ST. LOUIS, Mo.–(GLOBE NEWSWIRE)–Stifel Financial Corp. (SF) and Business Bancshares, Inc. today announced that the companies have entered into a definitive agreement under which Stifel Financial Corp. will acquire Business Bancshares, Inc. and its wholly owned subsidiary, The Business Bank of St. Louis. Terms of the transaction were not disclosed, and it is expected to close in the fourth quarter of 2018.
Business Bancshares, Inc. is a bank holding company and parent of The Business Bank of St. Louis. The Business Bank of St. Louis was founded in 2002 and operates a full-service banking facility from a single location in Clayton, Missouri. Business Bancshares, Inc. has, on a consolidated basis with its subsidiaries, approximately $620 million in total assets, $516 million of loans, $536 million of total deposits, and $70 million of tangible equity as of March 31, 2018, and its non-performing loan ratio was .04 percent.
“This acquisition represents another step in the build-out of our banking services in our Global Wealth Management business. We have focused on expanding our bank balance sheet over the past three years by supporting our clients with mortgage and securities-based lending, and as of March 31, 2018, Stifel Bank & Trust has grown to over $15.2 billion in assets. We believe that The Business Bank of St. Louis is complementary to our existing bank franchise, and we intend to operate it as a separate subsidiary bank that will support the business banking needs of our Global Wealth Management clients as well as clients of our Institutional Group,” said Ronald J. Kruszewski, Chairman and CEO of Stifel Financial Corp.
“We welcome The Business Bank of St. Louis to the Stifel family. The Business Bank of St. Louis and Stifel Bank & Trust will operate as sister companies to efficiently broaden the products and services available to the clients of Stifel,” said Chris Reichert, CEO of Stifel Bank & Trust. “This will also expand Stifel’s private banking and deposit product capabilities throughout the St. Louis region,” Reichert added.