Bankers Trust Co. has agreed to sell its corporate trust business to Kansas City, Mo.-based UMB Bank, a subsidiary of UMB Financial Corp., according to a release. As part of the acquisition, UMB will open its first Iowa office and retain the seven-person corporate trust team from Bankers Trust, who will continue serving existing clients. “We have experienced significant growth the past few years, and adding Bankers Trust’s team makes us even more optimistic about the future,” Jim Cornelius, president of UMB Institutional Banking, said in a statement. According to Thomson Reuters, UMB ranked third nationally for the number of new trustee transactions and for the number of new paying agent transactions in 2018. “With this transaction, UMB will acquire a top-notch team and book of business,” Scott Eltjes, Bankers Trust executive vice president of Investments and Wealth Management, said in a release. “The Wealth Management Division at Bankers Trust is an important strategic growth area for us, and we will continue investing in and growing our private client services, institutional custody, retirement plan services and South Dakota trust services businesses.”