Regional bank UMB Financial buying Heartland Financial in $2 bln all-stock deal

By Steve Gelsi

Heartland Financial's stock jumps 18.5% in regular trading

Heartland Financial USA Inc's stock rose 18.5% on Monday after the Denver-based bank said it agreed to be acquired by UMB Financial Corp. in an all-stock deal valued at about $2 billion.

Heartland Financial (HTLF) stockholders will receive 0.55 shares of UMB common stock for each share that they own.

The deal values Heartland Financial at $45.74 per share based on UMB Financial's (UMBF) closing price of $83.17 a share on Friday.

Heartland Financial's stock rose by $6.66 to $42.38 a share. UMB Financial (UMBF) fell 4.2% to $79.70.

When the deal closes, Heartland Financial shareholders will own about 31% of the combined company.

Kansas City-based UMB said it's the largest acquisition in its 111-year history.

The deal will build up its branch presence into 13-states with the addition of Heartland Financial's foot print in California, Minnesota, New Mexico, Iowa and Wisconsin.

Prior to Monday's trades, UMB Financial's stock had fallen 0.5% so far in 2024, compared to a 6.9% gain by the S&P 500 SPX. Heartland Financial's stock has fallen by 5% in 2024.

-Steve Gelsi

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04-29-24 1205ET

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