ST. LOUIS, May 20, 2013 (GLOBE NEWSWIRE) -- Enterprise Bank & Trust, the banking subsidiary of Enterprise Financial Services Corp (Nasdaq:EFSC), announced today that it has acquired the operating assets of Gorman & Gorman Home Loans, a division of F&M Bank and Trust Company. Mark Gorman, founder and President of Gorman & Gorman, has joined Enterprise as President of Enterprise Home Loans, the Bank's mortgage lending division. Also joining Enterprise were approximately 30 mortgage producers, underwriters and operations staff in St. Louis, Cape Girardeau and Springfield MO.
Scott Goodman, President of Enterprise Bank & Trust, said, "With the addition of Mark Gorman and his team, Enterprise Home Loans will rank among the leading mortgage originators in the St. Louis area. We now have a greatly expanded capability to advise our clients on mortgage solutions and the resources to offer a complete suite of products."
Mark Gorman commented, "I'm excited about the growth opportunities for Enterprise Home Loans that reach across the Enterprise footprint. We have a formidable mortgage organization powered by our combination of talent and the financial strength of Enterprise Bank & Trust."
Terms of the acquisition were not disclosed. The transaction is not expected to materially affect the Company's 2013 earnings.
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.