Investment Banking - Enterprise Financial Services Corp

Transactions | Banking

Client: Enterprise Financial Services Corp
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor

Enterprise Financial Services Corp Has Announced Its Intention
to Acquire First Choice Bancorp

  • Enterprise Financial Services Corp (NASDAQ: EFSC), headquartered in Clayton, Missouri, is the bank holding company for Enterprise Bank, which operates banking offices across Arizona, California, Kansas, Missouri, Nevada, and New Mexico as well as loan and deposit production offices across the country. As of March 31, 2021, EFSC had total assets of $10.2 billion, $7.3 billion in gross loans, and $8.5 billion in deposits.
  • First Choice Bancorp (NASDAQ: FCBP) (“First Choice”), headquartered in Cerritos, California, is the bank holding company for First Choice Bank, a high-performing California lender with eight branches and two LPOs across Los Angeles, Orange, and San Diego counties. As of March 31, 2021, FCBP had total assets of $2.5 billion, $2.0 billion in loans, and $1.9 billion in deposits. FCBP specializes in making loans to small and medium-sized businesses, including commercial and industrial, commercial real estate (with a hospitality niche), and SBA 7(a) and 504 loans.
  • FCBP shareholders will receive 0.6603 shares of EFSC common stock for each share of FCBP common stock owned.
  • The aggregate implied transaction value is approximately $398 million, representing approximately 11.5x First Choice’s trailing twelve-month EPS through March 31, 2021.
  • The transaction is expected to close in the third quarter of 2021.
  • Boenning & Scattergood served as financial advisor and rendered a fairness opinion to Enterprise Financial Services Corp.

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