UMB Financial nears acquisition of Heartland Financial

UMB Financial Corporation is one step closer to acquiring bank holding company Heartland Financial USA,  highlighting the company’s growth.

Kansas City, Mo.-based lender UMB Financial has received regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve to finalize the acquisition, which is expected to close on or around Jan. 31, according to a Jan. 10 release. Shareholders from both companies previously approved the deal.

Upon completion, UMB will have approximately $66 billion in assets, propelling it into the top 4% of publicly traded U.S. banks, according to the release. The deal will also expand UMB’s presence from eight to 13 states, boost private wealth management assets under management by 31% and nearly double its retail deposit base.

UMB is in the process of finalizing a Community Benefits Agreement, which will outline community support initiatives for its expanded footprint, according to the release. As part of the agreement, five Heartland Financial board members will join UMB Financial’s board, bringing the total number of directors to 16. These members include John Schmidt, Brad Henderson, Jenny Hopkins, Margaret Lazo and Susan Murphy. 

The transaction remains subject to the satisfaction of customary closing conditions, according to the release.

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