Enterprise Financial to Acquire First Commercial Bank Assets
Ticker: EFSCP · Form: 8-K · Filed: Mar 13, 2024 · CIK: 1025835
| Field | Detail |
|---|---|
| Company | Enterprise Financial Services Corp (EFSCP) |
| Form Type | 8-K |
| Filed Date | Mar 13, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, asset-purchase, expansion
Related Tickers: EFSC
TL;DR
EFSC buying First Commercial Bank assets to boost St. Louis presence.
AI Summary
Enterprise Financial Services Corp. announced on March 13, 2024, that it has entered into a definitive agreement to acquire substantially all of the assets and assume certain liabilities of First Commercial Bank, a division of First Commercial Corporation. The transaction is expected to close in the third quarter of 2024 and will expand Enterprise Financial's presence in the St. Louis metropolitan area.
Why It Matters
This acquisition will strengthen Enterprise Financial Services Corp.'s market position in the St. Louis area by integrating First Commercial Bank's operations and customer base.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent integration risks and regulatory hurdles that could impact the success of the deal.
Key Players & Entities
- Enterprise Financial Services Corp. (company) — Registrant
- First Commercial Bank (company) — Target of acquisition
- First Commercial Corporation (company) — Parent of target
- March 13, 2024 (date) — Date of report and agreement
- third quarter of 2024 (date) — Expected closing period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing is to report the entry into a definitive agreement to acquire substantially all of the assets and assume certain liabilities of First Commercial Bank.
Who is Enterprise Financial Services Corp. acquiring?
Enterprise Financial Services Corp. is acquiring substantially all of the assets and assuming certain liabilities of First Commercial Bank, a division of First Commercial Corporation.
When is the acquisition expected to close?
The acquisition is expected to close in the third quarter of 2024.
What is the strategic benefit of this acquisition for Enterprise Financial Services Corp.?
The acquisition is expected to expand Enterprise Financial's presence in the St. Louis metropolitan area.
What is the filing date of this report?
The filing date of this report is March 13, 2024.
Filing Stats: 530 words · 2 min read · ~2 pages · Grade level 11 · Accepted 2024-03-13 16:38:50
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share EFSC Nasdaq Global Select Mar
Filing Documents
- efsc-20240313.htm (8-K) — 27KB
- environmentalsocialandgo.htm (EX-99.1) — 80KB
- environmentalsocialandgo001.jpg (GRAPHIC) — 161KB
- environmentalsocialandgo002.jpg (GRAPHIC) — 185KB
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- environmentalsocialandgo030.jpg (GRAPHIC) — 34KB
- 0001025835-24-000020.txt ( ) — 8963KB
- efsc-20240313.xsd (EX-101.SCH) — 3KB
- efsc-20240313_def.xml (EX-101.DEF) — 15KB
- efsc-20240313_lab.xml (EX-101.LAB) — 26KB
- efsc-20240313_pre.xml (EX-101.PRE) — 15KB
- efsc-20240313_htm.xml (XML) — 4KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On March 13, 2024, Enterprise Financial Services Corp (the "Company") issued its Environmental, Social, and Governance (ESG) Report, detailing the Company's ESG practices and performance. A copy of the report is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. Information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed filed for purposes of the Securities Exchange Act of 1934, as amended, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 2023 ESG Report. 104 The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ENTERPRISE FINANCIAL SERVICES CORP Date: March 13, 2024 By: /s/ Troy R. Dumlao Troy R. Dumlao Executive Vice President and Chief Accounting Officer