UMB Financial Corporation Receives Regulatory Approval to Acquire Heartland Financial USA, Inc.

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UMB will have approximately $66 billion in assets, elevating it to the top 4% of publicly traded U.S. banks

KANSAS CITY, Mo. & DENVER, January 10, 2025--(BUSINESS WIRE)--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.