Enterprise Financial Services Corp. in St. Louis has agreed to buy Clayco Banc Corp. of De Soto, Kan., for $37 million in cash and stock.
Enterprise said the deal is part of its strategy to boost its share in the Kansas City, Mo., market. In July it bought the $200 million-asset Northstar Bancshares Inc., of North Kansas City for $36 million in cash and stock.
The price is equal to about 2.8 times book value, or 16.8 times Clayco's 2005 earnings.
The $202 million-asset Clayco, the parent of the 105-year-old Great American Bank, has branches in Claycomo, Mo., and in De Soto. It is building two more Missouri branches, in Platte County and Raymore.
The deal, announced Monday, is expected to close next quarter.
