
By Kevin Haas
Rock River Current
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ROCKFORD — The parent company of Illinois Bank & Trust has been acquired by a Kansas City-based financial institution in an all-stock deal valued at $2 billion.
The merger of UMB Financial Corporation and Heartland Financial, which is the parent of Illinois Bank & Trust, creates a banking company that spans 13 states: Illinois, Wisconsin, California, Minnesota, New Mexico, Iowa, Missouri, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas.
Illinois Bank & Trust sent notice of the merger to its customers Wednesday in an email.
“Both companies share the same values, culture and strong commitment to customers and communities. And both banks place high importance on providing face-to-face personal service, the convenience of electronic banking services and dedication to our customers’ financial success,” the bank’s email reads. “UMB has a deep heritage that spans over a century and a longstanding commitment to the communities in which they live and work.”
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Illinois Bank & Trust has five locations in the Rockford area and it holds the largest market share of deposits of any financial institution in the area, according to Federal Deposit Insurance Corporation data. It has roughly 18% of the Rockford-area market with $1.45 billion in deposits, according to the FDIC. That’s followed by Midland States Bank at 14% with $1.12 billion.
In Rockford, the merger was preceded by leadership changes. Former President and CEO Jeff Hultman joined Foresight Financial Group as its new president and chief banking officer in mid-April. Hultman had spent 13 years with Illinois Bank & Trust, including eight as its top executive.
Former Illinois Bank & Trust executives Gina Caruana, Kyle Logan, Sarilyn Neiber and Eric Magnuson also joined Foresight last month.
“As the sole remaining banking organization with an established Rockford banking charter as well as the largest bank holding company in the Winnebago and Stephenson County region, we are thrilled to welcome these locally focused bankers,” Foresight CEO Peter Morrison said in a news release. “I am confident that Jeff, along with this new team and our significant existing talent, will further strengthen and align our sales and service culture, positioning us to achieve our goal of championing the growth of our local economies by being the leader in the communities we serve.”
Tom Budd, the former president and CEO of Rockford Bank & Trust, which was acquired by Illinois Bank & Trust in 2019, is now the top local executive for Illinois Bank & Trust. He serves as its Rockford region president and head of commercial banking.

Illinois Bank & Trust has also serves as the premier sponsor for Stroll on State, the region’s biggest one-day holiday festival that draws tens of thousands of people to downtown. It’s under contract to serve as the chief sponsor funding the event through 2025.
It’s unclear if that sponsorship will continue. Heartleaf said it cannot comment on what might happen after the acquisition closes early next year. UMB said that it’s deeply invested in the communities where it does business, including corporate and employee giving.
“UMB is committed to being a strong financial steward and will share more information in the near future about how it will provide this support throughout its newly expanded footprint,” it said in its news release.
The merger is the largest transaction in UMB’s 111-year history, and it will result in the company holding $64.5 billion in total assets. That puts it in the top 5% of the 616 publicly traded banks in the country. It trades under ticker symbol UMBF.
It will also add 107 branches and 237 ATMs to UMB’s 90 branches and 238 ATMs, the company said.
“This acquisition further diversifies our business, adding more scale to our consumer and small business capabilities,” UMB Financial Corporation Chairman and CEO Mariner Kemper said in a news release. “It also significantly expands our market share in several existing markets and leverages our commercial banking expertise to HTLF customers and prospects in our newly acquired markets.”
Heartland Financial operates in 11 states, including running Illinois Bank & Trust here. It also does business as Minnesota Bank & Trust, Wisconsin Bank & Trust, Dubuque Bank & Trust, Bank of Blue Valley, Citywide Banks, Premier Valley Bank, Arizona Bank & Trust, New Mexico Bank & Trust and First Bank & Trust.
“HTLF’s merger with UMB represents our continued focus on ensuring we deliver the best products, services and expertise to our customers,” Bruce K. Lee, Heartland Financial’s president and CEO, said in a news release. “This is an excellent match for HTLF, and we’re truly excited for what this means for our employees, customers, stockholders and communities.”
Heartland employs 1,900 associates across the country and UMB has 3,600 associates. The companies will continue to operate independently until the transaction closes. That is expected to happen in the first quarter of 2025, pending regulatory approvals and approval by shareholders.
“We’ll continue to deliver our customers the same high level of service and products they expect,” Ryan Lund, director of corporate communications for Heartleaf, said in an email to the Rock River Current.
Heartland Financial stockholders will receive 0.55 shares of UMB common stock for each share of HTLF common stock. That exchange is valued at $45.74 per share based on UMB’s $83.17 closing price at the end of last week.
Former Heartland stockholders will represent about 31% of the combined company after the merger closes.
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on X at @KevinMHaas or Instagram @thekevinhaas and Threads @thekevinhaas