Enterprise Bank & Trust to expand in Arizona, Kansas through branch buy

St. Louis-based Enterprise Financial Services Corp. is expanding in Arizona and Kansas by acquiring a dozen branches from Billings, Mont.-based First Interstate BancSystem. .The purchase-and-assumption agreement includes $740 million in deposits across 10 branches in Arizona — most in the Phoenix area and south of the metro — and two branches in the Kansas metro area of Kansas City. Following the closing of the deal, Enterprise will have $1.3 billion in deposits in Arizona and $1.1 billion in deposits in nine branches in the Kansas City metro. The deal is expected to close this year. The $15.7 billion Enterprise Financial Services is the holding company for Enterprise Bank & Trust. The $29.1 billion First Interstate BancSystem is the holding company for First Interstate Bank. Enterprise Bank & Trust first entered the Arizona market nearly 15 years ago.“This is a unique and strategically-aligned opportunity to expand our access to markets with both attractive growth opportunities and familiarity and to continue to generate long-term value for our shareholders,” said Enterprise Financial Services President and CEO James Lally.Philadelphia-based Janney Montgomery Scott LLC and Tampa, Fla.-based Holland & Knight LLP are financial adviser and legal adviser, respectively, to Enterprise Bank & Trust. New York City-based Keefe, Bruyette & Woods and Washington, D.C.-based Luse Gorman PC are financial adviser and legal adviser, respectively, to First Interstate BancSystem.