UMB issues 3.9M shares in public offering

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) this week issued 3.9 million shares in an underwritten public offering.

The stock is priced at $54 per share, according to a news release.

The offering, expected to close Sept. 16, is estimated to bring UMB third-quarter net proceeds of $201.1 million, or $231.4 million if underwriters exercise an option to purchase additional shares in full. UMB plans to use the proceeds for general corporate purposes.

Bank of America Merrill Lynch signed on as the book-running manager for the offering, and Wells Fargo Securities served as co-manager, the release said.

UMB Financial Corp., which operates two UMB Bank branches in Springfield, posted net income of $29.9 million in the second quarter ended June 30, a 2.6 percent increase compared to $29.2 million in the same quarter of 2012.

UMBF shares were trading at $53.90 as of 8:40 a.m., compared to a 52-week average of $40.27 to $62.20.