Stifel Financial is acquiring Business Bancshares, the parent company of the Business Bank of St. Louis.
For Stifel, the St. Louis-based financial services holding company, the move represents another step in the addition of banking services to the company’s wealth management business, Stifel Chairman and CEO Ron Kruszewski said in a statement.
The Business Bank of St. Louis, founded in 2002 and headquartered in Clayton, has about $620 million in total assets.
The bank will be run as a subsidiary bank to support the business banking needs of Stifel’s wealth management and institutional clients.
Financial terms of the deal were not disclosed. The companies said they expect the acquisition to close in the fourth quarter.