The combined company resulting from the merger of the parent companies of EB&T and Los Alamos National Bank (LANB) would have close to $7bn in assets.
TCC, which is based in Los Alamos, New Mexico, has about $1.3bn in assets, $714m in loans to go along with $1.1bn in deposits as of 30 June 2018.
LANB, the company’s banking arm, provides various banking services to businesses and residents in Northern New Mexico and the Albuquerque metro area. It has operations across six full service banking offices located in Los Alamos, Santa Fe, and Albuquerque in New Mexico.
According to EFSC, as of 30 June 2018, the deposit market share of LANB in the Los Alamos and Santa Fe, New Mexico Metropolitan Statistical Areas are 84% and 14%, respectively.
EFSC president and CEO Jim Lally said: “LANB has a deep history and commitment to their employees, customers and communities that is demonstrated by a dominant market share and extraordinary customer loyalty.
“Enterprise has a similar philosophy of supporting its communities, and encouraging its employees to do the same. We believe this combination of like cultures positions us to better serve all our constituents for the foreseeable future.”
EB&T, on the other hand, has 28 branch offices located in the St. Louis, Kansas City and Phoenix metropolitan areas in Missouri. EB&T provides business and personal banking services along with wealth management services.
As per the terms of the merger agreement, shareholders of TCC will be issued 0.1972 shares of EFSC common stock along with $1.84 in cash for each share they hold in TCC.
TCC president and CEO John Gulas said: “We are pleased to join with Enterprise particularly due to an admiration for their diverse business model as well as their commitment to serving their clients.
“We believe the complementary strengths of this combined organization will provide a stronger future for our customers, associates and the communities we serve.”
The merger is anticipated to be completed in early 2019 based on satisfaction of customary closing conditions, including approval of the TCC’s shareholders and regulatory approvals.
