Enterprise Bank & Trust Acquires Arizona Assets of Home National Bank

Enterprise Bank & Trust, a subsidiary of Enterprise Financial Services Corp /quotes/comstock/15*!efsc/quotes/nls/efsc (EFSC 10.24, -0.10, -0.97%) , announced that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to acquire approximately $260 million in assets originated by the Phoenix, Arizona operations of Home National Bank in Blackwell, Oklahoma. The assets will be purchased at 87.5% of their balances at the close of business on July 9, 2010. As part of the transaction, Enterprise and the FDIC have entered into a loss sharing agreement whereby the FDIC will reimburse Enterprise for 80% of losses incurred on the assets acquired. The FDIC was appointed receiver of Home National Bank by the Office of the Comptroller of the Currency, which closed Home National today. Home National Bank operated branches in Oklahoma, Kansas and Arizona. Enterprise Bank & Trust purchased only the loans originated and other real estate acquired by the Arizona operations of Home National, predominantly in the local market. Enterprise will not assume any deposits or acquire any branches or other assets of Home National as part of this transaction.

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