Exhibit 99.1

For more information, contact:

Kevin Eichner (314) 725 5500

Frank Sanfilippo (314) 725 5500

Katie Hollar (816) 221 7500

ENTERPRISE FINANCIAL REPORTS 34.6% INCREASE IN EARNINGS PER SHARE OVER PREVIOUS YEAR

(a) Trust Income Grows 53.9%

St. Louis, January 29, 2004 – Enterprise Financial Services Corp. (OTCBB: EFSC), the parent company of Enterprise Bank and Trust reported net income of $6.9 million or $0.70 per fully diluted share for 2003. The reported earnings per fully diluted share for 2003 represent a 34.6% increase over the same period in 2002.

“Growth in earnings per share has been our number one priority,” said Kevin Eichner, president and CEO of Enterprise Financial. “We are pleased at the results for 2003 on this and many other fronts. With the special combination of talent, strength and passion our people have for the business, we are very optimistic about our future.”

Portfolio loans grew by $104 million or 15.3% since December 31, 2002 and ended the year at $784 million. This growth was funded in part by an $80 million increase in deposits or 11.2% for the same period. Net interest income for 2003 was $32.7 million, a $1.8 million or 6.0% increase over 2002. The net interest rate margin for 2003 increased to 4.01% from 4.00% for 2002.

Total noninterest income grew by $4,815,000 for 2003 versus 2002. This increase was primarily generated from a $3,088,000 gain on the sale of three branches in April less a $150,000 write-off of related goodwill, higher gains on the sale of mortgage loans of $246,000 and increased trust income of $1,268,000. Mortgage gains grew by 14.4% and trust income grew by 53.9%. Assets under administration in Enterprise Trust were $1.15 billion at December 31, 2003 versus $866 million at December 31, 2002, a 32.8% increase. Enterprise Trust continues to be one of the fastest growing trust companies in the United States.

The provision for loan losses was $3,627,000 for 2003 compared to $2,251,000 for 2002. The allowance for loan losses of $10.59 million at December 31, 2003 represents 1.35% of outstanding portfolio loans versus 1.27% at the end of 2002.

Expense ratios continued to improve as reduced staffing levels, productivity increases, and business process improvements were implemented during 2003. The efficiency ratio improved from 76.15% for 2002 to 66.73% for 2003.

“We expect the Company’s efficiency ratio to improve even further as our anticipated growth and tight cost controls combine to significantly strengthen our productivity,” said Eichner.

Enterprise Financial operates commercial banking and wealth management businesses in metropolitan St. Louis and Kansas City, with a primary focus on serving the needs of privately held businesses, their owners and other success-minded individuals.

Please refer to Enterprise Financial’s consolidated balance sheets as of December 31, 2003 and December 31, 2002 and consolidated statements of operations for the years ended December 31, 2003 and 2002 attached for more details.

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Readers should note that in addition to the historical information contained herein, this press release may contain forward-looking statements which are inherently subject to risks and uncertainties that could cause actual results to differ materially from those contemplated from such statements. Factors that could cause or contribute to such differences include, but are not limited to, burdens imposed by federal and state regulations of banks, credit risk, exposure to local economic conditions, risks associated with rapid increase or decrease in prevailing interest rates and competition from banks and other financial institutions, as well as those in Enterprise Financial’s 2002 Annual Report on Form 10-K.

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

December 31, 2003 and 2002

(Dollars in thousands, except share data)

	2003		2002
Assets
Cash and due from banks	$	26,271	$	39,052
Federal funds sold		—		33,367
Interest-bearing deposits		217		66
Investments in debt and equity securities:
Available for sale, at estimated fair value		83,939		67,083
Held to maturity, at amortized cost (estimated fair value of $10 at December 31, 2003 and $13 at December 31, 2002)		10		13
Total investments in debt and equity securities		83,949		67,096
Loans held for sale		2,848		6,991
Loans, less unearned loan fees		783,878		679,799
Less allowance for loan losses		10,590		8,600
Loans, net		773,288		671,199
Other real estate owned		—		125
Fixed assets, net		7,317		7,686
Accrued interest receivable		3,279		3,459
Goodwill		1,938		2,088
Assets held for sale		—		36,401
Prepaid expenses and other assets		8,619		9,721
Total assets	$	907,726	$	877,251
Liabilities and Shareholders’ Equity
Deposits:
Demand	$	164,952	$	155,597
Interest-bearing transaction accounts		58,926		59,058
Money market accounts		371,583		341,590
Savings		4,123		3,421
Certificates of deposit:
$100,000 and over		154,142		105,030
Other		42,674		51,618
Total deposits		796,400		716,314
Subordinated debentures		15,464		15,464
Federal Home Loan Bank advances		14,500		29,464
Notes payable and other borrowings		9,647		2,359
Accrued interest payable		1,151		1,264
Liabilities held for sale		—		50,054
Accounts payable and accrued expenses		5,176		3,522
Total liabilities		842,338		818,441
Shareholders’ equity:
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding 9,618,482 shares at December 31, 2003 and 9,497,794 shares at December 31, 2002		96		95
Surplus		39,841		38,401
Retained earnings		24,832		18,674
Accumulated other comprehensive income		619		1,640
Total shareholders’ equity		65,388		58,810
Total liabilities and shareholders’ equity	$	907,726	$	877,251

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

Consolidated Statements of Operations (unaudited)

Years Ended December 31, 2003 and 2002

(Dollars in thousands, except share data)

	2003		2002
Interest income:
Interest and fees on loans	$	41,221	$	43,014
Interest on debt and equity securities:
Taxable		1,691		1,496
Nontaxable		23		1
Interest on federal funds sold		196		574
Interest on interest-bearing deposits		3		28
Dividends on equity securities		111		94
Total interest income		43,245		45,207
Interest expense:
Interest-bearing transaction accounts		170		269
Money market accounts		3,475		5,001
Savings		24		84
Certificates of deposit:
$100,000 and over		2,972		3,145
Other		1,560		3,688
Subordinated debentures		1,270		1,152
Federal Home Loan Bank borrowings		1,033		918
Notes payable and other borrowings		40		86
Total interest expense		10,544		14,343
Net interest income		32,701		30,864
Provision for loan losses		3,627		2,251
Net interest income after provision for loan losses		29,074		28,613
Noninterest income:
Service charges on deposit accounts		1,782		1,772
Trust income		3,622		2,354
Other service charges and fee income		369		380
Gain on sale of mortgage loans		1,953		1,707
Gain on sale of securities		78		—
Gain on sale of branches		2,938		—
Miscellaneous income		375		89
Total noninterest income		11,117		6,302
Noninterest expense:
Compensation		16,249		14,308
Payroll taxes and employee benefits		2,475		2,555
Occupancy		1,974		1,901
Furniture and equipment		841		1,002
Data processing		932		1,012
Other		6,770		7,522
Total noninterest expense		29,241		28,300
Income before income tax expense		10,950		6,615
Income tax expense		4,025		1,614
Net income	$	6,925	$	5,001
Per share amounts
Basic earnings per share	$	0.72	$	0.53
Basic weighted average common shares outstanding		9,566,059		9,399,374
Diluted earnings per share	$	0.70	$	0.52
Diluted weighted average common shares outstanding		9,875,141		9,611,108