Enterprise Financial Prices $30.4 Million Public Common Stock Offering
May 18 2011 - 6:30PM
Enterprise Financial Services Corp (Nasdaq:EFSC) announced today
that it has priced an underwritten public offering of 2,386,000
shares of its common stock at an offering price of $12.75 per share
for gross proceeds of approximately $30.4 million. The net proceeds
to the Company after deducting underwriting discounts and
commissions and before offering expenses are expected to be
approximately $28.6 million. The net proceeds from the offering
will be used to further strengthen the Company's capital position
and for other general corporate purposes, which may include capital
to support growth and acquisition opportunities.
Keefe, Bruyette & Woods, Inc. is acting as sole book-running
manager of the offering. The Company has granted the underwriter a
30-day option to purchase up to an additional 357,900 shares of
common stock to cover over-allotments, if any. The offering is
expected to close on May 24, 2011.
The shares in the offering are being issued pursuant to a
prospectus supplement filed with the Securities and Exchange
Commission as a part of the Company's effective shelf-registration
statement on Form S-3 (File No. 333-160032). This announcement
shall not constitute an offer to sell or the solicitation of an
offer to buy these securities, nor shall there be any offer or sale
of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
Enterprise Financial operates commercial banking and wealth
management businesses in metropolitan St. Louis, Kansas City and
Phoenix. Enterprise is primarily focused on serving the needs
of privately held businesses, their owner families, executives and
professionals.
This release contains statements that are considered
"forward-looking statements" within the meaning of and are intended
to be covered by the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Our ability to
predict results or the actual effect of future plans or strategies
is inherently uncertain. You should be aware that our actual
results could differ materially from those contained in the
forward-looking statements due to a number of factors which are
discussed under "Item 1A – Risk Factors" of our most recent
Annual Report on Form 10-K and Quarterly Reports on Form
10-Q. The statements are valid only as of the date hereof and
the Company disclaims any obligation to update this
information.
CONTACT: Jerry Mueller
Senior Vice President
(314) 512-7251
Ann Marie Mayuga
AMM Communications
(314) 485-9499
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