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UMB Closes Heartland Financial Acquisition, Largest In Bank’s History

UMB Financial Corporation announced it has completed the acquisition of Heartland Financial USA, Inc. Photo credit: Will Crow.

Posed February 3, 2025

UMB Financial Corporation has officially closed its $2 billion acquisition deal with Heartland Financial, the largest acquisition the bank has made in its 111-year history.

The deal, effective Jan. 31, has raised UMB’s asset size to approximately $68 billion, or 32%, based on assets as of Dec. 31, 2024. The bank now has a presence in 13 states, with 197 branches and 235 ATMs, expanding network services for current and new customers.

“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,” CEO of UMB, Mariner Kemper, said in a release. “We are ready and excited to help our customers, existing and new, meet their financial goals.”

The deal will also bring five Heartland board members to the UMB Financial Corporation Board of Directors including John Schmidt, Bradley Henderson, Jennifer Hopkins, Margaret Lazo and Susan Murphy.

Heartland divisions will operate as divisions of UMB before the two banking systems fully integrate, which is expected to be completed in Q4 2025. After that, the divisions will operate as UMB.

Heartland divisions include 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.