Seacoast Commerce Banc Holdings Shareholders Approve Merger With Enterprise Financial Services Corp

Nov 07, 2020

Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company,” “EFSC,” “Enterprise,” “we,” “us,” or “our”), the holding company of Enterprise Bank & Trust (“EB&T”), and Seacoast Commerce Banc Holdings (OTCPK: SCBH) (“SCBH”), the holding company of Seacoast Commerce Bank (“Seacoast”), announced today that, at a special meeting of shareholders held on November 6, 2020, SCBH shareholders approved the proposed merger of EFSC and SCBH, pursuant to the Agreement and Plan of Merger, dated August 20, 2020 (the “Merger Agreement”), by and among EFSC, EB&T, SCBH and Seacoast. Subject to the terms of the Merger Agreement, SCBH will merge with and into EFSC, with EFSC surviving the merger, and Seacoast will merge with and into EB&T, with EB&T surviving the merger. At the effective time of the merger, each holder of SCBH common stock will receive 0.5061 shares of EFSC common stock for each SCBH common share held and cash in lieu of fractional shares. The parties intend to close the transaction in mid-November, subject to customary closing conditions.

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