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Kansas City-based UMB acquires Denver-based Heartland Financial for $2B

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Posted at 1:54 PM, Apr 29, 2024

KANSAS CITY, Mo. — Kansas City, Missouri-based UMB Financial announced Monday it is acquiring Denver-based Heartland Financial in a $2 billion, all-stock transaction.

While the merger has been approved by Boards of Directors for each firm, it still requires regulatory approval and approval by shareholders of both companies.

The merger would be the largest in the 111-year history of UMB.

The combined company will have $64.5 billion in assets, ranking it in the top 5 percent of more than 600 publicly traded banks in the country.

“This is a historic and exciting milestone for our company,” UMB Financial Corporation Chairman and CEO Mariner Kemper said in a release Monday morning.

If approved, the combined company would have a footprint across 13 states, 197 bank branches and 472 ATM locations.

“This acquisition further diversifies our business, adding more scale to our consumer and small business capabilities,” Kemper said. “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.”

Financial details of the merger are available on UMB’s website.

If approved, the combined company would employ 5,500 associates.

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