UMB will have approximately $66 billion in assets, elevating it to the top 4% of publicly traded U.S. banks
UMB Financial Corporation (Nasdaq: UMBF) and Heartland Financial USA, Inc. (Nasdaq: HTLF) are pleased to share that the necessary regulatory approvals from the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System have been received to complete the previously announced acquisition of HTLF. These approvals follow shareholder approvals for both companies.
“Receiving regulatory approvals is another milestone in completing this historic acquisition,” said Mariner Kemper, chairman and chief executive officer of UMB Financial Corporation. “We remain extremely excited about this momentous expansion of our core services and capabilities, which will benefit both UMB and HTLF customers. As we’ve previously shared, HTLF’s like-minded culture and customer approach are an ideal fit for our business model, our credit and risk profiles, and our associates, customers and communities.”
The acquisition is expected to close on or around Jan. 31, 2025.
“We’re pleased this step in the process has been completed,” said Bruce K. Lee, president and chief executive officer of HTLF. “Our complementary strengths ensure we’ll continue delivering the best products, services and expertise to our customers.”
Upon closing, UMB will have approximately $66 billion in assets (based on assets as of Sept. 30, 2024), elevating it to the top 4% of the 599 publicly traded banks in the U.S. The transaction will increase UMB’s private wealth management AUM/AUA by 31% and nearly doubles its retail deposit base. It will also expand UMB’s presence from eight to 13 states.
UMB is deeply invested in the communities in which it does business, providing support through products, services, and investments as well as corporate and associate giving. UMB is committed to being a strong financial steward and is finalizing its Community Benefits Agreement, which will detail how it will provide support throughout its newly expanded footprint. Specific details will be shared upon close or when the plan is finalized.
Finally, five HTLF board members will join the UMB Financial Corporation Board of Directors after final approval by the UMBF Board at acquisition close: John Schmidt, Bradley (Brad) Henderson, Jennifer (Jenny) Hopkins, Margaret Lazo and Susan Murphy. With these additions, the UMBF Board will grow to 16 board members.
“We’re excited to add these extremely talented individuals to our Board and look forward to working with them in 2025 and beyond,” Kemper said.
John Schmidt has served as the independent Chairman of the HTLF Board since March 15, 2022. He has been the senior vice president and chief financial officer (CFO) of A.Y. McDonald Industries since 2013 and was named corporate secretary in 2014.
Brad Henderson is the chief executive officer of P33, a nonprofit organization focused on inclusively driving Chicago’s global technology leadership, where he has served since July 2019.
Jenny Hopkins has been a managing partner at Crescendo Capital, a private investment firm for early-stage companies, since 2007.
Margaret Lazo is a senior operating consultant at Cerberus Capital Management, a global private equity firm, where she is engaged in human capital initiatives across its portfolio companies.
Susan Murphy has served as the chairperson of the HTLF Audit Committee since April 5, 2022. She has been a Principal at The Grace Alliance, LLC in Denver since 2005, which assists individuals and families in developing and maintaining financial strategies for the future.
The transaction closure is still subject to satisfaction or waiver of the remaining customary closing conditions.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. As the company’s reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn.
About HTLF
Heartland Financial USA, Inc., is a Denver, Colorado-based bank holding company operating under the brand name HTLF, with assets of $18.27 billion as of September 30, 2024. HTLF’s banks serve customers in the West, Southwest and Midwest regions. HTLF is committed to serving the banking needs of privately owned businesses, their owners, executives and employees. Our core commercial business is supported by a strong retail banking operation, in addition to a diversified line of financial services including treasury management, wealth management and investments. Additional information is available at www.htlf.com.
