Latest The Business Bank of St. Louis News
Sep 21, 2018
Arnold & Porter advised Stifel Financial Corp. on the deal Stifel Financial Corp. (NYSE:SF) and Business Bancshares, Inc. have entered into a definitive agreement under which Stifel Financial Corp. will acquire Business Bancshares, Inc. and its wholly owned subsidiary, The Business Bank of St. Louis. Terms of the transaction were not disclosed, and it is expected to close in the fourth quarter of 2018. Business Bancshares, Inc. is a bank holding company and parent of The Business Bank of St. Louis. The Business Bank of St. Louis was founded in 2002 and operates a full-service banking facility from a single location in Clayton, Missouri. Business Bancshares, Inc. has, on a consolidated basis with its subsidiaries, approximately $620 million in total assets, $516 million of loans, $536 million of total deposits, and $70 million of tangible equity as of March 31, 2018, and its non-performing loan ratio was .04 percent. The transaction is subject to regulatory approval and customary closing conditions, including the approval of Business Bancshares, Inc.’s shareholders. The Board of Directors of Business Bancshares, Inc. has unanimously approved the transaction. In connection with the transaction, all of the senior management and key client relationship managers of The Business Bank of St. Louis have executed retention agreements with Stifel Financial Corp. The Arnold & Porter team was led by Corporate and Finance partner Robert Azarow (Picture), who heads the firm’s Financial Institutions Mergers and Acquisitions practice. The team also included Financial Services partner Brian McCormally, Corporate and Finance counsel Stephanie Nygard, Corporate and Finance associates Robert Fischbeck and Megan Melbourne; Financial Services associate Amber Hay; Executive Compensation counsel Kathleen Wechter; and Tax partner Laurie Abramowitz and associate Reuven Graber.