UMB to Acquire Heartland Financial, Adds $19.4B in Assets and 1,900 Associates

Posted April 29, 2024

UMB Financial Corporation and Heartland Financial, USA Inc. announced the two companies have entered into a merger agreement. The transaction will increase UBM assets by over 40 percent, the largest acquisition in UMB history

UMB’s acquisition of Heartland is an all-stock transaction valued at approximately $2 billion, according to a Monday release.

Denver-based Heartland, founded in 1981, operates 115 locations across the U.S., according to the company’s website. Heartland has $19.4 billion in assets, $16.2 billion in total deposits and $12.1 billion in total loans, as of March 31, 2024.

Upon the transaction closure, UMB will have $64.5 billion in assets, adding 107 branches and 237 ATMs to UMB’s 90 branches and 238 ATMs. Heartland team of 1,900 associates will join UMB’s workforce of 3,600.

Also following the transaction closure, UMB will operate a “regional banking powerhouse,” creating a 13-state branch footprint, adding California, Minnesota, New Mexico, Iowa and Wisconsin to UMB’s existing eight-state footprint, according to the release.

“While we have maintained an outstanding pace of organic growth during the past decade, this compelling combination with HTLF (Heartland) marks a truly momentous expansion of all our core services in both existing and new markets,” UMB Financial Corporation Chairman and CEO Mariner Kemper said. “This synergy, along with a like-minded culture and customer approach, is an ideal fit for our business model, our credit and risk profiles, and our associates, customers and communities.”

Until the transaction closes, the companies will operate independently.

The transaction is expected to close in the first quarter of 2025.