News Column

UMB chief executive inherits late father's voting rights

February 1, 2014

By Mark Davis, The Kansas City Star

Feb. 01 -- Mariner Kemper , chief executive of UMB Financial Corp. , has inherited voting control over more than 3.4 million UMB shares held by his late father, R. Crosby Kemper Jr . In a filing Friday with the Securities and Exchange Commission , Mariner Kemper reported that he had sole or shared voting authority over 11.6 percent of the Kansas City -based banking company's shares. The largest block is a bit more than 3.4 million shares held in the R. Crosby Kemper Trust . At Friday's closing stock price of $59.29 , the 3.4 million shares Mariner Kemper gained voting control over are worth $202 million . His 11.6 percent reported beneficial ownership stake, as the SEC defines it, is worth $311 million . Mariner Kemper became a "successor co-trustee" and gained "sole authority to vote and dispose of" the trust's shares after his father died on Jan. 2 , the filing said. In an interview, Kemper said his father's voting rights over UMB shares, held in various trusts including some with shared voting control, all had passed to him with the intention of maintaining family control over the shares. "Good planning resulted in business as usual," he said. Kemper said he did not inherit ownership of the shares, which remain in the various trusts. Last year, UMB had said the Kemper family's holdings amounted to 19.4 percent of UMB's stock. Kemper said the total has changed little since then. R. Crosby Kemper Jr . had led UMB for 30 years after succeeding his father. Mariner Kemper became its chief executive officer in 2004. To reach Mark Davis , call 816-234-4372 or send email to mdavis@kcstar.com . ___ (c)2014 The Kansas City Star (Kansas City, Mo.) Visit The Kansas City Star (Kansas City, Mo.) at www.kansascity.com Distributed by MCT Information Services


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Source: Kansas City Star (MO)


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