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Stifel Financial to acquire Business Bancshares

Stifel Financial Corp. has agreed to acquire Business Bancshares Inc. and its wholly owned subsidiary, Business Bank of Saint Louis, for undisclosed terms.

Stifel Financial will expand in St. Louis County by one branch to be ranked No. 15 with a 1.08% share of approximately $48.36 billion in total market deposits.

On an aggregate basis, SNL calculates that the deal value is 182.1% of book and tangible book, and 28.7x earnings. It is also 20.56% of assets, 23.75% of deposits and the tangible book premium-to-core deposits is 18.27%.

For comparison, SNL valuations for bank and thrift targets in the Midwest region between May 10, 2017, and May 10, 2018, averaged 162.47% of book, 167.91% of tangible book and had a median of 20.58x last-12-months earnings, on an aggregate basis.

Business Bancshares has, on a consolidated basis with its subsidiaries, about $620 million in total assets, $516 million of loans, $536 million of total deposits and $70 million of tangible equity as of March 31.

The acquisition will help Stifel Financial expand the banking services in its global wealth management business and grow its bank balance sheet, Stifel Financial CEO Ronald Kruszewski said in a news release.

Business Bancshares' board has unanimously approved the transaction, which still needs to be approved by the bank's shareholders.

In connection with the transaction, all the senior management and key client relationship managers of Business Bank of Saint Louis have executed retention agreements with Stifel Financial. The transaction is expected to close in the fourth quarter.

FIG Partners provided a fairness opinion to Business Bancshares. Matthew F.X. Veneri was the investment banker on the deal.

SNL is an offering of S&P Global Market Intelligence.