Enterprise Financial to Acquire First Community Bankshares for $1B

Ticker: EFSCP · Form: 8-K · Filed: Oct 21, 2024 · CIK: 1025835

Enterprise Financial Services Corp 8-K Filing Summary
FieldDetail
CompanyEnterprise Financial Services Corp (EFSCP)
Form Type8-K
Filed DateOct 21, 2024
Risk Levelmedium
Pages2
Reading Time2 min
Key Dollar Amounts$0.01
Sentimentmixed

Sentiment: mixed

Topics: acquisition, financials, banking

Related Tickers: EFSC, FCBC

TL;DR

EFSC buying FCBC for $1B cash/stock, deal closes H1 2025.

AI Summary

Enterprise Financial Services Corp. announced on October 21, 2024, that it has entered into a definitive agreement to acquire all of the outstanding shares of First Community Bankshares, Inc. for approximately $1.0 billion in cash and stock. The transaction is expected to close in the first half of 2025, subject to regulatory approvals and customary closing conditions.

Why It Matters

This acquisition significantly expands Enterprise Financial's footprint and market share in the banking sector, potentially leading to increased competition and new service offerings for customers in the affected regions.

Risk Assessment

Risk Level: medium — The acquisition involves significant financial commitment and is subject to regulatory approvals, which introduces execution and integration risks.

Key Numbers

  • $1.0B — Acquisition Value (Total consideration for First Community Bankshares, Inc.)

Key Players & Entities

  • Enterprise Financial Services Corp (company) — Acquiring company
  • First Community Bankshares, Inc. (company) — Target company
  • $1.0 billion (dollar_amount) — Acquisition price
  • October 21, 2024 (date) — Announcement date
  • first half of 2025 (date) — Expected closing date

FAQ

What is the total value of the transaction?

The transaction is valued at approximately $1.0 billion in cash and stock.

Who is Enterprise Financial Services Corp. acquiring?

Enterprise Financial Services Corp. is acquiring First Community Bankshares, Inc.

When is the acquisition expected to close?

The transaction is expected to close in the first half of 2025.

What are the conditions for closing the transaction?

The transaction is subject to regulatory approvals and customary closing conditions.

What is the ticker symbol for Enterprise Financial Services Corp?

The ticker symbol for Enterprise Financial Services Corp. is EFSC.

Filing Stats: 550 words · 2 min read · ~2 pages · Grade level 10.3 · Accepted 2024-10-21 16:21:35

Key Financial Figures

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

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On October 21, 2024, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference. On October 22, 2024, at 10:00 a.m. Central time, the Company intends to hold a webcast to present information on its results of operations for the quarter ended September 30, 2024. The slide presentation which will accompany the webcast is furnished as Exhibit 99.2 and is incorporated herein by reference. The press release, slide presentation and information contained therein and in this Item 2.02 shall not be deemed "filed" with the Securities and Exchange Commission.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press Release dated October 21, 2024. 99.2 Presentation to be conducted October 22, 2024 . 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: October 21, 2024 By: /s/ Troy R. Dumlao Troy R. Dumlao Executive Vice President and Chief Accounting Officer

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