Enterprise to buy New Mexico bank

St. Louis-based Enterprise Financial Services Corp will acquire Trinity Capital Corporation, the holding company of Los Alamos National Bank, for $213 million.

The $1.3 billion TCC is headquartered in Los Alamos, N.M., and has $714 million in loans and $1.1 billion in deposits. LANB operates six full service banking offices in Los Alamos, Santa Fe, and Albuquerque, N.M. It ranked first and fourth in deposit market share in the Los Alamos and Santa Fe MSAs with 84 percent and 14 percent of the markets, respectively.

“We are thrilled that Trinity has selected us as their partner,” said Jim Lally, president and CEO of the $5.5 billion Enterprise. “LANB has a deep history and commitment to their employees, customers and communities that is demonstrated by a dominant market share and extraordinary customer loyalty. Enterprise has a similar philosophy of supporting its communities, and encouraging its employees to do the same. We believe this combination of like cultures positions us to better serve all our constituents for the foreseeable future.”

Two Trinity directors, Tony Scavuzzo of Castle Creek Capital and James F. Deutsch of Patriot Financial Partners, will joine the Enterprise board following the merger, expected to close in early 2019. Additionally, James E. Goodwin, Jr., chair of TCC and LANB, will join the board of Enterprise Bank & Trust.

Wells Fargo Securities, LLC served as financial advisor to EFSC and Holland & Knight LLP served as legal counsel to EFSC. Keefe, Bruyette & Woods, A Stifel Company served as financial advisor to TCC and Hunton Andrew Kurth LLP served as legal counsel to TCC.