[Form 4] Enterprise Financial Services Corporation Insider Trading Activity

Rhea-AI Filing Summary

CITIZENS, INC. (CIA) – Insider Form 4 filing

Director Mary Taylor reported two transactions involving the company’s Class A common stock:

• 06/27/2025 – Acquisition: 135.2256 shares were bought through the Citizens Stock Investment Plan (Transaction Code L – small, routine acquisition) at an average price of $3.67.
• 06/30/2025 – Disposition: 0.9855 fractional shares were sold (Transaction Code J – other) at $3.60, a mechanical sale generated by Computershare to transfer only whole shares.

After these trades, Taylor directly owns 47,791.2111 shares, representing a net increase of roughly 134.24 shares. The filing indicates the purchase was made via payroll deductions under the company’s stock investment plan; no options or other derivatives were reported.

The dollar value of the net purchase (~$493) is immaterial relative to Citizens’ market capitalization and therefore unlikely to move the share price, but it does signal continued insider participation in the stock accumulation plan.

Positive

• Insider net purchase (≈134 shares) reflects continued director participation in the company’s stock plan, modestly aligning management and shareholder interests.

Negative

• Transaction size is immaterial, providing little insight into management’s conviction or the firm’s fundamentals.

Insights

Securities Analyst

TL;DR: Small routine insider buy; neutral market impact.

The Form 4 shows Ms. Taylor adding ~135 shares and selling an immaterial fractional amount, leaving her stake just under 48 k shares. Because the net purchase is worth less than $1 k, it is best viewed as automatic plan participation rather than a discretionary bullish bet. The filing does not alter liquidity, guidance, or valuation, so I classify it as informational with negligible price impact.

Corporate Governance Expert

TL;DR: Indicates ongoing alignment, but scale is de-minimis.

Regular payroll-deduction buys suggest directors remain engaged in ownership programs, a positive governance sign. However, materiality is extremely low; the purchase neither strengthens nor weakens ownership concentration in a way that would affect control or activism dynamics. Overall effect on governance risk profile is neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

IANNACONE NICOLE M

(Last) (First) (Middle)

150 N. MERAMEC

(Street)

CLAYTON MO 63105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ENTERPRISE FINANCIAL SERVICES CORP [ EFSC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SEVP, Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2025		J(1)	V	450	A	$46.84(2)	18,839	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non Qualified Stock Option (Right to Buy)	$43.81							02/06/2024	02/25/2031	Common Stock	4,521		4,521	D
Non Qualified Stock Option (Right to Buy)	$48.34							(3)	02/24/2032	Common Stock	4,946		4,946	D
Non Qualified Stock Option (Right to Buy)	$54.46							(4)	02/28/2033	Common Stock	4,985		4,985	D
Non Qualified Stock Option (Right to Buy)	$39.5							(5)	02/28/2034	Common Stock	7,551		7,551	D
Non Qualified Stock Option (Right to Buy)	$57.17							(6)	03/04/2035	Common Stock	3,976		3,976	D
Restricted Share Units	(7)							(8)	(8)	Common Stock	1,019		1,019	D
Restricted Share Units	(7)							(9)	(9)	Common Stock	1,443		1,443	D
Restricted Share Units	(7)							(10)	(10)	Common Stock	1,330		1,330	D
Restricted Share Units	(7)							(11)	(11)	Common Stock	6,652		6,652	D

Explanation of Responses:

1. The reporting person is voluntarily reporting the acquisition of shares of the Issuer's common stock pursuant to the Issuer's 2018 Employee Stock Purchase Plan ("ESPP") for the ESPP purchase period of January 1, 2025, through June 30, 2025. This transaction is exempt under Section 16b-3(c).

2. In accordance with the terms of the ESPP, the reported shares were acquired based on 85% of the closing price of the Issuer's common stock on June 30, 2025.

3. This option becomes exercisable in the first quarter of 2025, subject to continued employment by the reporting person.

4. This option becomes exercisable in the first quarter of 2026, subject to continued employment by the reporting person.

5. This option becomes exercisable in the first quarter of 2027, subject to continued employment by the reporting person.

6. The option becomes exercisable in the first quarter of 2028, subject to continued employment by the reporting person.

7. The RSU's were granted pursuant to the Company's 2018 Stock Incentive Plan. Each RSU represents the right to receive one share of Common Stock, subject to adjustment as provided in the Grant Agreement.

8. The RSU vest 100% in the first quarter of 2026, subject to continued employment by the reporting person.

9. The RSU's vest 100% in the first quarter of 2027, subject to continued employment by the reporting person.

10. The RSU's vest 100% in the first quarter of 2028, subject to continued employment by the reporting person.

11. The RSUs vest over six years in one-third installments on each of February 24, 2024, February 24, 2026, and February 24, 2028. Vesting is subject to continued employment of the reporting person. On each vesting date, for each RSU vesting on such date, the reporting person will receive one share of Common Stock.

	/s/ Nicole M. Iannacone	07/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Citizens, Inc. (CIA) disclose in the latest Form 4?

Director Mary Taylor bought 135.2256 shares at $3.67 and sold 0.9855 fractional shares at $3.60, increasing her direct holdings to 47,791.2111 shares.

How many CIA shares does Mary Taylor now own?

After the reported transactions, she directly owns 47,791.2111 Class A shares.

Was the insider transaction a discretionary buy or an automatic plan purchase?

The acquisition occurred through the Citizens Stock Investment Plan via payroll deduction, indicating an automatic plan purchase.

Did the filing include any options or derivative securities?

No. Table II lists no derivative positions; only common stock transactions were reported.

Is the transaction likely to affect Citizens, Inc.'s share price?

Given the small dollar value (≈$493), the market impact is expected to be negligible.