UMB Bank Announces New Specialty Corporate Trust Service for Aviation Industry
Salt Lake City and Kansas City, Mo.—UMB Bank, n.a., a subsidiary of UMB Financial Corporation, announces its Institutional Banking division has launched a new specialty corporate trust service for the aviation industry that will include a team of four corporate trust specialists based in Salt Lake City, Utah – a new market for UMB Bank’s corporate trust division. The group will focus on servicing large ticket specialty trusts, agency appointments and escrow services for the aviation industry. This team is experienced in handling all trust and agent roles for commercial aircraft as well as business and corporate jets.
UMB Bank’s corporate trust solutions for the aviation industry will include prompt and efficient account setups, personalized trust administration with a dedicated support team and access to real-time online account reports. These services include, but are not limited to: owner trustee, indenture trustee, security trustee, operating bank, account bank, collateral agent, administrative agent, escrow agent and paying agent. UMB’s strong credit rating, sizable balance sheet and robust capabilities make it a perfect fit for the global aviation market.
“Our corporate trust team has worked hard to become one of the top three trustees and paying agents based on the most recent annual rankings for number of new issues. This new offering further solidifies the depth of services we are able to offer our clients,” said Jim Cornelius, president of institutional banking at UMB. “The team we have assembled has a wealth of experience in the aviation industry and understands all of the complexities that come with these relationships.”
The corporate trust team, which will move into a new office in Salt Lake City soon, includes:
Dain Brown has been hired as senior vice president, regional manager to lead this group. Brown has more than 25 years of experience in the financial services industry with extensive experience in corporate trust, including aviation, rail and real estate, as well as leasing and credit syndication. In his role, he is responsible for all aspects of growing the business.
Necia Stevens has been hired as vice president and senior relationship manager. In her role, she is responsible for all aspects of the customer experience, including marketing, business development, new account closings and customer contact throughout the life of the trust. She has more than 25 years of experience in corporate trust.
Eric Morgan has been hired as senior vice president, national sales manager. In his role, he is responsible for marketing and business development for the group. He has more than 18 years of experience in corporate trust.
Scott Rosevear has been hired as senior vice president, corporate trust legal counsel. In his role, he is responsible for the review and negotiation of transaction documents. He has more than 15 years of experience in corporate trust and as an attorney.
The four new corporate trust team members are joined by Mark Heer and Mark Flannagan, current UMB corporate trust associates.
Mark Heer is a senior vice president and corporate trust legal counsel. He has a wide variety of experience negotiating front end corporate trust transactions. Heer has been with UMB since 2008 and has more than 15 years of experience in corporate trust and as an attorney. In addition to his corporate trust experience, Heer has five years of experience practicing law in the business aviation industry assisting both businesses and high-net worth individuals in the buying and selling of their aircraft as well as helping them maneuver the regulatory and tax requirements to best utilize their aircraft.
Mark Flannagan is the executive director of specialty corporate trust. He also manages the corporate trust legal team. Flannagan has been with UMB since 2005 and has more than 25 years of experience in corporate trust and as an attorney.
UMB Bank has been a provider of corporate trust services for more than 70 years, including trustee, escrow and custody administration services, paying agent and default workout. UMB is currently the third largest trustee by number of new issues in the U.S. and the third largest paying agent by number of new issues in the U.S., according to Thomson Reuters. At the end of 2017, UMB’s Corporate Trust services had $15.7 billion in assets under management. The corporate trust group has offices in Salt Lake City, Kansas City, St. Louis, Denver, Minneapolis, Oklahoma City, Dallas, Austin, Houston, Phoenix and New York.
UMB Bank also has extensive experience in business aviation financing, providing expertise and financing to clients and prospects interested in personal and business aircraft, including helicopters, jets, pistons and turboprops.