Shares of First Choice Bancorp (NASDAQ: FCBP) traded nearly 27% higher as of 11:10 a.m. EDT today after the bank announced that it will be acquired.
The small $2.5 billion asset bank announced that it will be acquired by Enterprise Financial Services (NASDAQ: EFSC) , a $10.2 billion asset bank based in Missouri.
Banks getting acquired tend to see a nice premium, which is exactly what happened here. Enterprise plans to purchase First Choice in an all-stock deal valued at $398 million, or the equivalent of $33.40 per First Choice share.
For further details see:
Why Shares of First Choice Bancorp Are Flying Today