Enterprise Financial Services in St. Louis has agreed to buy 12 branches from First Interstate BancSystem in Billings, Montana.
The $15.7 billion-asset Enterprise said in a press release that it will buy 10 branches in Arizona and two locations in Kansas that collectively have $740 million in deposits and $200 million in loans. Most of the loans are commercially oriented.
The deal is expected to close in the fourth quarter.
“This is a unique and strategically aligned opportunity to expand our access to markets with both attractive growth opportunities and familiarity and to continue to generate long-term value for our shareholders,” James Lally, Enterprise’s president and CEO, said in the release.
Janney Montgomery Scott and Holland & Knight advised Enterprise. Keefe, Bruyette and Woods and Luse Gorman advised First Interstate.