Stifel Financial agreed to acquire Business Bancshares and its wholly owned subsidiary, the Business Bank of St. Louis. Further terms of the transaction were not disclosed.
“This acquisition represents another step in the build-out of our banking services in our global wealth management business. We have focused on expanding our bank balance sheet over the past three years by supporting our clients with mortgage and securities-based lending, and as of March 31, 2018, Stifel Bank & Trust has grown to over $15.2 billion in assets. We believe that The Business Bank of St. Louis is complementary to our existing bank franchise,” said Ronald J. Kruszewski, chairman and CEO of Stifel Financial.
The transaction is subject to regulatory approval and customary closing conditions, including the approval of Business Bancshares’ shareholders. Its board of directors has already unanimously approved the transaction. All of the senior management and key client relationship managers of The Business Bank of St. Louis have executed retention agreements with Stifel Financial. Closing on the merger is expected forQ4/18.
The Business Bank of St. Louis was founded in 2002 and operates a full-service banking facility from a single location in Clayton, MO.
Headquartered in St. Louis, Stifel Financial conducts its banking, securities and financial services business through several wholly owned subsidiaries, including Stifel Bank & Trust, Stifel Trust Company, Stifel, Nicolaus & Company, Keefe Bruyette & Woods, Miller Buckfire & Co. and Century Securities Associates.
