Kansas City, Mo.-based UMB Financial Corp., the parent company of UMB Bank, said Dec. 15 it has signed a definitive agreement to acquire Marquette Financial Companies in an all-stock transaction. The transaction has been approved by the boards of directors of both companies and is expected to close mid-2015. MFC is a $1.3 billion financial services company owned by the Pohlad family of Minneapolis, Minn.
Upon closing of the transaction, the Pohlad family will receive 3.4 million shares, or $182.5 million based on UMBF’s closing price of $53.16 on Dec. 12, representing 7 percent ownership in UMBF. MFC has a portfolio of businesses, including Fort Worth-based Meridian Bank Texas and Phoenix-based Meridian Bank N.A. Meridian Bank Texas has five branches in Fort Worth, Dallas and Denton, with total assets of $433 million, loans of $318 million and deposits of $378 million, as of Sept. 30, 2014. Meridian Bank, N.A. has eight branches in the Phoenix area, with total assets of $720 million, loans of $539 million and deposits of $574 million, as of Sept. 30.
Within Meridian Bank, N.A. are Dallas-based Marquette Business Credit, which provides asset-based loans for working capital, recapitalization, growth, and mergers and acquisitions; Marquette Transportation Finance, which provides accounts-receivable financing and factoring for the transportation industry, and its division, Marquette Commercial Finance; and Marquette Asset Management, which provides private asset-management and trust services and is based in Minneapolis. “This acquisition will quickly increase UMB’s presence in Arizona and Texas – two key growth markets for UMB – and supplement UMB’s commercial-banking services with national factoring and asset-based lending and asset-management businesses,” said Mariner Kemper, chairman and CEO of UMB Financial Corp.
UMB Bank entered the Fort Worth market in July, marking its second office in Texas. The bank began an expansion to the Lone Star State in January 2013 with its first location in Dallas. UMB currently operates banking centers in eight states and specializes in commercial banking, private wealth management and personal banking. UMB Financial Corp., a $16.3 billion diversified financial holding company as of Sept. 30, trades on the Nasdaq under the symbol UMBF.
Betty Dillard bdillard@bizpress.net