UMB Financial to acquire Heartland Financial

Kansas City, Mo.-based UMB Financial is acquiring Denver-based Heartland Financial in a $2 billion stock deal. 

The $49.4 billion UMB Financial announced the pending acquisition of the $19.4 billion Heartland Financial on April 29. Following the deal, which is expected to close in the first quarter of 2025, UMB will grow to $64.5 billion with branches in 13 states. 

UMB’s footprint will expand to include California, Minnesota, New Mexico, Iowa and Wisconsin in addition to its existing eight-state coverage area — Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. The deal, the largest announced so far this year, is expected to nearly double UMB’s retail deposit base. 

“This acquisition further diversifies our business, adding more scale to our consumer and small business capabilities,” said UMB Financial Chair and CEO Mariner Kemper. “It also significantly expands our market share in several existing markets and leverages our commercial banking expertise to HTLF customers and prospects in our newly acquired markets.”

The deal is expected to close in the first quarter of 2025. Following the acquisition, former Heartland Financial stockholders are expected to represent 31 percent of the combined company. Five members of the Heartland Financial board will join the UMB board, which will be expanded to 16 members.

“Heartland Financial’s merger with UMB represents our continued focus on ensuring we deliver the best products, services and expertise to our customers,” said Heartland Financial President and CEO Bruce Lee. “This is an excellent match for Heartland Financial, and we’re truly excited for what this means for our employees, customers, stockholders and communities.”