Menu
Banking Exchange Magazine Logo
Menu

Enterprise Financial Swoops for First Choice in $398M Deal

Also: Southern California Bancorp is to buy Bank of Santa Clarita for $56 million

  • |
  • Written by  Banking Exchange staff
  • |
  • Comments:   DISQUS_COMMENTS
Enterprise Financial Swoops for First Choice in $398M Deal

Two transactions have been announced between involving some of California’s leading banking groups.

St Louis-based Enterprise Financial Services Corp (EFSC) is to acquire First Choice Bancorp (FCBP) in a transaction valued at approximately $397.7 million.

EFSC owns Enterprise Bank and Trust (EB&T), while FCBP is the holding company of First Choice Bank. Under the terms of the deal, EFSC will acquire FCBP in an all-stock merger. FCBP will subsequently merge with and into EFSC, while First Choice Bank will merge into EB&T.

California-based FCBP held approximately $2.5 billion in total assets, $2 billion in loans, and $1.9 billion in deposits as of March 31, 2021.

The transaction, which has been unanimously approved by the relevant boards of directors, is expected to close in the third quarter of 2021. FCBP founder and chairman of the board, Peter Hui, will join the Enterprise board of directors on completion of the transaction.

Meanwhile, San Diego’s Southern California Bancorp has agreed to buy Bank of Santa Clarita.

Southern California Bancorp, which has assets of $1.6 billion, will pay $56.2 million in stock for the $373 million-asset Bank of Santa Clarita.

The merger is subject to shareholder and regulatory approvals and is expected to close in the third quarter.

David Rainer, Southern California Bancorp’s executive chairman said that the deal “marks an important step in our strategy to grow our commercial banking model”, exposing the firm to “the attractive banking communities of the Santa Clarita area”.

Frank Di Tomaso, chairman and CEO of Bank of Santa Clarita, said that both firms shared a “banking culture focused on providing high-touch, personalized service to small and middle-market businesses”.

As part of the deal, Di Tomaso will join Southern California Bancorp’s board.

back to top

Sections

About Us

Connect With Us

Resources

Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.

REGISTER NOW!

This webinar is brought to you by:
Vouched Logo