Enterprise Financial Services (EFSC) has completed its previously announced acquisition of California-based First Choice Bancorp (FCBP).
As earlier agreed, FCBP’s wholly owned subsidiary First Choice Bank merged with and into EFSC’s Enterprise Bank & Trust (EB&T).
The combination adds around $2.4bn in assets, $2bn in loans and $1.9bn in deposits to Enterprise’s books. FCBP director Peter Hui has also joined Enterprise’s board of directors as part of the transaction.
The First Choice Bank branches will continue to operate with existing set up until the integration of systems is complete.
In April, EFSC signed a deal to acquire FCBP in an all-stock transaction. Each share of FCBP common stock was exchanged for 0.6603 shares of Enterprise common stock and cash in lieu of fractional shares. The deal valued nearly $346m.
At the time of announcement, EFSC president and CEO Jim Lally said: “The acquisition of First Choice strengthens our commercial banking foundation in the largest economy in the country. I have tremendous respect for the associates of First Choice and the company they have built since its founding in 2005.
“They have successfully created a commercially-focused community bank with a demonstrated ability to generate organic growth. I am pleased to welcome the diverse and experienced First Choice team to our organisation.”
Enterprise Bank & Trust offers business and personal banking services, and wealth management services.
The lender had 47 branches on 30 June 2021.