ST. LOUIS, March 25, 2008 (PRIME NEWSWIRE) -- Financial Services Corp (Nasdaq:EFSC) today named Stephen P. Marsh Chairman and CEO of its Enterprise Bank & Trust subsidiary, effective May 1, 2008. Marsh will succeed Peter F. Benoist, who, as previously announced, will become President and CEO of the Bank's parent, Enterprise Financial Services Corp, on that date.
Marsh is currently President and Senior Loan Officer for Enterprise Bank & Trust. In his new position, he will be responsible for all of Enterprise's banking operations in its three current markets -- St. Louis, Kansas City and Phoenix. Marsh retains his role as Chief Credit Officer with responsibility for setting and overseeing the Bank's credit policies.
Benoist commented, "Steve has guided the Bank to record success during his tenure as President, effectively balancing rapid growth with superior asset quality and developing a very strong leadership team in the process. As Chairman and CEO, he will lead the growth of our banking franchises as the premier choice for private businesses, professionals, executives and their families in each of our markets."
Enterprise Bank & Trust, which celebrates its twentieth anniversary this year, reached nearly $2 billion in assets at year end 2007. It has grown to become the largest publicly held banking institution headquartered in St. Louis, and its Kansas City operation ranks as the eighth largest in that market. The Bank has established a loan production office in Phoenix, Arizona in advance of the formation of a new Arizona state bank charter, subject to regulatory approval.
Marsh said, "I'm very excited to have the opportunity to lead Enterprise's banking line of business. We are exceptionally well-positioned to thrive in this environment, with first-class leadership in each of our markets. At times like these, business owners and executives need strong relationships with bankers who know them and their businesses. Our business model is based on building powerful client relationships with top talent -- and our people are recognized as among the best in our industry."
Marsh joined Enterprise Bank & Trust in 2003 as head of its largest banking unit in Clayton, MO, and in 2006 he was named President of the Bank. Prior to joining Enterprise, he served as President and Senior Loan Officer of Southwest Bank in St. Louis. Marsh earned his BA from Creighton University and an MBA from St. Louis University. He also graduated from the Stonier Graduate School of Banking. Marsh currently serves on the Board of Directors of St. Joseph's Institute for the Deaf.
Enterprise Financial operates commercial banking and wealth management businesses in metropolitan St. Louis and Kansas City and a loan production office in Phoenix, Arizona with the intent to establish a de novo Arizona state bank charter in 2008. The Company is primarily focused on serving the needs of privately held businesses, their owner families, executives and professionals.
Readers should note that in addition to the historical information contained herein, this press release contains forward-looking statements, which are inherently subject to risks and uncertainties that could cause actual results to differ materially from those contemplated from such statements. We use the words "expect" and "intend" and variations of such words and similar expressions in this communication to identify such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, burdens imposed by federal and state regulations of banks, credit risk, exposure to local and national economic conditions, risks associated with rapid increase or decrease in prevailing interest rates, effects of mergers and acquisitions, effects of critical accounting policies and judgments, legal and regulatory developments and competition from banks and other financial institutions, as well as other risk factors described in Enterprise Financial's 2007 Annual Report on Form 10-K. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.