Enterprise Financial to acquire Jefferson County Bancshares
Enterprise Financial announced that it has entered into a definitive merger agreement to acquire Jefferson County Bancshares. JCB and its wholly-owned subsidiary, Eagle Bank and Trust Company of Missouri, have approximately $935M in assets, $670M in loans, and $763M in deposits as of June 30, 2016. JCB operates 13 full service retail and commercial banking offices in metropolitan St. Louis and Perry County, Missouri. JCB shareholders will receive, based on their election, cash consideration in an amount of $85.39 per share of JCB common stock or 2.75 shares of EFSC common stock per share of JCB common stock. Aggregate consideration at the closing will be 3,300,000 shares of EFSC common stock and approximately $26.6M in cash, subject to adjustment for any JCB stock option exercises. Based on EFSC's 15-day volume weighted average closing stock price of $31.52 as of October 10, 2016, the overall transaction has an estimated value of $130.6M, including JCB's common stock and stock options.