In a bid to augment its wealth management business, Stifel Financial in St. Louis has agreed to buy Business Bancshares.
Stifel, the parent of the $15 billion-asset Stifel Bank, said in a press release that it expects to complete the purchase of the $620 million-asset parent of Business Bank of St. Louis in the fourth quarter. It did not disclose the price.
Business Bank has one branch, $516 million in loans and $536 million in deposits. Nonperforming loans make up just 0.04% of total loans.
“This acquisition represents another step in the build-out of our banking services in our global wealth management business,” Ronald Kruszewski, Stifel’s chairman and CEO, said in the release. “We have focused on expanding our bank balance sheet over the past three years by supporting our clients with mortgage and securities-based lending.”
Business Bank, which will operate as a separate unit, will serve Stifel’s wealth management clients and its institutional group.
All of Business Bank’s senior management, including CEO Larry Kirby, and key client relationship managers will join Stifel.
FIG Partners advised Business Bancshares.