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Enterprise Financial Services Corp Announces Completion of Merger With Seacoast Commerce Banc Holdings
ST. LOUIS--(BUSINESS WIRE)-- Enterprise Financial Services Corp (Nasdaq: EFSC) (“Enterprise”), the holding company of Enterprise Bank & Trust (“EB&T”),
About this update from Enterprise Financial Services Corporation
[{"type":"text","content":" ST. LOUIS--(BUSINESS WIRE)--\nEnterprise Financial Services Corp (Nasdaq: EFSC) (“Enterprise”), the holding company of Enterprise Bank & Trust (“EB&T”), announced today the completion of its merger with Seacoast Commerce Banc Holdings (“Seacoast”), effective November 12, 2020, and the merger of EB&T with Seacoast’s wholly owned subsidiary, Seacoast Commerce Bank (“Seacoast Bank”). The merger adds approximately $1.3 billion in assets, $1.2 billion in loans and $1.0 billion in deposits to Enterprise. Following the merger, Enterprise will have approximately $9.7 billion in total assets.\n\n“We are thrilled with the completion of the merger of our two organizations,” said Jim Lally, President and Chief Executive Officer of Enterprise. “The addition of one of the top SBA lenders in the nation complements our commercial and specialty lending verticals, while enhancing our funding profile with Seacoast’s deposit expertise in the property management, homeowners’ associations, and escrow services. We believe the acquisition of Seacoast will help us meet the needs of our customers while delivering continued shareholder value.”\n\nThe merger further enhances the geographic diversity of Enterprise’s footprint with Seacoast’s five full-service banking branches in California and Nevada. These locations will continue to operate under Seacoast’s existing systems until EB&T completes its systems integration, which is expected to be finalized in early-2021. Seacoast Bank customers then will have access to a broader suite of products and services, including a wide range of commercial and retail banking products.\n\nPursuant to the terms of the Agreement and Plan of Merger, dated August 20, 2020, by and among Enterprise, EB&T, Seacoast and Seacoast Bank, at the effective time of closing, each holder of Seacoast common stock received 0.5061 shares of Enterprise common stock for each Seacoast common share held and cash in lieu of fractional shares. The value of the total deal consideration was approximately $169 million.\n\nIn connection with the completion of the merger, one Seacoast director, Richard Sanborn, has joined Enterprise’s board of directors.\n\nAdvisers to the Transaction\n\nBoenning & Scattergood, Inc. served as financial advisor to Enterprise, and Holland & Knight LLP served as legal counsel to Enterprise. Keefe, Bruyette & Woods, A S...