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UMB Financial (Nasdaq: UMBF) has announced the acquisition of Heartland Financial USA, Inc. (Nasdaq: HTLF) in an all-stock transaction valued at $2.0 billion. This will increase UMB's total assets by more than 40% and expand its geographic footprint across 13 states. The deal, the largest in UMB's history, will create a regional banking powerhouse with $64.5 billion in assets, elevating it to the top 5% of publicly traded banks in the U.S. The transaction is expected to close in the first quarter of 2025.
Heartland Financial USA, Inc. (HTLF) reported a solid quarter with net income of $49.7 million, adjusted earnings of $52.4 million, and increased common equity and tangible common equity ratios. Key highlights include growth in customer deposits, decrease in wholesale deposits, and stable credit quality. The sale of Rocky Mountain Bank aligns with HTLF 3.0 strategic initiatives aimed at efficiency and growth. Financial metrics improved across interest margin, loan yield, and cost of deposits. Various noninterest income categories saw changes, while expenses also increased. Nonperforming assets decreased, and provisions for credit losses were adjusted. Overall, HTLF shows positive financial performance amid strategic changes.
UMB Financial (Nasdaq: UMBF) will acquire Heartland Financial USA, Inc. (Nasdaq: HTLF) in an all-stock transaction valued at about $2.0 billion, increasing UMB's assets by over 40%. This historic merger will create a regional banking powerhouse across 13 states, adding $19.4 billion in assets, $16.2 billion in total deposits, and $12.1 billion in total loans from HTLF. The deal elevates UMB to the top 5% of publicly traded banks in the U.S., with $64.5 billion in assets. Former HTLF stockholders will own approximately 31% of the combined company, and this acquisition will boost UMB's private wealth management's AUM/AUA by 31%.