VOL. 115 | NO. 11 | Tuesday, January 16, 2001
Local bank acquires employer organization
Bank enters new territory with buyout
By SUE PEASE
The Daily News
Enterprise National Bank acquired Selmer, Tenn.-based Select Systems Inc. earlier this month in a move company officials said strengthens one of its core values serving small and mid-sized businesses.
Enterprise, founded in 1990, is locally owned and considers itself a community bank focusing on personal service.
The venture is a first on many levels for the bank.
"This is our first acquisition and our first step out of the traditional banking services as well," said Heather McNeer, Enterprises director of marketing and public affairs.
"Since Select Systems was a professional employer organization, which specializes in employee management that just fit in so nicely to an area of our business with Enterprise National Bank.
"As we focus on our small business clients and customers, it was a nice way to add another product and service they are looking for. It is an exciting thing to be able to offer our customers," McNeer said.
Upon acquisition, the Select Systems name was changed to Enterprise Staff Solutions Inc. and became a subsidiary of Enterprise National Bank. Enterprise Staff Solutions headquarters will be in Memphis.
The cost of the acquisition was $850,000, said Robert S. Shaw Jr., executive vice president and chief financial officer of Enterprise Bancshares Inc.
Shaw will serve as the subsidiarys chief executive officer.
Chan Prosser, who was president of Select Systems, founded in 1989, now is president of Enterprise Staff Solutions.
Staff Solutions is a comprehensive employee management operation providing services to small and medium-size businesses.
Those services include payroll processing, benefits packages, workers compensation and human resources management.
Human resources management services include help in developing policy manuals for small companies, consulting on regulation and compliance policies, maintaining employee files and human resources consulting.
Enterprise National Bank has 75 employees and with the acquisition will add seven full-time employees, Shaw noted.
There is also an independent, outside sales force of 32 who sell professional employer organization products and services.
Tom A. Wright, Enterprise Bancshares chairman, president and chief executive officer, said the acquisition means more value-added services can be provided to customers.
"Enterprise National Bank has always had a strong commitment to small and mid-sized businesses. The addition of Enterprise Staff Solutions enhances the range of services we can provide that segment of our customer base.
"As a result of this acquisition, we now supply human resources, payroll and benefit services to 128 clients in seven states. We are confident that those numbers will grow and this will be another exciting and profitable venture for Enterprise National Bank," Wright said.
Enterprise National Bank operates full-service branches in Memphis at 6075 Poplar Ave. in the Crescent Center, 591 S. Mendenhall Road and 7878 Farmington Ave.
The bank also provides residential real estate mortgage loans under its Enterprise Mortgage Co. and offers services tailored to meet the needs of women in the community with its Womens Banking Center department.