<SEC-DOCUMENT>0001104659-21-136459.txt : 20211110
<SEC-HEADER>0001104659-21-136459.hdr.sgml : 20211110
<ACCEPTANCE-DATETIME>20211109193925
ACCESSION NUMBER:		0001104659-21-136459
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211110
DATE AS OF CHANGE:		20211109

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENTERPRISE FINANCIAL SERVICES CORP
		CENTRAL INDEX KEY:			0001025835
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				431706259
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-237612
		FILM NUMBER:		211393820

	BUSINESS ADDRESS:	
		STREET 1:		150 NORTH MERAMEC
		STREET 2:		150 NORTH MERAMEC
		CITY:			CLAYTON
		STATE:			MO
		ZIP:			63105
		BUSINESS PHONE:		3147255500

	MAIL ADDRESS:	
		STREET 1:		150 NORTH MERAMEC
		STREET 2:		150 NORTH MERAMEC
		CITY:			CLAYTON
		STATE:			MO
		ZIP:			63105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENTERBANK HOLDINGS INC
		DATE OF NAME CHANGE:	19961024

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENTERPRISE FINANCIAL SERVICES CORP
		CENTRAL INDEX KEY:			0001025835
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				431706259
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		150 NORTH MERAMEC
		STREET 2:		150 NORTH MERAMEC
		CITY:			CLAYTON
		STATE:			MO
		ZIP:			63105
		BUSINESS PHONE:		3147255500

	MAIL ADDRESS:	
		STREET 1:		150 NORTH MERAMEC
		STREET 2:		150 NORTH MERAMEC
		CITY:			CLAYTON
		STATE:			MO
		ZIP:			63105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENTERBANK HOLDINGS INC
		DATE OF NAME CHANGE:	19961024
</SEC-HEADER>
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<SEQUENCE>1
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<DESCRIPTION>FWP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Issuer Free Writing Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">November&nbsp;9, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Filed Pursuant to Rule&nbsp;433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Registration No.&nbsp;333-237612</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ENTERPRISE FINANCIAL SERVICES CORP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2,800,000 Depositary Shares Each Representing
a 1/40th Interest in a Share of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">5.00% Fixed Rate Non-Cumulative Perpetual Preferred
Stock, Series&nbsp;A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(liquidation preference $1,000 per share (equivalent
to $25 per Depositary Share))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Pricing Term Sheet</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">November&nbsp;9, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>This term sheet supplements the information set forth in the preliminary
prospectus supplement, dated November&nbsp;9, 2021, to the accompanying prospectus dated April&nbsp;8, 2020.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Issuer:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Enterprise Financial Services Corp (the &ldquo;Issuer&rdquo;)</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Securities Offered:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Depositary shares (the &ldquo;Depositary Shares&rdquo;), each representing a 1/40th interest in a share of 5.00% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series&nbsp;A (the &ldquo;Preferred Stock&rdquo;)</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Expected Rating (Kroll)*:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">BBB-</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Number of Depositary Shares:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">2,800,000 Depositary Shares</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: left">Aggregate Liquidation Preference:</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 69%; text-align: left">$70,000,000</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Option to Purchase Additional Depositary Shares:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">The underwriters will have an option to purchase an
    additional 200,000 Depositary Shares.</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Dividend Payment Dates:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">If declared, dividends will be
    payable quarterly, in arrears, on March 15, June&nbsp;15, September&nbsp;15 and December&nbsp;15 of each year, beginning on March&nbsp;15, 2022.</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Dividend Rate (Non-Cumulative):</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">5.00% per annum, only when, as, and if declared.</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Day Count:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">30/360</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Term:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Perpetual</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Trade Date:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;9, 2021</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Settlement Date:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;17, 2021 (T+5)</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Optional Redemption:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">The Issuer may, at its option and subject to any required regulatory approval, redeem the shares of the Preferred Stock (i)&nbsp;in whole or in part, from time to time, on any dividend payment date on or after December&nbsp;15, 2026, or (ii)&nbsp;in whole, but not in part, at any time within 90 days following a regulatory capital treatment event, as described in the Preliminary Prospectus Supplement under &ldquo;Description of the Series&nbsp;A Preferred Stock &mdash; Redemption&rdquo;, in each case at a cash redemption price equal to $1,000 per share of Preferred Stock (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends, without regard to any undeclared dividends, to, but excluding, the redemption date. The Preferred Stock will not be subject to any sinking fund or other obligation of the Issuer to redeem or repurchase the Preferred Stock.</TD>
    </TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 25%">Listing:</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 69%">The Issuer has applied to list the Depositary Shares on the Nasdaq under the symbol &ldquo;EFSCP&rdquo;. If the application is approved, trading of the Depositary Shares on the Nasdaq is expected to commence within 30 days after the initial delivery of the Depositary Shares.</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Public Offer Price:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$25 per Depositary Share</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriting Discounts and Commissions:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$0.7875 per Depositary Share.</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Net Proceeds to Issuer (before offering expenses):</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$67,795,000 (or $72,637,500 if the underwriters exercise their option to purchase additional Depositary Shares, in full)</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">CUSIP/ISIN for the Depositary Shares:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">293712 303 / US2937123030</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Joint Book-Running Managers:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Keefe, Bruyette&nbsp;&amp; Woods,&nbsp;Inc.<BR> Raymond James&nbsp;&amp; Associates,&nbsp;Inc.</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Co-Managers:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Boenning&nbsp;&amp; Scattergood,&nbsp;Inc.<BR> Janney Montgomery Scott LLC</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Depositary:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Computershare N.A.</TD>
    </TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at
any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>The Issuer expects that delivery of the Depositary Shares will be
made against payment therefor on or about November&nbsp;17, 2021, which is the fifth business day following the date hereof (such settlement
cycle being referred to as &ldquo;T+5&rdquo;). Under Rule&nbsp;15c6-1 under the Exchange Act of 1934, trades in the secondary market generally
are required to settle in two business days, unless the parties to the trade expressly agree otherwise. Accordingly, purchasers who wish
to trade the Depositary Shares before their delivery hereunder will be required, by virtue of the fact that the Depositary Shares initially
will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers
of the Depositary Shares who wish to trade the Depositary Shares prior to their date of delivery hereunder should consult their own advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>The Preferred Stock and Depositary Shares are not savings accounts,
deposits or other obligations of, nor are they guaranteed by, a bank and are not insured or guaranteed by the Federal Deposit Insurance
Corporation or by any other government agency or instrumentality.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The
Issuer has filed a registration statement (including a prospectus and preliminary prospectus supplement) with the SEC for the offering
to which this communication relates. Before you invest, you should read each of these documents and the other documents the Issuer has
filed with the SEC and incorporated by reference in such documents for more complete information about the issuer and this offering.
You may get these documents for free by visiting EDGAR on the SEC website at </B></FONT><B><U>www.sec.gov</U>. Alternatively, the Issuer,
any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Keefe,
Bruyette&nbsp;&amp; Woods,&nbsp;Inc. at 1-800-966-1559 or Raymond James&nbsp;&amp; Associates,&nbsp;Inc. at <FONT STYLE="background-color: white">800-248-8863</FONT>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Any disclaimer or other notice that may appear below is not applicable
to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication
being sent by Bloomberg or another email system.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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