Acquisition

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Mergers, Acquisitions and Dispositions Disclosures

ACQUISITIONS

Acquisition of Seacoast Commerce Banc Holdings.

On August 20, 2020, the Company and the Bank entered into a definitive agreement with Seacoast Commerce Banc Holdings (“SCBH”) and its wholly-owned bank subsidiary, Seacoast Commerce Bank (“Seacoast”), pursuant to which the Company will acquire SCBH and Seacoast. Based on the number of shares of Seacoast common stock and restricted stock awards outstanding as of the record date of September 24, 2020 and the closing price of Enterprise's common stock on Nasdaq of $27.27 on September 30, 2020, the implied value of the aggregate stock consideration would be approximately $135.3 million.

Pursuant to the terms of the definitive agreement, upon consummation of the proposed transaction, SCBH shareholders will receive 0.5061 shares of the Company’s common stock for each share of SCBH common stock they hold. Headquartered in San Diego, California, Seacoast has five full-service banking branches in California and Nevada, and loan and deposit production offices throughout Arizona, California, Colorado, Illinois, Indiana, Massachusetts, Michigan, Nevada, Ohio, Oregon, Texas, Utah and Washington. The proposed transaction has been approved by the FDIC and the Federal Reserve Bank of St. Louis. The closing of the proposed transaction, which is anticipated to occur during the fourth quarter of 2020, remains subject to the approval of Seacoast’s shareholders and the Missouri Division of Finance, as well as the satisfaction or waiver, as applicable, of all closing conditions.