UMB parent plans acquisition of $1.3 billion bank holding company

The holding company of UMB Bank said it plans to acquire a $1.3 billion-asset bank holding company with banks in Arizona and Texas.

Kansas City, Mo.-based UMB Financial said it signed a definitive agreement to acquire Marquette Financial Cos. in an all-stock transaction.

Marquette’s holdings include Meridian Bank in Phoenix and Meridian Bank Texas in Fort Worth.

UMB Financial said Meridian Bank has eight branches in the Phoenix area, with total assets of $720 million. Meridian Bank Texas has five branches in Fort Worth, Dallas and Denton, with total assets of $433 million.

The company said in a news release the deal includes several other businesses within Marquette Financial: Marquette Business Credit, which is based in Dallas and provides asset-based loans for working capital, recapitalization, growth, and mergers and acquisitions; Marquette Transportation Finance, which provides accounts-receivable financing and factoring primarily for transportation businesses, and its division, Marquette Commercial Finance; and Marquette Asset Management, which provides private asset-management and trust services to individuals, families and institutions, 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,” Mariner Kemper, UMB Financial chairman and CEO, said in the release. “Cultural compatibility, so critical to successful integration, was another important factor in our criteria, and we see great similarities in how our companies approach business practices, engage our associates and serve our communities.”

The deal is expected to close in mid-2015, pending regulatory approvals. Marquette Financial is privately held by the Pohlad family.

UMB Financial has $16.3 billion in assets, and two UMB Bank branches in Wichita as well as an agribusiness operation.