Enterprise Financial Services (EFSC) in St. Louis is expanding its mortgage operation.
Enterprise said Tuesday that its banking subsidiary has reached a deal to buy Gorman & Gorman Home Loans, a division of F&M Bank and Trust in Hannibal, Mo.
Financial terms were undisclosed. The Office of the Comptroller of the Currency has to approve the deal.
Roughly 30 Gorman & Gorman employees would join Enterprise once the deal closes. Founder and president Mark Gorman would become president of the combined company's mortgage division.
Gorman & Gorman has generated $2.5 billion in mortgages since its founding in 1994 and operates in St. Louis, Springfield and Cape Girardeau, Mo., according to Enterprise. F&M bought Gorman & Gorman in 2010.
Enterprise hopes this deal will allow it to promote its mortgage business more aggressively. "This expands our operations, and it allows us to be more aggressive in marketing our mortgage operations in all of our markets," said Jerry Mueller, senior vice president of marketing at Enterprise.
