Exhibit 99.1

For more information, contact:

Kevin Eichner (314) 725 5500

Frank Sanfilippo (314) 725 5500

Katie Hollar (816) 221 7500

ENTERPRISE FINANCIAL REACHES $2 BILLION IN COMBINED BANKING AND TRUST ASSETS

Strong Loan and Deposit Growth Continues

Wealth Management Revenue Grows 51.1%

St. Louis, July 22, 2004 – Enterprise Financial Services Corp (OTCBB: EFSC), the parent company of Enterprise Bank and Trust, reported second quarter net income of $2.0 million or $0.20 per fully diluted share and $3.5 million or $0.35 per fully diluted share for the six months ended June 30, 2004. For the six months ended June 30, 2003, net income was $3.7 million or $0.38 per fully diluted share. The second quarter earnings in 2003 of $2.6 million or $0.26 per fully diluted share included an after tax gain from the sale of three branches less related expenses of $1.6 million or $0.16 per fully diluted share.

Portfolio loans grew by $83 million or 10.6% since December 31, 2003 and ended the quarter at $867 million. This growth was funded by a $75 million increase in deposits or 9.4% for the same period. For the twelve month period ending June 30, 2004 portfolio loans grew by $131 million or 17.8%. Deposits increased $123 million or 16.4% during the same period. The net interest rate margin for the same period decreased slightly from 4.07% to 3.85% primarily due to a decrease in overall loan yields.

“We are delighted to announce that Enterprise has reached the $1 billion level in banking assets to augment the $1 billion in trust assets which was achieved last year,” said Kevin Eichner, president and CEO of Enterprise Financial. “This is a major milestone for our company, and we are pleased that our growth in our two core business lines continues to significantly outstrip that of the general marketplace.”

In the Company’s Wealth Management business segment, total revenue grew by $644,000 or 51.1% for the first six months of 2004 versus 2003. Assets under administration in Enterprise Trust were $1.19 billion at June 30, 2004 versus $1.02 billion at June 30, 2003, a 16.7% increase.

Provision for loan losses in the banking segment was $1,337,000 for the six months ended June 30, 2004 compared to $2,093,000 for the same period in 2003. The allowance for loan losses of $11.4 million at June 30, 2004 represents 1.32% of outstanding portfolio loans compared to 1.35% at December 31, 2003.

“Our strong growth, coupled with tight expense control, as non-interest expense grew only 1.9% for the first six months of 2004, is driving earnings per share growth rates at record levels. We are gratified by how well our results are tracking with our aggressive plans,” 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 June 30, 2004 and December 31, 2003 and consolidated statements of operations for the three and six months ended June 30, 2004 and 2003 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 2003 Annual Report on Form 10-K.

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

June 30, 2004 and December 31, 2003

(Dollars in thousands, except share data)

	June 30, 2004			December 31, 2003
Assets
Cash and due from banks	$	31,790		$	26,271
Federal funds sold		12,396			—
Interest-bearing deposits		90			217
Investments in debt and equity securities:
Available for sale, at estimated fair value		93,483			83,939
Held to maturity, at amortized cost (estimated fair value of $9 at June 30, 2004 and $9 at December 31, 2003)		9			10
Total investments in debt and equity securities		93,492			83,949
Loans held for sale		2,383			2,848
Loans, less unearned loan fees		866,814			783,878
Less allowance for loan losses		11,448			10,590
Loans, net		855,366			773,288
Other real estate owned		273			—
Fixed assets, net		7,067			7,318
Accrued interest receivable		3,878			3,279
Goodwill		1,938			1,938
Prepaid expenses and other assets		7,381			8,618
Total assets	$	1,016,054		$	907,726
Liabilities and Shareholders’ Equity
Deposits:
Demand	$	182,679		$	164,952
Interest-bearing transaction accounts		70,357			58,926
Money market accounts		385,594			371,583
Savings		4,290			4,123
Certificates of deposit:
$100,000 and over		186,722			154,142
Other		41,371			42,674
Total deposits		871,013			796,400
Subordinated debentures		20,619			15,464
Federal Home Loan Bank advances		51,432			14,500
Notes payable and other borrowings		296			9,647
Accrued interest payable		1,446			1,150
Accounts payable and accrued expenses		3,863			5,177
Total liabilities		948,669			842,338
Shareholders’ equity:
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding 9,684,025 shares at June 30, 2004 and 9,618,482 shares at December 31, 2003		97			96
Additional paid-in capital		40,318			39,841
Retained earnings		27,862			24,832
Accumulated other comprehensive income (loss)		(892	)		619
Total shareholders’ equity		67,385			65,388
Total liabilities and shareholders’ equity	$	1,016,054		$	907,726

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

Consolidated Statements of Operations

(Dollars in thousands, except share data)

	Three months ended June 30,				Six months ended June 30,
	2004		2003		2004		2003
Interest income:
Interest and fees on loans	$	11,058	$	10,305	$	21,515	$	20,674
Interest on debt and equity securities:
Taxable		569		421		978		889
Nontaxable		10		4		20		5
Interest on federal funds sold		38		48		86		86
Dividends on equity securities		25		19		46		33
Total interest income		11,700		10,797		22,645		21,687
Interest expense:
Interest-bearing transaction accounts		58		49		97		101
Money market accounts		904		885		1,763		1,812
Savings		3		3		6		18
Certificates of deposit:
$100,000 and over		974		741		1,836		1,411
Other		255		377		519		939
Subordinated debentures		345		309		661		617
Federal Home Loan Bank borrowings		235		312		420		603
Notes payable and other borrowings		4		18		30		29
Total interest expense		2,778		2,694		5,332		5,530
Net interest income		8,922		8,103		17,313		16,157
Provision for loan losses		740		1,094		1,337		2,093
Net interest income after provision for loan losses		8,182		7,009		15,976		14,064
Noninterest income:
Service charges on deposit accounts		540		406		997		893
Wealth Management income		1,048		670		1,904		1,260
Other service charges and fee income		88		91		185		187
Gain on sale of branches		—		2,938		—		2,938
Gain on sale of mortgage loans		142		279		210		529
Gain on sale of securities		—		—		1		78
Total noninterest income		1,818		4,384		3,297		5,885
Noninterest expense:
Compensation		3,933		3,778		7,785		7,305
Payroll taxes and employee benefits		652		589		1,489		1,261
Occupancy		522		499		1,018		975
Furniture and equipment		176		233		358		454
Data processing		192		270		378		512
Other		1,652		1,901		2,971		3,518
Total noninterest expense		7,127		7,270		13,999		14,025
Income before income tax expense		2,873		4,123		5,274		5,924
Income tax expense		886		1,525		1,761		2,190
Net income	$	1,987	$	2,598	$	3,513	$	3,734
Per share amounts:
Basic earnings per share	$	0.21	$	0.27	$	0.36	$	0.39
Basic weighted average common shares outstanding		9,680,006		9,560,529		9,660,075		9,541,522
Diluted earnings per share	$	0.20	$	0.26	$	0.35	$	0.38
Diluted weighted average common shares outstanding		9,987,261		9,892,558		9,977,520		9,855,507