Enterprise Financial Services Corp., the parent company of Enterprise Bank & Trust, announced that the acquisition of First Choice Bank has received all necessary regulatory approvals and is now in the hands of the shareholders of both banks.
These approvals included a waiver from the Federal Deposit Insurance Corp. and the Federal Reserve Bank of St. Louis and approval from the Missouri Division of Finance, according to Enterprise Financial Services Corp.
Enterprise Financial announced in the announcement of regulatory approvals that the transaction will close in the third calendar quarter of 2021, subject to shareholder approval.
The $ 398 million deal was announced in April.
Jim Lally, President and Chief Executive of Enterprise, said in a prepared statement at the time: “The acquisition of First Choice will strengthen our commercial banking base in the largest economy in the country. I have great respect for the First Choice people and the company they have. ”Since its inception in 2005. You have successfully created a commercial community bank with a proven ability to grow organically. “
Clayton, Missouri-based Enterprise Financial Services Corp. reported about $ 10.2 billion in net worth and stated in its recent announcement that the company has offices in Arizona, California, Kansas, Missouri, Nevada and New Mexico. The company also states that it has offices related to the US Small Business Administration in Arizona, California, Colorado, Illinois, Indiana, Massachusetts, Michigan, Nevada, Ohio, Oregon, Texas, Utah, and Washington.
First Choice Bancorp is based in Cerritos, California and is the holding company of First Choice Bank. The latest announcement states that First Choice “primarily serves business and consumer customers in various communities, specializing in loans to small and medium-sized businesses and private banking customers, commercial and industrial loans, and commercial real estate loans.”
First Choice announced in the announcement that it has offices in the California boroughs of Los Angeles, Orange and San Diego.