Academic journal article ABA Banking Journal

Web Spin-Off's Founder Drops Bank CEO Title

Academic journal article ABA Banking Journal

Web Spin-Off's Founder Drops Bank CEO Title

Article excerpt

Here's a twist on the increasingly common tale of a senior executive jumping from an "old economy" company to a "new economy" startup: The founder of UMB Bank's Internet venture, eScout.com, accepted the invitation of the eScout board to become CEO of the year-old e-commerce company. Alexander S. (Sandy) Kemper, formerly CEO of $8.1 billion UMB Financial Corp., Kansas City, Mo., relinquished his operating responsibilities in the holding company to devote full time to eScout.com, which Kemper founded early last year.

In February, eScout raised $25 million in venture capital and became a privately held entity, although UMB Bank continues to hold and equity position.

In its first year of operation, eScout attracted 1,050 community banks and 3,500 independent businesses as members of its unique e-commerce marketplace. Almost all of those members are in the Midwest.

eScout is an Internet portal at which banks and their business customers can buy and sell goods and share economic, management, regulatory, and other information. This virtual community is growing at better than 100 new members a week, reports Kemper, who is president and CEO. His vision is to enable community banks and independent businesses to gain--through networked B2B (business-to-business) relationships--"the purchasing power and business efficiencies of Fortune 100 companies. …

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