Enterprise Bank & Trust, a subsidiary of Enterprise Financial Services, has agreed to acquire 12 branches from First Interstate Bank, part of First Interstate BancSystem.
Under the purchase and assumption agreement, Enterprise Bank & Trust will acquire ten branches in Arizona and two in Kansas.
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The deal includes the transfer of roughly $740m in deposits and loans amounting to around $200m.
The branches set to be integrated into Enterprise Bank & Trust include locations in North Scottsdale, Old Town Scottsdale, Chandler, Maricopa, Casa Grande, Eloy, Coolidge, Globe, Tucson, and Nogales in Arizona, as well as branches in Overland Park and Shawnee in Kansas.
Following the acquisition, Enterprise Bank & Trust will have a total of 12 full-service branches in Arizona, managing nearly $1.3bn in deposits.
In the Kansas City metropolitan area, the bank will expand to nine full-service branches, with deposits reaching approximately $1.1bn.
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By GlobalDataFirst Interstate BancSystem president and CEO James Reuter said: “We are pleased to enter into this agreement with Enterprise Bank & Trust. I am confident that Enterprise’s relationship-driven and customer and community-centric approach aligns with our values, allowing these clients, employees, and communities to continue to flourish.”
This transaction is contingent upon the fulfilment of standard closing conditions including regulatory approval.
Completion of the deal is anticipated by the fourth quarter of 2025, at which point the branches will start operating under the Enterprise Bank & Trust brand.
Enterprise Financial Services Corp president and CEO James Lally said: “We are pleased to enter into this agreement with First Interstate Bank.
“This is a unique and strategically-aligned opportunity to expand our access to markets with both attractive growth opportunities and familiarity and to continue to generate long-term value for our shareholders.”
Janney Montgomery Scott and Holland & Knight are financial and legal advisors to Enterprise, while Keefe, Bruyette and Woods Inc. and Luse Gorman are offering financial and legal advice to First Interstate, respectively.
