Stifel Financial has signed a definitive agreement to acquire Business Bancshares and its wholly owned subsidiary The Business Bank of St. Louis.
The financial terms of the deal were not disclosed.
Established in 2002, The Business Bank of St. Louis operates as a full-service banking facility from Clayton in Missouri.
On a consolidated basis with its subsidiaries, Business Bancshares has nearly $620m in total assets, $516m of loans, $536m of deposits as of 31 March, 2018.
Stifel Financial chairman and CEO Ronald Kruszewski said: “This acquisition represents another step in the build-out of our banking services in our Global Wealth Management business.
“We have focused on expanding our bank balance sheet over the past three years by supporting our clients with mortgage and securities-based lending, and as of March 31, 2018, Stifel Bank & Trust has grown to over $15.2 billion in assets.”
The transaction, expected to close in the fourth quarter of this year, is subject to regulatory approval Business Bancshares shareholders’ approval and other customary closing conditions.
Stifel Bank & Trust CEO Chris Reichert said: “The Business Bank of St. Louis and Stifel Bank & Trust will operate as sister companies to efficiently broaden the products and services available to the clients of Stifel.”
Headquartered in Missouri, Stifel Financial focuses on providing banking, securities and other financial services through its several wholly owned subsidiaries.