Prime Corporate Bank Purchase Approved
Enterprise Financial Services Corp., the parent company of Enterprise Bank & Trust, has announced that its acquisition of First Choice Bank has received all of its necessary regulatory approvals and is now in the hands of shareholders of both banks.
These approvals included a waiver from the Federal Deposit Insurance Corp. and the Federal Reserve Bank of St. Louis and the approval of the Missouri finance division, according to Enterprise Financial Services Corp.
Enterprise Financial said in the announcement of regulatory approvals that pending shareholder approval, the transaction will close in the third calendar quarter of 2021.
The $ 398 million deal was announced in April.
Enterprise President and CEO Jim Lally said in a statement prepared at the time: “The acquisition of First Choice strengthens our commercial banking base in the country’s largest economy. I have immense respect for the associates of First Choice and the company they have built since its founding in 2005. They have succeeded in creating a community-based, commerce-oriented bank with a demonstrated ability to generate organic growth. “
Enterprise Financial Services Corp., based in Clayton, Mo., says it has approximately $ 10.2 billion in assets and said in the recent announcement that the company has branches in Arizona, California, Kansas, in Missouri, Nevada and New Mexico. In addition, the company claims to have US Small Business Administration-related offices in Arizona, California, Colorado, Illinois, Indiana, Massachusetts, Michigan, Nevada, Ohio, Oregon, Texas, Utah and Washington.
First Choice Bancorp is headquartered in Cerritos, California, and is the holding company of First Choice Bank. The recent announcement states that First Choice “primarily serves business and consumer clients in various communities and specializes in loans to small and medium-sized businesses and private banking clients, commercial and industrial loans, and commercial real estate loans.” .
First Choice states in the announcement that it has offices in the California counties of Los Angeles, Orange and San Diego.