UMB Bank, the lead bank of UMB Financial, has acquired credit card portfolio of 5Star Bank. Colorado-based 5Star Bank offers a range of services to Armed Forces Benefit Association (AFBA), a 63-year-old organization of members of the uniformed services of the US.
The agreement closed on April 26, 2010 and included $66m in assets and 63 agent bank credit card relationships.
George Schmelzel, senior vice president of UMB Credit Card Services, said: “Our evaluation and due diligence of 5Star’s credit card portfolio uncovered a near mirror image of UMB’s credit card program. So from the standpoint of service, operations and customer base, this was a smart and easy decision for us. But more importantly, the customers will continue to experience the same level of service with UMB they have come to expect from 5Star Bank.”
Michael League, CEO of 5Star Bank, said: “After a rigorous RFP process, we could not be more pleased to find a quality institution like UMB to transition our customers and AFBA members. We are confident they will find UMB to be a great credit card provider.”