EX-99.1
2
exhibit99-1.htm
PRESS RELEASE DATED JANUARY 21, 2010
exhibit99-1.htm
Exhibit 99.1
For more information
contact:
Peter Benoist,
President and CEO (314) 725-5500 Frank Sanfilippo, Chief Financial Officer (314) 725-5500 Jerry Mueller, Senior Vice President (314)
512-7251Ann Marie Mayuga, AMM
Communications (314) 485-4390
ENTERPRISE FINANCIAL SELLS
MILLENNIUM BROKERAGE GROUP
SUBSIDIARY
St. Louis, January 21,
2010. Enterprise Financial Services Corp (NASDAQ: EFSC) announced the sale of
its Millennium Brokerage Group (MBG) life insurance brokerage subsidiary to an
MBG management-led investor group for $4 million in cash, resulting in a $1.6
million pre-tax loss on sale. For financial reporting purposes, MBG will be
treated as a discontinued operation.
Peter Benoist,
Enterprise President and CEO, commented, "The consolidation occurring in the
insurance industry has changed the economics of the life brokerage business.
Companies like MBG need to expand distribution to maintain their market
positions. As we evaluated the capital requirements for a larger-scale MBG, we
concluded that our shareholders will be best served by concentrating resources
on the emerging opportunities in our core banking and wealth management
businesses. At the same time, through this management buyout, MBG will gain
flexibility to adapt to the changing insurance environment".
"Insurance products
remain an important tool at Enterprise for preserving and transferring wealth,"
Benoist noted, "and we can continue to access those products for our clients
from MBG and other companies like it without the need to own the distributor".
MBG is a life insurance
brokerage firm based in Nashville, TN with sales offices
nationwide.
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.
#
# #
Readers should note that
in addition to the historical information contained herein, this press release
contains forward-looking statements, which are inherently subject to risks and
uncertainties that could cause actual results to differ materially from those
contemplated from such statements. We use the words "expect" and "intend" and
variations of such words and similar expressions in this communication to
identify such forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, burdens imposed by federal
and state regulations of banks, credit risk, exposure to local and national
economic conditions, risks associated with rapid increase or decrease in
prevailing interest rates, effects of mergers and acquisitions, effects of
critical accounting policies and judgments, legal and regulatory developments
and competition from banks and other financial institutions, as well as other
risk factors described in Enterprise Financial's 2008 Annual Report on Form
10-K. Forward-looking statements speak only as of the date they are made, and
the Company undertakes no obligation to update them in light of new information
or future events.

EX - 99 . 1 2 exhibit99 - 1 . htm PRESS RELEASE DATED JANUARY 21 , 2010 exhibit99 - 1 . htm Exhibit 99 . 1 For more information contact : Peter Benoist , President and CEO ( 314 ) 725 - 5500 Frank Sanfilippo , Chief Financial Officer ( 314 ) 725 - 5500 Jerry Mueller , Senior Vice President ( 314 ) 512 - 7251Ann Marie Mayuga , AMM Communications ( 314 ) 485 - 4390 ENTERPRISE FINANCIAL SELLS MILLENNIUM BROKERAGE GROUP SUBSIDIARY St . Louis , January 21 , 2010 . Enterprise Financial Services Corp ( NASDAQ : EFSC ) announced the sale of its Millennium Brokerage Group ( MBG ) life insurance brokerage subsidiary to an MBG management - led investor group for $ 4 million in cash , resulting in a $ 1.6 million pre - tax loss on sale . For financial reporting purposes , MBG will be treated as a discontinued operation . Peter Benoist , Enterprise President and CEO , commented , " The consolidation occurring in the insurance industry has changed the economics of the life brokerage business . Companies like MBG need to expand distribution to maintain their market positions . As we evaluated the capital requirements for a larger - scale MBG , we concluded that our shareholders will be best served by concentrating resources on the emerging opportunities in our core banking and wealth management businesses . At the same time , through this management buyout , MBG will gain flexibility to adapt to the changing insurance environment " . " Insurance products remain an important tool at Enterprise for preserving and transferring wealth , " Benoist noted , " and we can continue to access those products for our clients from MBG and other companies like it without the need to own the distributor " . MBG is a life insurance brokerage firm based in Nashville , TN with sales offices nationwide . 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 . # # # Readers should note that in addition to the historical information contained herein , this press release contains forward - looking statements , which are inherently subject to risks and uncertainties that could cause actual results to differ materially from those contemplated from such statements . We use the words " expect " and " intend " and variations of such words and similar expressions in this communication to identify such forward - looking statements . Factors that could cause or contribute to such differences include , but are not limited to , burdens imposed by federal and state regulations of banks , credit risk , exposure to local and national economic conditions , risks associated with rapid increase or decrease in prevailing interest rates , effects of mergers and acquisitions , effects of critical accounting policies and judgments , legal and regulatory developments and competition from banks and other financial institutions , as well as other risk factors described in Enterprise Financial 's 2008 Annual Report on Form 10 - K . Forward - looking statements speak only as of the date they are made , and the Company undertakes no obligation to update them in light of new information or future events .