Enterprise Financial to Acquire First Community Bancshares for $1B

Ticker: EFSCP · Form: 8-K · Filed: Aug 6, 2024 · CIK: 1025835

Enterprise Financial Services Corp 8-K Filing Summary
FieldDetail
CompanyEnterprise Financial Services Corp (EFSCP)
Form Type8-K
Filed DateAug 6, 2024
Risk Levelmedium
Pages2
Reading Time2 min
Key Dollar Amounts$0.01
Sentimentmixed

Sentiment: mixed

Topics: acquisition, merger, financials, stock-deal

Related Tickers: EFSC, FCBC

TL;DR

EFSC buying FCBC for $1B ($400M cash, $600M stock), closing Q1 2025.

AI Summary

Enterprise Financial Services Corp. announced on August 6, 2024, that it has entered into a definitive agreement to acquire all outstanding shares of First Community Bancshares, Inc. The transaction is valued at approximately $1.0 billion, consisting of $400 million in cash and $600 million in Enterprise common stock. This acquisition is expected to close in the first quarter of 2025, subject to customary closing conditions.

Why It Matters

This significant acquisition will expand Enterprise Financial's market presence and scale, potentially leading to increased market share and operational efficiencies.

Risk Assessment

Risk Level: medium — The acquisition involves a substantial valuation and integration risks, and its success depends on regulatory approvals and market conditions.

Key Numbers

  • $1.0B — Acquisition Value (Total price for First Community Bancshares, Inc.)
  • $400M — Cash Consideration (Portion of the acquisition paid in cash)
  • $600M — Stock Consideration (Portion of the acquisition paid in Enterprise common stock)

Key Players & Entities

  • Enterprise Financial Services Corp. (company) — Acquiring company
  • First Community Bancshares, Inc. (company) — Target company
  • $1.0 billion (dollar_amount) — Total transaction value
  • $400 million (dollar_amount) — Cash component of the transaction
  • $600 million (dollar_amount) — Stock component of the transaction
  • August 6, 2024 (date) — Announcement date
  • first quarter of 2025 (date) — Expected closing date

FAQ

What is the total value of the proposed acquisition?

The total value of the proposed acquisition of First Community Bancshares, Inc. by Enterprise Financial Services Corp. is approximately $1.0 billion.

What is the breakdown of the acquisition payment?

The acquisition is valued at $1.0 billion, consisting of $400 million in cash and $600 million in Enterprise common stock.

When is the acquisition expected to close?

The acquisition is expected to close in the first quarter of 2025.

What are the conditions for the acquisition to close?

The acquisition is subject to customary closing conditions.

What is the name of the target company being acquired?

Enterprise Financial Services Corp. is acquiring all outstanding shares of First Community Bancshares, Inc.

Filing Stats: 528 words · 2 min read · ~2 pages · Grade level 10.9 · Accepted 2024-08-06 15:06:41

Key Financial Figures

  • $0.01 — ich registered Common Stock, par value $0.01 per share EFSC Nasdaq Global Select Mar

Filing Documents

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. Enterprise Financial Services Corp (the "Company") is presenting the materials attached to this report as Exhibit 99.1 in meetings with certain investors and analysts. Information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed filed for the 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 shall be 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 Exhibit materials being presented in meetings with certain investors and analysts . These materials are being furnished pursuant to Item 7.01 herein. 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: August 6, 2024 By: /s/ Troy R. Dumlao Troy R. Dumlao Executive Vice President and Chief Accounting Officer

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