Enterprise Bank & Trust, the banking subsidiary of Enterprise Financial Services, has signed a definitive agreement to acquire certain assets of Gorman & Gorman Home Loans, subject to regulatory approval.
Upon completion of the acquisition, Gorman & Gorman founder and president Mark Gorman will join Enterprise as president of the bank’s integrated mortgage organization.
Apart from this, circa 30 mortgage producers, underwriters and operations staff in S. Louis, Cape Girardeau and Springfield MO will join the acquiring company.
Enterprise Bank & Trust executive vice president and mortgage, wealth management and fee income division head Scott Goodman said the deal will provide an operating platform to expand mortgage capabilities in each of its markets business.
Financial terms of the acquisition remain disclosed.
Mark Gorman commented, "Together, we’ll have the capacity to deliver a broader product set to clients and expand distribution of those products across the Bank’s footprint."
Set up in 1994, Gorman & Gorman operates as a division of F&M Bank and Trust Company after being acquired in 2010.
Enterprise Financial trades commercial banking and wealth management businesses in metropolitan St Louis, Kansas City and Phoenix and serves privately held businesses, their owner families, executives and professionals.