It’s an important day at Enterprise Bank & Trust (Enterprise) because effective as of today, our holding company, Enterprise Financial Services Corp (EFSC) has closed on our merger with Cerritos, California-based First Choice Bancorp, the holding company for First Choice Bank (First Choice).
This is an exciting partnership with a bright future. First Choice has eight full-service branches and two loan production offices serving southern California. With this closing, EFSC now has approximately $12.7 billion in assets. Our combined institution offers a materially stronger position in all of the regions we serve, especially our California region.
The many similarities in how Enterprise and First Choice operate were vital to our decision to move forward as one. We are aligned in our vision and our approach to client service. We take that client-centric approach and apply it to all that we do, including our wide range of specialized banking services. With specialty banking teams that have substantial expertise in their field and region, we’ll continue to help our clients achieve their financial goals. We understand that we can only be as successful as our clients are—and we meet that challenge by listening to our clients' unique and ever-changing needs.
The commitment to diversity at First Choice was also important to us. First Choice has 74% minority representation of the total workforce and 36% minority representation in senior management. As one of our Guiding Principles, we believe that inclusion and diversity of experiences and perspectives lead to better outcomes, and empower individuals to make meaningful contributions to Enterprise and our communities.
Our decision to partner with First Choice reflects our shared commitment to focus on small and midsize businesses. First Choice is a Preferred Small Business Administration (SBA) lender, and joining as one allows us to further enhance our SBA (7a and 504) lending and specialty deposits business lines. We anticipate the combination of our companies will create greater financial and geographic diversity and capacity.
The partnership between Enterprise and First Choice will accelerate our growth together. As one, our robust earnings profile, diversified revenue stream, and compelling value proposition set us apart from other financial institutions. But most fundamental to our future together is that our cultures and associates are aligned, and we are eager to use our strength and expertise to provide value to our clients—as one team.
We look forward to growing our business together and continuing to guide our clients to a lifetime of financial success.
Sincerely,
Jim Lally
President & CEO, Enterprise Financial Services Corp
