UMB Financial Corp. on Monday announced a definitive agreement to acquire Marquette Financial Cos., a $1.3 billion financial services company owned by the Pohlad family of Minneapolis.
Kansas City-based UMB Financial said the Pohlad family will receive about 3.4 million shares of UMB common stock, valued at about $182.5 million based on last Friday’s closing price of $53.16 a share.
That would represent about a seven percent stake in UMB Financial, whose principal owners are members of the Kemper led by chairman and chief executive Mariner Kemper.
The all-stock transaction has been approved by directors of both companies. Assuming it is cleared by regulators, the sale is expected to be completed by the middle of next year.
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Marquette Financial operates 13 branches in Arizona and Texas, two specialty lending businesses and an asset management firm. UMB Financial is a $16.3 billion banking and financial holding company.
“With this announcement, UMB continues to demonstrate our commitment to partnering with companies that are a strategic, financial and cultural fit,” Kemper said in a statement.
If approved, Kemper said the acquisition will quickly increase UMB Financial’s presence in the fast-growing markets of Texas and Arizona and supplement its commercial banking business.
The Pohlad family has been involved in Marquette Financial since the 1940s. In addition to banking, the family’s holdings include commercial real estate, the automobile business and sports and entertainment. The family owns the Minnesota Twins baseball team.
Jim Pohlad, speaking on behalf of the Pohlad family, said the family’s future involvement in UMB as a major shareholder signals its confidence in the banking company.
“We are excited about the potential power these two companies will generate by operating together after closing,” Pohlad said in a statement.
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