Business

UMB Financial takes control of Meridian Bank Texas in Fort Worth

Meridian Bank Texas in Fort Worth has a new owner following the acquisition of its parent company by UMB Financial Corp.

UMB, based in Kansas City, announced the completion of its purchase of Marquette Financial Cos. from Minnesota’s Pohlad family. Marquette owned Meridian Bank, which had operations in Arizona and Texas. In North Texas, Meridian has two office in Fort Worth, two in Dallas and one in Denton, and total assets of $442 million as of March 31.

In a telephone interview, Mike Hagedorn, president and chief executive of UMB Bank, said there would be no immediate changes at Meridian’s North Texas operations, but that the bank would convert to the UMB name sometime next year.

“Texas is a high-priority market for us,” Hagedorn said, saying UMB would be open to more acquisitions in Texas “to fill out our footprint.” He described UMB as a commercially-oriented bank with a big emphasis on wealth management.

UMB’s purchase of Marquette, first announced in December, was valued at $182 million.

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