ST. LOUIS--(BUSINESS WIRE)--
Enterprise Financial Services Corp (NASDAQ: EFSC) (“Enterprise,” or
“EFSC”), the holding company for Enterprise Bank & Trust (“EB&T”), today
announced the completion of its merger with Trinity Capital Corporation
(“Trinity”) and the merger of EB&T with Trinity’s wholly owned
subsidiary, Los Alamos National Bank (“LANB”). The merger adds
approximately $1.2 billion in assets, $700 million in loans and $1.1
billion in deposits to Enterprise and makes New Mexico Enterprise’s
second largest market. Following this transformational merger,
Enterprise will have approximately $7 billion in total assets.
“We are thrilled with the completion of the merger of our two
organizations,” said Jim Lally, President and Chief Executive Officer of
Enterprise. “We are excited to continue to build upon the extraordinary
past performance of both companies’ commitment to their employees,
customers and communities. Our combined organization is poised to
deliver strong returns and significant value for our shareholders as we
continue to provide the highest level of service across all of our
communities into the future.”
The merger further enhances the geographic diversity of Enterprise’s
footprint with LANB’s six full-service locations in Los Alamos, Santa
Fe, and Albuquerque, New Mexico. The New Mexico locations will continue
to operate under LANB’s existing systems until EB&T completes its
systems integration, which is expected to be finalized in mid-2019. LANB
customers then will have access to the full range of products and
services available currently to EB&T customers.
In connection with completion of the merger, two Trinity directors, Tony
Scavuzzo of Castle Creek Capital, LLC and James F. Deutsch of Patriot
Financial Partners, LP, have joined EFSC’s board of directors.
Additionally, James E. Goodwin, Jr., Chairman of the boards of directors
of Trinity and LANB, has joined the board of directors of EB&T.
Advisors to Transaction
Wells Fargo Securities, LLC served as financial advisor to EFSC, and
Holland & Knight LLP served as legal counsel to EFSC. Keefe, Bruyette &
Woods, A Stifel Company served as financial advisor to Trinity,
and Hunton Andrew Kurth LLP served as legal counsel to Trinity.
About Enterprise
Enterprise Financial Services Corp (NASDAQ: EFSC), with approximately $7
billion in assets, is a bank holding company headquartered in Clayton,
Missouri. Enterprise Bank & Trust, a Missouri state-chartered trust
company with banking powers and a wholly owned subsidiary of Enterprise,
operates 34 branch offices in Arizona, Kansas, Missouri and New Mexico.
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.
Forward-Looking Statements
In addition to the historical information contained herein, this press
release contains “forward-looking statements” within the meaning of, and
intended to be covered by, the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, but are not limited to, statements about EFSC’s
plans, expectations, and projections of future financial and operating
results, as well as statements regarding EFSC’s plans, objectives,
expectations or consequences of announced transactions. Words such as
“may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” “could,” “continue,” and
“intend,” and variations of such words and similar expressions are
intended to identify such forward-looking statements which are not
statements of historical fact. Forward-looking statements are inherently
subject to risks and uncertainties that could cause actual results to
differ materially from those contemplated from such forward-looking
statements. Factors that could cause or contribute to such differences
include, but are not limited to, EFSC’s ability to efficiently integrate
acquisitions into its operations, retain the customers of these
businesses and grow the acquired operations, credit risk, changes in the
appraised valuation of real estate securing impaired loans, outcomes of
litigation and other contingencies, exposure to general and local
economic conditions, risks associated with rapid increases or decreases
in prevailing interest rates, consolidation in the banking industry,
competition from banks and other financial institutions, EFSC’s ability
to attract and retain relationship officers and other key personnel,
burdens imposed by federal and state regulation, changes in regulatory
requirements, changes in accounting regulation or standards applicable
to banks, as well as other risk factors described in the EFSC’s 2018
Annual Report on Form 10-K and other filings made by EFSC with the
Securities and Exchange Commission (the “SEC”). Forward-looking
statements made in this press release or in any documents speak only as
of the date they are made. Except as required under the U.S. federal
securities laws and the rules and regulations of the SEC, EFSC disclaims
any intention or obligation to update any forward-looking statements
after the filing of this press release, whether as a result of new
information, future events, developments, changes in assumptions or
otherwise.
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Enterprise Financial Services Corp
Investor Relations:
Keene Turner, Executive Vice President and
Chief Financial Officer
(314) 512-7251
Media:
Karen Loiterstein, Senior Vice President, Marketing
(314)
512-7141
Source: Enterprise Financial Services Corp