News Summary
Enterprise Financial Services Corp has successfully completed its acquisition of 12 branches from First Interstate Bank, which includes 10 branches in Arizona and 2 in Kansas. This strategic acquisition adds approximately $300 million in loans and $645 million in deposits, significantly increasing Enterprise’s total assets to around $17 billion. The bank’s president emphasizes the growth potential and improved access to banking services for customers. This move aligns with Enterprise’s commitment to community initiatives and expanding market presence.
Arizona – Enterprise Financial Services Corp, the holding company for Enterprise Bank & Trust (EB&T), has completed its acquisition of 12 branches from First Interstate Bank (FIB). This acquisition includes 10 branches located in Arizona and 2 branches in Kansas, expanding EB&T’s footprint in these regions significantly.
The transaction adds approximately $300 million in loans and $645 million in deposits to Enterprise’s balance sheet. Following this acquisition, Enterprise’s total assets are estimated to reach around $17 billion. This marks a notable growth in the bank’s asset base, as it aims to enhance its funding profile and improve access to customers in these growing markets.
James B. Lally, President and CEO of Enterprise, highlighted the anticipated growth opportunities that the acquisition will provide in existing markets. The newly acquired branches have been fully converted to EB&T offices, ensuring that former FIB customers can now access a broad array of EB&T’s banking products and services.
The financial landscape for the merging entities also features strategic guidance. Janney Montgomery Scott LLC served as the financial advisor for this transaction, while Holland & Knight LLP acted as legal advisor. These appointments highlight the structured approach taken during the acquisition process.
Enterprise Bank & Trust operates branches across various states including Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico. The bank provides a wide range of services that include commercial and retail banking, as well as wealth management services. This acquisition not only enhances the bank’s offerings but also aligns with its business model which focuses on community initiatives and strengthens customer relations.
The completion of this acquisition marks a significant milestone for Enterprise as it looks to integrate the new branches into its operational framework while expanding its market presence. With this growth, Enterprise is poised to enhance customer service and engagement through its diverse banking solutions, catering to both new and existing customers.
Additionally, Enterprise’s stock is traded on the Nasdaq under the symbol EFSC, further positioning the company in the public eye as it solidifies its place in the banking sector.
This acquisition reflects a strategic move for Enterprise Bank & Trust, demonstrating not only growth through acquisition but a commitment to providing robust banking solutions to its consumer base and investing back into the communities it serves.
Deeper Dive: News & Info About This Topic
- Business Wire: Enterprise Bank & Trust Completes Acquisition
- Wikipedia: Banking in the United States
- AZ Big Media: Enterprise Bank & Trust Finalizes Acquisition
- Google Search: Enterprise Bank Trust
- PR Newswire: PNC Announces Agreement to Acquire FirstBank
- Encyclopedia Britannica: Banking
- Banking Dive: PNC to Acquire FirstBank
- Google News: Enterprise Bank Acquisition
Author: STAFF HERE PHOENIX WRITER
The PHOENIX STAFF WRITER represents the experienced team at HEREPhoenix.com, your go-to source for actionable local news and information in Phoenix, Maricopa County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Waste Management Phoenix Open, Cactus League Spring Training, and Arizona State Fair. Our coverage extends to key organizations like the Greater Phoenix Chamber of Commerce and Visit Phoenix, plus leading businesses in technology and healthcare that power the local economy such as Intel and Banner Health. As part of the broader HERE network, including HERETucson.com, we provide comprehensive, credible insights into Arizona's dynamic landscape.
