Gorman & Gorman Home Loans sale finalized

St. Louis-based Enterprise Bank & Trust today finalized its purchase of Gorman & Gorman Home Loans, including its Springfield office at 1540 E. Primrose St.

Enterprise Bank & Trust, the banking subsidiary of Enterprise Financial Services Corp (Nasdaq: EFSC), agreed in March to acquire St. Louis-based Gorman & Gorman, a division of F&M Bank and Trust Co. that also operates a Cape Girardeau office.

With the deal, the terms of which are undisclosed, Enterprise Bank & Trust gains roughly 30 mortgage producers, underwriters and operations staff in St. Louis, Springfield and Cape Girardeau. Gorman & Gorman founder and President Mark Gorman has been retained as president of Enterprise Home Loans, the bank's mortgage lending division, according to a news release.

"We now have a greatly expanded capability to advise our clients on mortgage solutions and the resources to offer a complete suite of products," Enterprise Bank & Trust President Scott Goodman said in the release.

Gorman & Gorman, founded in 1994, has originated more than $2.5 billion in mortgage loans, 1,500 of which totaling nearly $200 million originated out of the Springfield office, according to Springfield Business Journal archives.

Enterprise Financial has operations in St. Louis, Kansas City and Phoenix, serving the niche of banking services for privately held businesses.