UMB Financial Corporation announced on Friday that it has completed its acquisition of Heartland Financial USA, Inc., a transaction valued at approximately $2 billion. With the deal closed, UMB's total assets stand at approximately $68 billion.
The combination extends UMB's banking presence from 8 to 13 states, adding Heartland's Midwestern and Western markets to UMB's existing franchise.
WEALTH MANAGEMENT
The combined entity's assets under management and assets under administration in the private wealth segment increase by 32% as a result of the transaction.
Heartland Financial operated through a network of community bank brands, such as Minnesota Bank & Trust, Dubuque Bank & Trust and Arizona Bank & Trust, across its multi-state footprint.
SCALE AND INTEGRATION
UMB described the Heartland transaction as the largest acquisition in its 111-year history, one that increases its total assets by more than 30%. HTLF's banks will operate as a division of UMB until the branch and systems conversions, expected in the fourth quarter of 2025, after which they will operate under the UMB name. The deal adds 104 branches and 115 ATMs to UMB's 93 banking centres and 235 ATMs.
The transaction closed on 31 January 2025; the two companies had announced their merger agreement in April 2024.