FCBP - Enterprise Financial Services to acquire First Choice Bancorp in an all-stock merger

Enterprise Financial Services (EFSC) and First Choice Bancorp (FCBP) announced that they have entered into a definitive merger agreement post which the former will acquire, in an all-stock merger, the latter.Under merger terms, FCBP will merge with and into EFSC, and First Choice will subsequently merge with and into EB&T in a transaction valued at ~$397.7M or $33.4/FCBP share.On a pro forma consolidated basis, the combined company would have ~$12.7B in consolidated total assets as of Mar. 31, 2021.Transaction is expected to be ~8% accretive to Enterprise's 2022 EPS post giving effect to estimated fully phased-in transaction synergies.The acquisition is expected to generate an internal rate of return of ~21% for Enterprise.Under agreement terms, FCBP stock holder will receive 0.6603 shares of EFSC common stock for each FCBP common share held and cash in lieu of fractional shares.Existing Enterprise shareholders will own ~80% of the outstanding shares of the combined company.Transaction expected

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Enterprise Financial Services to acquire First Choice Bancorp in an all-stock merger