UMB Gets Regulatory Approval For Heartland Financial Acquisition

Posted January 13, 2025

Kansas City-based UMB Financial Corporation has received federal regulatory approval for its acquisition of Heartland Financial USA, which was announced in April last year.

The acquisition of Heartland is a $2 billion all-stock transaction that would increase UBM’s assets by over 30%. The Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System approved the deal, which is expected to close on or around Jan. 31, according to a release.

UMB will have approximately $66 billion in assets, putting it in the top 4% of the 599 publicly traded banks in the U.S. The deal also expands UMB’s presence from eight to 13 states.

The deal will also see five Heartland board members join the UMB board of directors upon final approval, which will increase the number of members to 16. Joining the UMB board are John Schmidt, Bradley Henderson, Jennifer Hopkins, Margaret Lazo and Susan Murphy.

“We remain extremely excited about this momentous expansion of our core services and capabilities, which will benefit both UMB and HTLF customers,” chairman and CEO of UMB, Mariner Kemper, said in the release. “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.”