UMB Financial in Kansas City, Mo., has agreed to buy Marquette Financial in Minneapolis.
The $16.3 billion-asset UMB will pay $182.5 million in stock for Marquette, which is owned by the Pohlad family. (The Pohlads also own the Minnesota Twins professional baseball team.) The acquisition, which values Marquette at 160% of its tangible book value, is expected to close in mid-2015.
Marquette owns the $720 million-asset Meridian Bank in Phoenix and the $433 million-asset Meridian Bank Texas in Fort Worth. The company also has subsidiaries that offer asset-based lending, factoring services and asset management.
"With this announcement, UMB continues to demonstrate our commitment to partnering with companies that are a strategic, financial and cultural fit," Mariner Kemper, UMB's chairman and chief executive, said in a press release Monday. "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."
UMB said it expects the deal to be immediately accretive to its tangible book value and accretive to its earnings per share in 2016. UMB said it plans to cut about 23% of Marquette's annual noninterest expense over a two-year period.
RBC Capital Markets, Sullivan & Cromwell and Holland & Hart advised UMB. D.A. Davidson and Briggs & Morgan advised Marquette.