UMB Financial Corporation (NASDAQ: UMBF) has announced that it has received the necessary regulatory approvals to complete the acquisition of Heartland Financial USA, Inc. (NASDAQ: HTLF). The acquisition is expected to close on or around January 31, 2025.
Upon closing, UMB will have approximately $66 billion in assets, which represents an increase from the previous period's assets as of September 30, 2024. This elevation in assets will place UMB in the top 4% of publicly traded banks in the U.S. Additionally, the transaction will increase UMB’s private wealth management assets under management/assets under administration (AUM/AUA) by 31% and nearly doubles its retail deposit base. The acquisition will also expand UMB’s presence from eight to 13 states.
Furthermore, UMB will add five HTLF board members to its board of directors after final approval by the UMBF board at the acquisition close. With these additions, the UMBF board will grow to 16 board members.
It's worth noting that the transaction closure is still subject to satisfaction or waiver of the remaining customary closing conditions.
UMB Financial Corporation, headquartered in Kansas City, Missouri, offers a range of financial services, including commercial banking, personal banking, and institutional banking. The company operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona, and Texas, serving business clients nationwide and institutional clients in several countries. As a result of these announcements, the company's shares have moved 0.2% on the market, and are now trading at a price of $60.42. Check out the company's full 8-K submission here.
