Enterprise Acquires Deposits and Loans of Legacy Bank
Enterprise Bank & Trust is a subsidiary of Enterprise Financial Services Corporation. As part of the transaction, The company and the FDIC have signed a loss sharing agreement whereby the FDIC will reimburse Enterprise for certain losses incurred on the assets acquired.
Legacy Bank's two Scottsdale branches will operate as branches of Enterprise Bank & Trust. The bank's depositors will automatically become depositors of Enterprise Bank & Trust and their deposits will continue to be insured by the FDIC to the maximum permitted by law.
Legacy Bank's trust clients will also become clients of Enterprise Bank & Trust. Depositors of Legacy can access their money by writing checks or using ATM or debit cards. Checks drawn on Legacy Bank will continue to be processed and loan customers should continue to make their payments as usual. Customers can continue to bank as they normally do.
Jack Barry, market president for Arizona at Enterprise, said: â€œWe are delighted to welcome Legacy Bank's clients to Enterprise Bank & Trust. Customers can be assured that their deposits are safe and readily accessible. We look forward to working with our newest Arizona clients and building strong, long term relationships with them.â€
Peter Benoist, president and CEO of Enterprise Financial, said: â€œThis is our third FDIC transaction in Arizona, demonstrating our commitment to the Phoenix market and our enthusiasm for the growth potential it represents for Enterprise. Our Arizona assets now approach $400m, up from $30m in just a year's time.
â€œThis transaction will not materially change our regulatory capital ratios and we anticipate that it will add approximately $0.15 to $0.2 to Enterprise's 2011 earnings per share.â€
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