deal.

Following regulatory approval of the transaction, anticipated by early fall, Citadel will merge into UMB Bank Colorado, n.a. The combined deposits in Colorado Springs will be approximately $235 million, increasing UMB's deposit market share ranking for the area from nine to seven. UMB's analysis indicates this acquisition will be modestly accretive to EPS in the first year following the merger.

Citadel Bank had total assets of $89.0 million and total deposits of $81.9 million as of March 31, 2008. Citadel has a strong core deposit franchise, with non-interest bearing deposits comprising 31.57% of total deposits and cost of funds of only 1.29% for the last 12 months as of March 31, 2008.

UMB Financial Corporation, a multi-bank holding company, provides banking, asset management, health spending solutions, and related financial services to individual and business customers in the United States.

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