Enterprise Financial Services Corp., the holding company of Enterprise Bank & Trust, announced today the completion of EB&T’s acquisition of twelve branches from First Interstate Bank, a wholly-owned subsidiary of First Interstate BancSystem, Inc. The acquisition adds 10 branches in Arizona and two branches in Kansas with approximately $300 million in loans and $645 million in deposits. Following the acquisition, Enterprise will have approximately $17 billion in total assets.
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James B. Lally, President and Chief Executive Officer of Enterprise stated, “We are pleased to announce the completion of the acquisition of twelve First Interstate Bank branches in Arizona and Kansas City. In addition to an enhanced funding profile, the addition of these branches allows us to expand our access to existing markets with attractive growth opportunities. We believe this transaction will help us meet the needs of our new and existing customers while delivering continued long-term value for our stockholders.”
The acquisition further expands Enterprise’s footprint in Arizona and the greater Kansas City metropolitan area. The acquired branches have been fully converted to EB&T branch offices, and former FIB customers have access to the broad suite of EB&T products and services, including a wide range of commercial and retail banking products.
Advisers to the Transaction: Janney Montgomery Scott LLC and Holland & Knight LLP acted as financial advisor and legal advisor, respectively, to Enterprise on the transaction.
