UMB Financial Corporation Completes Acquisition of Heartland Financial USA, Inc.
UMB Financial (UMBF) has completed its largest acquisition in its 111-year history, acquiring Heartland Financial USA (HTLF). The transaction significantly expands UMB's presence, increasing total assets to approximately $68 billion and extending its geographic footprint from 8 to 13 states.
The acquisition adds 104 new branches and 115 ATMs to UMB's existing network of 93 banking centers and 235 ATMs. It also increases UMB's private wealth management AUM/AUA by 32% and expands its retail deposit base. New states added to UMB's footprint include California, Iowa, Minnesota, New Mexico, and Wisconsin.
HTLF will initially operate as a division of UMB, with banking centers and systems conversion anticipated in Q4 2025. Five HTLF board members have joined UMB's Board of Directors, expanding it to 16 members.
UMB Financial (UMBF) ha completato la sua più grande acquisizione nella sua storia di 111 anni, acquisendo Heartland Financial USA (HTLF). Questa transazione amplia significativamente la presenza di UMB, aumentando il totale degli attivi a circa 68 miliardi di dollari e ampliando la sua presenza geografica da 8 a 13 stati.
L'acquisizione aggiunge 104 nuove filiali e 115 sportelli automatici (ATM) alla rete esistente di UMB di 93 centri bancari e 235 ATM. Inoltre, aumenta il patrimonio gestito nella gestione della ricchezza privata di UMB del 32% e espande la sua base di depositi al dettaglio. I nuovi stati aggiunti alla presenza di UMB includono California, Iowa, Minnesota, New Mexico e Wisconsin.
HTLF opererà inizialmente come una divisione di UMB, con la conversione dei centri bancari e dei sistemi prevista per il quarto trimestre del 2025. Cinque membri del consiglio di HTLF si sono uniti al consiglio di amministrazione di UMB, ampliandolo a 16 membri.
UMB Financial (UMBF) ha completado su mayor adquisición en sus 111 años de historia al adquirir Heartland Financial USA (HTLF). La transacción expande significativamente la presencia de UMB, aumentando los activos totales a aproximadamente 68 mil millones de dólares y extendiendo su huella geográfica de 8 a 13 estados.
La adquisición añade 104 nuevas sucursales y 115 cajeros automáticos (ATM) a la red existente de UMB de 93 centros bancarios y 235 ATM. También aumenta el AUM/AUA de gestión de patrimonio privado de UMB en un 32% y expande su base de depósitos minoristas. Los nuevos estados añadidos a la huella de UMB incluyen California, Iowa, Minnesota, Nuevo México y Wisconsin.
HTLF operará inicialmente como una división de UMB, y se anticipa la conversión de centros bancarios y sistemas para el cuarto trimestre de 2025. Cinco miembros de la junta de HTLF se han unido a la Junta Directiva de UMB, aumentando su número a 16 miembros.
UMB Financial (UMBF)는 111년 역사에서 가장 큰 인수를 완료하였으며, Heartland Financial USA (HTLF)를 인수하였습니다. 이번 거래는 UMB의 존재감을 크게 확대하여 총 자산을 약 680억 달러로 늘리고, 지리적 범위를 8개주에서 13개주로 확장합니다.
이 인수로 104개의 새로운 지점과 115개의 ATM이 UMB의 기존 93개 은행 센터 및 235개의 ATM 네트워크에 추가됩니다. 또한, UMB의 개인 자산 관리(AUM/AUA)는 32% 증가하며 소매 예금 기반도 확장됩니다. UMB의 지점에 추가된 새로운 주는 캘리포니아, 아이오와, 미네소타, 뉴멕시코, 그리고 위스콘신입니다.
HTLF는 처음에는 UMB의 부서로 운영되며, 은행 센터 및 시스템 전환은 2025년 4분기로 예상됩니다. HTLF의 이사회 구성원 5명이 UMB 이사회에 합류하여 총 16명의 이사로 확대되었습니다.
UMB Financial (UMBF) a complété sa plus grande acquisition dans ses 111 ans d'histoire en acquérant Heartland Financial USA (HTLF). Cette transaction élargit considérablement la présence de UMB, faisant passer les actifs totaux à environ 68 milliards de dollars et étendant sa portée géographique de 8 à 13 États.
L'acquisition ajoute 104 nouvelles agences et 115 distributeurs automatiques (DAB) au réseau existant d'UMB de 93 centres bancaires et 235 DAB. Elle augmente également les AUM/AUA de la gestion de patrimoine privée d'UMB de 32% et élargit sa base de dépôts de détail. Les nouveaux États ajoutés à la présence d'UMB incluent la Californie, l'Iowa, le Minnesota, le Nouveau-Mexique et le Wisconsin.
HTLF fonctionnera initialement comme une division d'UMB, avec des conversions de centres bancaires et de systèmes anticipées pour le quatrième trimestre 2025. Cinq membres du conseil de HTLF ont rejoint le conseil d'administration d'UMB, le portant à 16 membres.
UMB Financial (UMBF) hat die größte Übernahme in seiner 111-jährigen Geschichte abgeschlossen und Heartland Financial USA (HTLF) übernommen. Die Transaktion erweitert UMBs Präsenz erheblich, indem die Gesamtwerte auf etwa 68 Milliarden Dollar steigen und die geografische Reichweite von 8 auf 13 Bundesstaaten ausgedehnt wird.
Die Übernahme fügt 104 neue Filialen und 115 Geldautomaten (ATMs) zu UMBs bestehendem Netzwerk von 93 Bankzentren und 235 ATMs hinzu. Sie erhöht auch das verwaltete Vermögen (AUM/AUA) in der Vermögensverwaltung von UMB um 32% und erweitert die Einzelhandelseinlagenbasis. Die neuen Bundesstaaten, die zu UMBs Präsenz hinzugefügt wurden, sind Kalifornien, Iowa, Minnesota, New Mexico und Wisconsin.
HTLF wird zunächst als eine Abteilung von UMB betrieben, wobei die Umstellung auf Bankzentren und Systeme im vierten Quartal 2025 erwartet wird. Fünf Mitglieder des HTLF-Vorstands sind dem Vorstand von UMB beigetreten, wodurch die Mitgliederzahl auf 16 erhöht wird.
- Largest acquisition in company history increases total assets by 30% to $68 billion
- Geographic expansion from 8 to 13 states with 104 new branches
- 32% increase in private wealth management AUM/AUA
- Significant expansion of retail deposit base
- Addition of five board members strengthening corporate governance
- Integration process extends until Q4 2025, indicating lengthy transition period
- Substantial operational integration risks with systems conversion
Insights
The completion of HTLF acquisition represents a transformative moment for UMB Financial, catapulting the bank into a new competitive tier with $68 billion in assets. This 30% asset growth positions UMB more strongly against mid-sized regional banks while maintaining its community-focused business model.
The deal's strategic value extends beyond mere size. The 32% expansion in wealth management AUM/AUA creates significant revenue synergy opportunities, particularly in cross-selling sophisticated wealth management services to HTLF's existing customer base. The addition of 104 branches across five new states provides valuable deposit gathering capabilities and geographic diversification, reducing concentration risk in any single market.
Integration execution will be critical through 2025. The planned systems conversion in Q4 2025 provides adequate time for careful integration, though it also extends the period of operational complexity. The addition of five HTLF board members should help ensure continuity and smooth cultural integration.
The expansion into California, Iowa, Minnesota, New Mexico and Wisconsin creates a more balanced geographic footprint, reducing exposure to any single regional economy. The enhanced scale should drive operational efficiencies, particularly in technology and risk management functions where fixed costs can be spread across a larger asset base.
The timing of this acquisition appears opportune, as it allows UMB to achieve meaningful scale without overpaying in a heated M&A market. The focus on complementary markets and business lines suggests thoughtful strategic planning rather than growth for growth's sake.
UMB closes largest acquisition in 111-year history, increasing total assets by more than
“Today is a monumental day for our organization as we welcome HTLF customers and associates to UMB,” said Mariner Kemper, chairman and chief executive officer of UMB Financial Corporation. “As the largest acquisition in our company’s history, this new chapter presents a tremendous opportunity to expand our core services and capabilities, while also introducing new communities to our geographic footprint. We are ready and excited to help our customers, existing and new, meet their financial goals.”
For more than a century, UMB has supported customers through delivering comprehensive banking services and asset management across its eight-state footprint and nationally. This acquisition will expand UMB’s banking presence, adding
HTLF, which currently does business as Minnesota Bank & Trust, Wisconsin Bank & Trust, Dubuque Bank & Trust, Illinois Bank & Trust, Bank of Blue Valley, Citywide Banks, Premier Valley Bank, Arizona Bank & Trust, New Mexico Bank & Trust, First Bank & Trust, HTLF Food & AgriBusiness, HTLF Specialized Industries, and HTLF Retirement Plan Services, will operate as a division of UMB prior to the banking centers and systems conversions, which is anticipated to occur in the fourth quarter of 2025, after which time the divisions will operate as UMB. Until that time, customers should continue to bank as they normally do.
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 when the plan is finalized.
As previously announced, five HTLF board members now join the UMB Financial Corporation Board of Directors: John Schmidt, Bradley (Brad)
“As we look to the future, we remain excited and true to who we are as an entrepreneurial-minded organization rooted in a more than 111-year history of steadfast commitment to our customers, associates and the communities we serve,” said Kemper.
About UMB
UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Any statements about UMB’s, HTLF’s or the combined company’s plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward-looking statements. Such statements are generally identified as those that include words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trend,” “objective,” “continue,” or similar expressions or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may,” or similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates, and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements. Such forward-looking statements include but are not limited to statements about the benefits of the previously announced business combination transaction between UMB and HTLF (the “Transaction”), including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts.
These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. In addition to factors previously disclosed in UMB’s and HTLF’s reports filed with the United States Securities and Exchange Commission (the “SEC”), the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which UMB and HTLF operate; the ability to promptly and effectively integrate the businesses of UMB and HTLF; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of UMB’s or HTLF’s customers, employees or other business partners, including those resulting from the completion of the Transaction; the dilution caused by UMB’s issuance of additional shares of its capital stock in connection with the Transaction; and the diversion of management’s attention and time from ongoing business operations and opportunities on merger-related matters.
These factors are not necessarily all of the factors that could cause UMB’s, HTLF’s or the combined company’s actual results, performance, or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm UMB’s, HTLF’s or the combined company’s results.
All forward-looking statements attributable to UMB, HTLF, or the combined company, or persons acting on UMB’s or HTLF’s behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and UMB and HTLF do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If UMB or HTLF update one or more forward-looking statements, no inference should be drawn that UMB or HTLF will make additional updates with respect to those or other forward-looking statements. Further information regarding UMB, HTLF and factors which could affect the forward-looking statements contained herein can be found in UMB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000101382/000095017024018456/umbf-20231231.htm) and its subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and its other filings with the SEC, in HTLF’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/920112/000092011224000026/htlf-20231231.htm), and its subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and its other filings with the SEC, and the risks described in UMB’s definitive joint proxy statement/prospectus related to the Transaction, which was filed with the SEC on July 5, 2024 (and which is available at https://www.sec.gov/Archives/edgar/data/101382/000119312524175612/d771152d424b3.htm).
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UMB Media Contact:
Stephanie Hollander
Stephanie.Hollander@umb.com
816.729.1027
Source: UMB Financial Corporation
FAQ
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