A national financial services company was to close Friday on its acquisition of a banking institution with a large Dubuque presence.

UMB Financial was set to acquire HTLF, the parent company of Dubuque Bank & Trust, at 11:59 p.m. Friday, according to a company-issued news release. As part of the merger, all HTLF locations — including the local DB&T branches — would be absorbed and rebranded.

“Today is a monumental day for our organization as we welcome HTLF customers and associates to UMB,” UMB CEO Mariner Kemper said in the release. “As the largest acquisition in our company’s history, this new chapter presents a tremendous opportunity to expand our core services and capabilities while also introducing new communities to our geographic footprint.”

UMB executives announced in April their intention to acquire HTLF in a roughly $2 billion, all-stock deal that since has been approved by federal regulators, as well as the boards and shareholders of both institutions.

As part of the approved deal, HTLF shareholders would get a fixed exchange ratio of 0.55 shares of UMB common stock for each share of HTLF common stock, and five HTLF board members are set to join the UMB board of directors.

Upon closing, UMB would have approximately $68 billion in assets, and the transaction will expand UMB’s presence from eight to 13 states. Rebranding of local branches will begin in October, the company previously stated, and local branch employees would retain their positions.