UMB Financial Corporation has just completed its acquisition of Heartland Financial USA, Inc., marking its largest acquisition in its 111-year history. This acquisition has resulted in a substantial increase in UMB's total assets, now standing at approximately $68 billion, representing a growth of more than 30% based on assets as of December 31, 2024.
The acquisition has also expanded UMB's geographic footprint from eight to 13 states, adding California, Iowa, Minnesota, New Mexico, and Wisconsin to its existing presence in Missouri, Arizona, Colorado, Illinois, Kansas, Nebraska, Oklahoma, and Texas. As part of this expansion, 104 new branches and 115 ATMs have been added to UMB's network, significantly enhancing its presence for both existing and new customers.
Furthermore, this acquisition has significantly increased UMB's private wealth management assets under management/assets under administration (AUM/AUA) by 32% and has substantially expanded its retail deposit base. As a result, UMB is poised to provide comprehensive banking services and asset management to a wider customer base across its expanded footprint, with a specific focus on supporting the communities in which it operates.
The acquisition has also led to changes in UMB's board of directors, with five former Heartland Financial USA, Inc. board members joining the UMB Financial Corporation board, expanding it to 16 members.
As a result of these announcements, the company's shares have moved -3.5% on the market, and are now trading at a price of $113.73. For the full picture, make sure to review UMB Financial's 8-K report.
