Enterprise Bank & Trust, a subsidiary of Enterprise Financial Services Corp, has agreed to buy 12 bank branches from First Interstate Bank. Ten of the branches are in Arizona and two are in Kansas. The deal includes around $740 million in deposits and about $200 million in mostly business loans.
This purchase is still waiting on approval from regulators and other standard requirements. The companies expect the deal to close by early fourth quarter of 2025. After the transition, the branches will operate under the Enterprise Bank & Trust name.
With this deal, Enterprise will have 12 full-service branches and about $1.3 billion in deposits in Arizona. In the Kansas City area, it will grow to nine branches with about $1.1 billion in deposits.
Enterprise CEO James Lally said the move will help expand the bank’s reach and build on its strong presence in both regions. First Interstate CEO Jim Reuter said the sale lets them focus on areas where they have a larger market share. Both sides praised the strategic fit and shared values.
