UMB Financial Corporation Agrees $2 Billion All-Stock Acquisition of Heartland Financial USA

UMB Financial Corporation has announced an agreement to acquire Heartland Financial USA in an all-stock transaction valued at approximately $2.0 billion, the Kansas City-based bank disclosed on 29 April 2024. The deal would create a combined institution with roughly $64.5 billion in assets operating across 13 states.

Under the terms of the agreement, Heartland Financial shareholders will receive 0.55 UMB shares for each Heartland share they hold, an exchange ratio implying a per-share value of $45.74 based on UMB's reference price at announcement.

FOOTPRINT

The transaction adds Heartland's footprint across 11 states to UMB's own network.

REGULATORY AND SHAREHOLDER APPROVALS

The transaction remains subject to shareholder approval from both UMB Financial and Heartland Financial USA, as well as customary regulatory approvals, including from the Federal Reserve and the Office of the Comptroller of the Currency.

Both boards have approved the agreement.