Enterprise Financial Services is the No. 4 bank in the St. Louis area by deposits, but it stands out from the top three — U.S. Bank, Bank of America and Commerce — in notable ways. Enterprise has been in business since just 1988 and has only 19 branches in the St. Louis area. It added two-thirds of those this year with the purchase of Eagle Bank and its parent, Jefferson County Bancshares.
The Eagle Bank purchase has given Enterprise and its Enterprise Bank and Trust unit, which had been mainly a small-business bank, more of a consumer presence. Forty percent of deposits now come from the consumer side, and Enterprise recently launched its own credit cards. TV commercials, which used to emphasize the Enterprise University business-education brand, now include ads featuring the credit cards and online bill-paying.
James Lally, who took over as Enterprise CEO in May, said Eagle’s stable base of consumer deposits will benefit Enterprise but “doesn’t change who we are.”
“We have built the company with an entrepreneurial culture,” Lally said, “and a culture of developing our people.”
One of his goals is to make the company more diverse. He’d like to see women and members of minority groups fill all the slots in Enterprise’s leadership development program, which Lally calls a career accelerator.
That kind of diversity will help Enterprise meet a commitment it made to lend hundreds of millions of dollars in low-income areas of St. Louis and Kansas City. Expanding access to banking services is good for business, Lally said.
Read more: St. Louis Post-Dispatch