Enterprise Financial Services Corp to Acquire First Choice Bancorp
Summary
Estimated tangible book value per share dilution to EFSC is expected to be earned back in less than three years under the crossover method including CECL “Day Two” accounting treatment. I am pleased to welcome the diverse and experienced First Choice team to our organization.” Robert M. Franko, President, Chief Executive Officer and Director of FCBP added, “We are extremely excited to join forces with Enterprise. The transaction is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes and FCBP shareholders are not expected to recognize gain or loss to the extent of the stock consideration received. For additional information about the proposed acquisition, shareholders are encouraged to carefully read the definitive agreement that will be filed with the Securities and Exchange Commission (“SEC”) today. Enterprise Bank & Trust, a Missouri state-chartered trust company with banking powers and a wholly-owned subsidiary of EFSC, operates 39 branch offices in Arizona, California, Kansas, Missouri, Nevada and New Mexico, and SBA loan and deposit production offices in Arizona, California, Colorado, Illinois, Indiana, Massachusetts, Michigan, Nevada, Ohio, Oregon, Texas, Utah and Washington.