Enterprise Bank & Trust to acquire 12 First Interstate Bank branches

Enterprise Bank & Trust, a subsidiary of Enterprise Financial Services, has agreed to get 12 branches from First Interstate Bank, portion of First Interstate BancSystem.

Under the acquisition and presumption agreement, Enterprise Bank & Trust volition get 10 branches successful Arizona and 2 successful Kansas.

The woody includes the transportation of astir $740m successful deposits and loans amounting to astir $200m.

The branches acceptable to beryllium integrated into Enterprise Bank & Trust see locations successful North Scottsdale, Old Town Scottsdale, Chandler, Maricopa, Casa Grande, Eloy, Coolidge, Globe, Tucson, and Nogales successful Arizona, arsenic good arsenic branches successful Overland Park and Shawnee successful Kansas.

Following the acquisition, Enterprise Bank & Trust volition person a full of 12 full-service branches successful Arizona, managing astir $1.3bn successful deposits.

In the Kansas City metropolitan area, the slope volition grow to 9 full-service branches, with deposits reaching astir $1.1bn.

First Interstate BancSystem president and CEO James Reuter said: “We are pleased to participate into this statement with Enterprise Bank & Trust. I americium assured that Enterprise’s relationship-driven and lawsuit and community-centric attack aligns with our values, allowing these clients, employees, and communities to proceed to flourish.”

This transaction is contingent upon the fulfilment of modular closing conditions including regulatory approval.

Completion of the woody is anticipated by the 4th fourth of 2025, astatine which constituent the branches volition commencement operating nether the Enterprise Bank & Trust brand.

Enterprise Financial Services Corp president and CEO James Lally said: “We are pleased to participate into this statement with First Interstate Bank.

“This is simply a unsocial and strategically-aligned accidental to grow our entree to markets with some charismatic maturation opportunities and familiarity and to proceed to make semipermanent worth for our shareholders.”

Janney Montgomery Scott and Holland & Knight are fiscal and ineligible advisors to Enterprise, portion Keefe, Bruyette and Woods Inc. and Luse Gorman are offering fiscal and ineligible proposal to First Interstate, respectively.

"Enterprise Bank & Trust to get 12 First Interstate Bank branches" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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