Enterprise Financial Services in Clayton, Mo., has acquired a $21 million loan portfolio as part of its formation of an aircraft financing unit.
The aircraft finance group will court private businesses, professionals and high-net-worth individuals, Scott Goodman, president of the company's Enterprise Bank & Trust unit, said in a press release. A number of community banks have recently formed aircraft groups to help attract wealthy clients and build revenue.
The $3.5 billion-asset holding company for Enterprise Bank & Trust acquired the portfolio of aircraft loans from Avtran, an aircraft financing company in Clayton. Enterprise also hired Avtran's owner, Barry Stone, to lead its new aviation group.
Enterprise did not disclose financial terms for its loan portfolio acquisition.
Stone previously was the owner of Spirit Jet Center, a provider of ground-support services and aircraft sales at Spirit of St. Louis Airport.