[144] Enterprise Financial Services Corporation SEC Filing

Rhea-AI Filing Summary

On 26 June 2025, Enterprise Financial Services Corp. (EFSC) filed a Form 144 signaling that President & CEO James B. Lally, who is also a director, plans to dispose of 1,828 common shares via Fidelity Brokerage Services on NASDAQ. At the reported aggregate market value of $100,823.65, the block represents only about 0.005 % of the company’s 36.93 million shares outstanding, indicating minimal dilution risk.

The notice also lists four prior insider sales executed by Lally between 12 May and 24 June 2025 totaling 8,950 shares for gross proceeds of $493,264.80. Including the proposed transaction, cumulative planned and completed insider sales over the last three months reach 10,778 shares, worth roughly $594,000.

The shares originated from restricted-stock vesting on 26 January 2018 and the trades are governed by a Rule 10b5-1 plan adopted 17 December 2024. While a Form 144 is only a notice of intent, recurring insider disposals by the chief executive can influence investor sentiment. Given the small percentage of float involved, the immediate financial impact is limited, but the trend merits monitoring for insight into management’s outlook.

Positive

• None.

Negative

• CEO James B. Lally has sold or plans to sell 10,778 EFSC shares (~$594 K) within three months, potentially signaling reduced insider conviction.

Insights

Securities Analyst

TL;DR: Small CEO sale is immaterial to fundamentals but extends a recent insider-selling streak worth ~$0.6 M.

The proposed 1,828-share disposal equates to less than 0.01 days’ average volume, so liquidity and dilution effects are negligible. Valued at only 0.1 % of EFSC’s ~$1 B market cap, the transaction should not affect valuation multiples or capital ratios. However, combined with 8,950 shares already sold this quarter, the filing reinforces a pattern of insider monetization. Because the trades are under a 10b5-1 plan, they do not necessarily indicate negative operational developments, but persistent selling by the CEO often tempers bullish sentiment and can weigh on relative performance if the trend accelerates. Overall impact: neutral.

Corporate Governance Expert

TL;DR: Continued insider disposals raise governance watchpoints despite 10b5-1 safeguards.

From a governance perspective, the CEO further reducing personal exposure—albeit modestly—after multiple recent sales may raise questions about long-term alignment. The 10b5-1 plan limits information-asymmetry risk, yet boards typically monitor aggregate insider activity to ensure it does not undermine shareholder confidence. Investors should track future filings for escalation. Because size is small relative to float, I assign a mildly negative qualitative signal.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001674404
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	ENTERPRISE FINANCIAL SERVICES CORP
SEC File Number	001-15373
Address of Issuer	150 NORTH MERAMEC 150 NORTH MERAMEC CLAYTON MISSOURI 63105
Phone	3147255500
Name of Person for Whose Account the Securities are To Be Sold	LALLY JAMES BRIAN
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer
Relationship to Issuer	Director

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	1828	100823.65	36932680	06/26/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	01/26/2018	Restricted Stock Vesting	Issuer			1828	01/26/2018	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
James B. Lally 150 North Meramec Clayton MO 63105	Common	05/12/2025	4689	258757.14
James B. Lally 150 North Meramec Clayton MO 63105	Common	05/13/2025	2206	121411.50
James B. Lally 150 North Meramec Clayton MO 63105	Common	05/15/2025	400	22004.00
James B. Lally 150 North Meramec Clayton MO 63105	Common	06/24/2025	1655	91092.16

144: Remarks and Signature

Remarks
Date of Notice	06/26/2025
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	12/17/2024
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/Wade Moss, as a duly authorized representative of Fidelity Brokerage Services LLC, as attorney-in-fact for James B. Lally
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did EFSC disclose in its 26 June 2025 Form 144 filing?

President & CEO James B. Lally intends to sell 1,828 common shares worth about $100.8 K on NASDAQ.

How many EFSC shares does James B. Lally plan to sell and what is their value?

1,828 shares valued at $100,823.65.

What insider sales has Lally completed in the past three months?

Four trades totaling 8,950 shares for gross proceeds of $493,264.80.

What percentage of EFSC’s outstanding shares does the planned sale represent?

Approximately 0.005 % of the 36.93 million shares outstanding.

Under which broker and exchange will the shares be sold?

Fidelity Brokerage Services; shares will be sold on NASDAQ.

Is the proposed sale covered by a 10b5-1 trading plan?

Yes, the plan was adopted on 17 December 2024.