ST. LOUIS, Mo.–(GLOBE NEWSWIRE)–Stifel Financial Corp. (NYSE: SF) today announced that on August 31, 2018, it completed the acquisition of Business Bancshares, Inc., and its wholly owned subsidiary, The Business Bank of St. Louis. Upon the closing of the transaction, The Business Bank of St. Louis was renamed “Stifel Bank.”
“We are excited to welcome the team from Business Bancshares to Stifel, as this acquisition further enhances the growing capabilities of Stifel’s bank and wealth management businesses,” said Ronald J. Kruszewski, Chairman and CEO of Stifel. “Not only is this acquisition a good cultural fit for us, but it enables Stifel to expand into attractive products that include treasury services and payroll processing as well as increase our lending capabilities. Additionally, Business Bancshares will operate as a separate subsidiary of our bank holding company, which will increase the FDIC coverage of deposits held at Stifel’s affiliated banks.”
Business Bancshares, Inc. operates a full-service banking facility from a single location in Clayton, Missouri. Business Bancshares, Inc. has, on a consolidated basis with its subsidiaries, approximately $607 million in total assets, $500 million of loans, and $522 million of total deposits as of June 30, 2018, and its non-performing loan ratio was 0.04 percent.