Enterprise Financial Services, the holding company of Enterprise Bank & Trust (EB&T), completed its merger with Seacoast Commerce Banc Holdings and the merger of EB&T with Seacoast’s wholly-owned subsidiary, Seacoast Commerce Bank (Seacoast Bank). The merger adds approximately $1.3 billion in assets, $1.2 billion in loans and $1 billion in deposits to Enterprise. Following the merger, Enterprise will have approximately $9.7 billion in total assets.
“We are thrilled with the completion of the merger of our two organizations,” Jim Lally, president and CEO of Enterprise, said. “The addition of one of the top SBA lenders in the nation complements our commercial and specialty lending verticals while enhancing our funding profile with Seacoast’s deposit expertise in the property management, homeowners’ associations and escrow services. We believe the acquisition of Seacoast will help us meet the needs of our customers while delivering continued shareholder value.”
Seacoast has five full-service banking branches in California and Nevada. These locations will continue to operate under Seacoast’s existing systems until EB&T completes its systems integration, which is expected to be finalized in early 2021.
Pursuant to the terms of the agreement and plan of merger, dated Aug. 20, 2020, by and among Enterprise, EB&T, Seacoast and Seacoast Bank, at the effective time of closing, each holder of Seacoast common stock received 0.5061 shares of Enterprise common stock for each Seacoast common share held and cash in lieu of fractional shares. The value of the total deal consideration was approximately $169 million.
In connection with the completion of the merger, one Seacoast director, Richard Sanborn, joined Enterprise’s board of directors.
Boenning & Scattergood served as financial advisor and Holland & Knight served as legal counsel to Enterprise. Keefe, Bruyette & Woods, a Stifel Company, served as financial advisor and Sheppard, Mullin, Richter & Hampton served as legal counsel to Seacoast.