Enterprise Financial Services Corp Announces Receipt of Shareholder Approval for Acquisition of First Choice Bancorp

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ST. LOUIS – (COMMERCIAL THREAD) – Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company”, “EFSC” or “Enterprise”), the holding company of Enterprise Bank & Trust (“EB&T”), today announced that during of a special meeting of EFSC shareholders held on July 20, 2021, EFSC received shareholder approval for the proposed merger (the “Merger” with First Choice Bancorp (“FCBP”), in accordance with the terms and subject to the terms of the Merger Agreement and Plan (the “Merger Agreement”), dated April 26, 2021, by and between EFSC, EB&T, FCBP and First Choice Bank (“First Choice”), including the issuance of ‘common shares of EFSC to holders of ordinary shares of FCBP within the framework of the Merger. As previously announced by FCBP, the shareholders of FCBP have approved the Merger Agreement and the operations envisaged by it at a special meeting of FCBP shareholders held on July 19, 2021. Completion of the Merger remains subject to the satisfaction of certain The usual closing conditions.

About the corporate financial services company

Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $ 10.2 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust, a bank-owned Missouri state chartered trust company and a wholly-owned subsidiary of EFSC, operates 39 branches in Arizona, California, Kansas, Missouri, Nevada and New -Mexico, as well as SBA loan and deposit production offices. in Arizona, California, Colorado, Illinois, Indiana, Massachusetts, Michigan, Nevada, Ohio, Oregon, Texas, Utah and Washington as of June 30, 2021. Enterprise Bank & Trust offers a range of business and personal banking and services wealth management. Enterprise Trust, a division of Enterprise Bank & Trust, provides financial planning, estate planning, investment management and trust services to businesses, individuals, institutions, pension plans and non-profit organizations . Further information is available at www.enterprisebank.com.

The common shares of Enterprise Financial Services Corp are traded on the Nasdaq Stock Market under the symbol “EFSC”. Please visit our website at www.enterprisebank.com to see our regularly published material information.

Forward-looking statements

Certain statements in this press release may be considered as forward-looking statements regarding Enterprise, including its wholly owned subsidiary EB&T, and Enterprise’s proposed acquisition of FCBP and First Choice. These forward-looking statements may include: statements regarding the acquisition, the consideration payable in connection with the acquisition and the ability of the parties to complete the acquisition. Forward-looking statements are generally identified by words such as “believe”, “expect”, “anticipate”, “intend”, “outlook”, “estimate”, “expect”, “project”, “Pro forma” and other words and expressions. Forward-looking statements are subject to many assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date on which they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those which EFSC had anticipated in its forward-looking statements and future results could differ materially from those. historical performance. Factors that could cause or contribute to such differences include, but are not limited to the possibility: that the expected benefits of the acquisition do not materialize within the expected time frame or do not materialize at all, or may be more expensive to produce; that the acquisition may not be completed on time, if at all; the occurrence of any event, change or other circumstance that may give rise to the right of one or both parties to terminate the definitive transaction agreement; the outcome of any legal proceedings that may be initiated against the EFSC or the FCBP; that prior to completion of the Acquisition or thereafter, the respective businesses of EFSC and FCBP may not perform as expected due to transaction uncertainty or other factors; that the parties are unable to successfully implement integration strategies; that the closing conditions are not met on a timely basis or not at all; reputational risks and the reaction of company employees or customers to the transaction; diversion of management time on procurement issues; that the COVID-19 pandemic, including the uncertainty and volatility of financial, commodity and other markets, and disruptions in banking and other financial activities, could adversely affect the business, financial condition and results of operation of the EFSC and FCBP, and could adversely affect the timing and benefits of the proposed acquisition; and the factors and risks mentioned from time to time in the documents filed by the EFSC with the United States Securities and Exchange Commission (the “SEC”), including in its annual report on Form 10-K for the fiscal year ended December 31, 2020, and its other SEC filings. For any forward-looking statements made in this press release or in any document, EFSC claims safe harbor protection for the forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Except to the extent required by applicable law or regulation, the EFSC disclaims any obligation to review or publicly publish any revision or update to any of the forward-looking statements included in this document to reflect events or circumstances. that occur after the date on which these statements were made. .


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