Enterprise Financial Services Corp Announces Completion of Merger With First Choice Bancorp
Posted: 07/21/2021 |
ST. LOUIS--(BUSINESS WIRE)-- Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company,” “EFSC,” or “Enterprise”), the holding company of Enterprise Bank & Trust (“EB&T”), announced today the completion of its merger with First Choice Bancorp (“FCBP”), with Enterprise as the surviving institution, effective as of 11:59 p.m. Eastern time on July 21, 2021. The merger of EB&T and FCBP’s wholly owned subsidiary, First Choice Bank (“First Choice”), will be effective shortly thereafter. The merger adds approximately $2.4 billion in assets, $2.0 billion in loans and $1.9 billion in deposits to Enterprise. Following the merger, Enterprise will have approximately $12.7 billion in total assets.
The merger further enhances the geographic diversity of Enterprise’s footprint with FCBP’s eight full-service branches in California. These locations will continue to operate under FCBP’s existing systems until EB&T completes its systems integration, which is expected to be finalized in the fourth quarter of 2021. First Choice customers then will have access to a broader suite of products and services, including a wide range of commercial and retail banking products.
Pursuant to the terms of the Agreement and Plan of Merger, dated April 26, 2021, by and among Enterprise, EB&T, FCBP and First Choice, at the effective time of closing, each share of FCBP common stock was cancelled in exchange for the right to receive 0.6603 shares of Enterprise common stock and cash in lieu of fractional shares. The value of the total deal consideration was approximately $346 million.
In connection with the completion of the merger, one FCBP director, Peter Hui, has joined Enterprise’s board of directors.
Advisers to the Transaction
Boenning & Scattergood, Inc. served as financial advisor to Enterprise and Holland & Knight LLP served as legal counsel. Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to FCBP and Duane Morris LLP served as legal counsel.
About Enterprise Financial Services Corp
Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $12.7 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust, a Missouri state-chartered trust company with banking powers and a wholly-owned subsidiary of EFSC, operates 47 branch offices in Arizona, California, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit production offices in Arizona, California, Colorado, Illinois, Indiana, Massachusetts, Michigan, Nevada, Ohio, Oregon, Texas, Utah, and Washington at June 30, 2021. Enterprise Bank & Trust offers a range of business and personal banking services and wealth management services. Enterprise Trust, a division of Enterprise Bank & Trust, provides financial planning, estate planning, investment management and trust services to businesses, individuals, institutions, retirement plans and non-profit organizations. Additional information is available at www.enterprisebank.com.
Enterprise Financial Services Corp’s common stock is traded on the Nasdaq Stock Market under the symbol “EFSC”. Please visit our website at www.enterprisebank.com to see our regularly posted material information.