Exhibit 99.1

For more information, contact:
Kevin Eichner (314) 725 5500
Frank Sanfilippo (314) 725 5500
Melissa Sturges (816) 221 7500

ENTERPRISE FINANCIAL POSTS RECORD EARNINGS FOR THIRD CONSECUTIVE YEAR

Strong Growth Drives 37% Increase In Net Income And 28% Increase in Earnings Per Share

St. Louis, January 26, 2006 – Enterprise Financial Services Corp (NASDAQ:  EFSC), the parent company of Enterprise Bank & Trust, reported net income of $11.3 million or $1.05 per fully diluted share for 2005.  This compares to $8.2 million or $0.82 per fully diluted share in 2004.  Net income for the quarter ended December 31, 2005, was $2.8 million or $0.26 per fully diluted share vs. $1.8 million or $0.18 per fully diluted share in the same quarter of 2004, a 44% increase.  

“This was another exceptional year for our company and its shareholders,” said Kevin Eichner, President and CEO of Enterprise Financial.  “Our business model has now produced a three year compounded annual growth rate in earnings per share of 26%.  Our commercial banking and wealth management capabilities combined with a continued focus on private businesses and their owners is proving to be a powerful business strategy.”

Banking Line Of Business Marks New Highs:

EFSC’s banking line of business continued its high performance levels.  Average earning assets increased by $132.7 million or 14%.  Portfolio loans grew by $104 million (12%) and ended the year at $1 billion.  The investment portfolio grew to $136 million, a $14 million or 11% increase over 2004. Deposits grew by $177 million (19%) and the bank was able to retain its exceptional deposit mix, with interest free demand deposits at a continued robust 20%.

“Peter Benoist, Steve Marsh and their banking division team continue to be stellar performers.  The growth in loans and especially in core deposits was outstanding as was asset quality for the year.  In light of the competitive forces we faced, our numbers look very strong,” commented Eichner.

Asset quality remains a hallmark metric for Enterprise.  Non-performing loans were just $1.4 million or 0.14% of portfolio loans and net charge-offs represented only 0.02% of average loans for the year.  The allowance for loan losses was $13.0 million or 1.30% of portfolio loans vs. $11.7 million (also 1.30%) at the end of 2004.  The increase in the allowance was the net result of $1.5 million of provision for loan losses slightly offset by $200,000 of net loan charge-offs in the year.  In 2004, the provision for loan losses was $2.2 million and net loan charge-offs were $1.1 million.  The decline in the provision for loan losses when comparing 2005 to 2004 was due to lower non-performing loan levels, continued strengthening of the St. Louis and Kansas City economies and continued low delinquency rates.  

The company’s fully tax-equivalized net interest rate margin increased from 3.84% to 4.11%, year-to-year.  The 27 basis point improvement in net interest rate margin was primarily due to rising interest rates and the greater benefit of free balances (demand deposits and shareholder equity).  In 2005, the net interest spread improved 4 basis points to 3.51% as increases in earning asset yields were largely offset by increases in the cost of interest-bearing liabilities.

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Deposit service charges of $2.1 million were essentially flat with those posted in 2004.  A rising earnings credit rate throughout 2005 offset much of the benefit of the growth in numbers of accounts and services provided during the year.

Wealth Management Continues Its Pace:

Enterprise Financial’s Wealth Management line of business also fared well in 2005.  Total Wealth Management income increased by 53%, or $2.3 million, to $6.5 million during the year driven by strong growth in the company’s Trust and Wealth Products Groups.  This included $780,000 of commission income earned by the company’s Millennium Brokerage Group LLC (“MBG”) which was acquired in October 2005.  Factoring out the benefit of the MBG acquisition, the company’s Wealth Management business increased its income by $1.5 million or 35% for the year.  Assets under administration were $1.4 billion at December 31, 2005, down slightly, as $250 million of assets managed in a special common trust fund account were distributed to clients as called for by contract in the fourth quarter.

The company’s Wealth Management business produced $1.1 million of pre-tax income, compared to $702,000 in 2004, a 62% increase.  Eliminating the impact of MBG in 2005, Wealth Management pre-tax earnings were $968,000, a 38.5% increase over the prior year.

Eichner commented, “We are extremely pleased with the overall growth rates and enhanced profitability of our Trust company and Wealth Products Groups.  Our Wealth Management product and service offerings continue to distinguish themselves against the competition.  This line of business is not only a significant differentiator in our value proposition to our clients but also a major contributor to the company’s increased earnings power.  The addition of Millennium promises to further strengthen this picture in 2006 as we enjoy a full year of operations with our new partners at MBG.”

Company Well Positioned for 2006:

During the late third and throughout the fourth quarter of 2005, the company elected to reposition a portion of its investment portfolio and recognized losses of $494,000.  Increases in market rates for the two through four-year maturity ranges and the company’s overall interest rate sensitivity presented an opportunity to strengthen the expected total return on portfolio investments for 2006 and 2007.

While the company’s long range business model (see 8-K filing dated July 22, 2005) calls for noninterest expenses to grow on average 10% or less per year through 2010, these expenses grew 17% or $5 million in 2005 over the $29.3 million reported in 2004.  Excluding expenses incurred by MBG of $504,000 and $152,000 of amortization expenses related to that acquisition, noninterest expenses increased $4.3 million or 15%.

Commenting on expenses, Eichner noted, “Expense management remains a priority for us.  The company’s efficiency ratio improved from 67% to 64% in 2005.  Analysts will note that nearly all of the increases in expenses are due to our growth and success. Our three year compound annual growth rate in noninterest expense ending 2005 was 8%, still well under our 10% average goal.”

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The largest expense increase was in the salaries and benefits line.  Excluding MBG, $3.3 million of these expense increases were due to (1) increased bonus payouts of $963,000 tied to company performance above plan; (2) $605,000 of increased commission payouts in Wealth Management tied to revenue growth; (3) $483,000 of increased expense related to the vesting of Restricted Share Units in the company’s new long term incentive plan; (4) compensation for new hires and merit increases for existing associates totaling $867,000; and (5) an increased employer match expense on the company’s 401(k) plan of $363,000 due to increased participation and an increase in the match percentage associated with the company’s outstanding performance relative to plan in 2005.

The noninterest expense increase of $1.1 million in the Other expense line was due to MBG expenses of $185,000, the previously mentioned amortization of intangibles of $152,000 related to the acquisition, increased director expense of $377,000, increased professional fees of $399,000, higher travel, meetings and entertainment of $298,000, and higher information technology expense of $220,000 offset by the $554,000 one-time charge on refinancing the TRUPS in 2004 previously noted.

For the year ended December 31, 2005, the effective tax rate for the company was 35.8%, an increase from the 33.2% rate in 2004, when two items impacted the results.  During 2004 the company took a $241,000 reversal of the remaining deferred tax valuation allowance related to Merchant Banking losses in 2001 and the company recognized state income tax refunds of $163,000 related to amendments of prior state income tax returns.

Summary Comments:

In summarizing the year, Eichner commented, “We continue to make progress in establishing EFSC as a high growth winner in the small cap investment space.  Our stock ended the year at $22.68 bringing our three year compound annual growth rate in stock price to 22%.  Obviously, the move to a national listing on the NASDAQ and our efforts with institutional investors have raised our profile and opportunities for our company, and, of course, the company’s continued growth and earnings performance is serving our investors well,” he noted.

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.  The Company’s stock is listed nationally on NASDAQ under the symbol EFSC.

Please refer to the Consolidated Financial Summary 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 2004 Annual Report on Form 10-K.

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ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY
(unaudited)

	For the Quarter Ended December 31						For the Twelve Months Ended December 31
($ In thousands, except per share data)	2005			2004			2005			2004
INCOME STATEMENTS
Total interest income	$	19,611		$	13,698		$	68,108		$	48,893
Total interest expense		7,728			3,680			23,541			12,169
Net interest income		11,883			10,018			44,567			36,724
Provision for loan loss		70			775			1,490			2,212
Net interest income after provision for loan losses		11,813			9,243			43,077			34,512
NONINTEREST INCOME
Deposit service charges		512			503			2,065			2,032
Wealth Management income		2,369			1,268			6,522			4,264
Gain on sale of mortgage loans		34			43			281			262
Gain on sale of other real estate		—			—			91			—
(Loss) gain on sale of securities		(409	)		—			(494	)		126
Other income		121			133			499			438
Total noninterest income		2,627			1,947			8,964			7,122
NONINTEREST EXPENSE
Salaries and benefits		6,027			4,705			22,130			18,553
Occupancy		675			550			2,327			2,090
Furniture and equipment		248			186			821			720
Other		2,959			2,835			9,043			7,968
Total noninterest expense		9,909			8,276			34,321			29,331
Minority interest in net income of consolidated subsidiary		(113	)		—			(113	)		—
Income before income tax		4,418			2,914			17,607			12,303
Income taxes		1,589			1,067			6,312			4,088
Net income	$	2,829		$	1,847		$	11,295		$	8,215
Basic earnings per share	$	0.27		$	0.19		$	1.12		$	0.85
Diluted earnings per share	$	0.26		$	0.18		$	1.05		$	0.82
Return on average assets		0.90	%		0.67	%		0.98	%		0.81	%
Return on average equity		12.52	%		10.16	%		13.86	%		11.93	%
Net interest rate margin (fully tax equivalized)		4.06	%		3.85	%		4.11	%		3.84	%
Yield on earning assets (fully tax equivalized)		6.66	%		5.25	%		6.25	%		5.10	%
Cost of paying liabilities		3.27	%		1.82	%		2.74	%		1.63	%
Net interest spread		3.39	%		3.43	%		3.51	%		3.47	%
Efficiency ratio		68.29	%		69.16	%		64.11	%		66.90	%
Noninterest expense to average assets		3.16	%		3.01	%		2.99	%		2.91	%

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ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)

($ in thousands)	Dec 31, 2005		Sep 30, 2005		Jun 30, 2005		Mar 31, 2005		Dec 31, 2004
BALANCE SHEETS
ASSETS
Cash and due from banks	$	54,118	$	38,542	$	35,156	$	32,085	$	28,324
Federal funds sold		64,709		45,281		43,149		—		—
Interest-bearing deposits		84		101		94		141		156
Debt and equity investments		135,559		96,684		89,193		92,572		121,638
Loans held for sale		2,761		2,273		3,996		4,180		2,376
Portfolio loans		1,002,379		976,804		958,878		972,802		898,505
Less allowance for loan losses		12,990		13,168		12,769		12,639		11,665
Net loans		989,389		963,636		946,109		960,163		886,840
Premises and equipment, net		10,276		10,098		9,556		8,413		8,044
Goodwill		12,042		1,938		1,938		1,938		1,938
Other assets		18,030		11,289		11,331		11,090		10,634
Total assets	$	1,286,968	$	1,169,842	$	1,140,522	$	1,110,582	$	1,059,950
LIABILITIES AND SHAREHOLDERS’ EQUITY
Non-interest bearing deposits	$	229,325	$	206,724	$	199,136	$	190,667	$	197,283
Interest bearing deposits		886,919		816,241		796,548		746,126		742,345
Total deposits		1,116,244		1,022,965		995,684		936,793		939,628
Subordinated debentures		30,930		20,620		20,620		20,620		20,620
FHLB advances		28,584		28,749		30,564		68,879		10,299
Federal funds purchased		—		—		—		—		6,333
Other borrowings		8,347		6,975		7,230		2,303		3,532
Other liabilities		10,258		7,036		5,984		5,263		6,812
Total liabilities		1,194,363		1,086,345		1,060,082		1,033,858		987,224
Shareholders’ equity		92,605		83,497		80,440		76,724		72,726
Total liabilities and shareholders’ equity	$	1,286,968	$	1,169,842	$	1,140,522	$	1,110,582	$	1,059,950

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ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)

	For the Quarter Ended
($ In thousands, except per share data)	Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005			Dec 31, 2004
EARNINGS SUMMARY
Net interest income	$	11,883		$	11,159		$	11,002		$	10,522		$	10,018
Provision for loan losses		70			408			226			786			775
Wealth Mangement income		2,369			1,472			1,471			1,212			1,268
Noninterest income		258			805			754			625			679
Noninterest expense		9,909			8,525			8,171			7,717			8,276
Minority interest in net income of consolidated subsidiary		(113	)		—			—			—			—
Income before income tax		4,418			4,503			4,830			3,856			2,914
Net income		2,829			2,878			3,141			2,447			1,847
Diluted earnings per share	$	0.26		$	0.27		$	0.29		$	0.23		$	0.18
Return on average equity		12.52	%		13.84	%		16.01	%		13.23	%		10.16	%
Net interest rate margin (fully tax equivalized)		4.06	%		4.03	%		4.19	%		4.18	%		3.85	%
Efficiency ratio		68.29	%		63.45	%		61.78	%		62.44	%		69.16	%
MARKET DATA
Book value per share	$	8.85		$	8.26		$	8.00		$	7.65		$	7.44
Market value per share	$	22.68		$	21.22		$	23.65		$	19.00		$	18.50
Period end common shares		10,459			10,111			10,056			10,032			9,778
Average basic common shares		10,357			10,083			10,046			9,922			9,747
Average diluted common shares		10,983			10,782			10,676			10,521			10,224
ASSET QUALITY
Net charge-offs (recoveries)	$	248		$	10		$	96		$	(188	)	$	551
Nonperforming loans	$	1,421		$	1,777		$	2,136		$	3,134		$	1,826
Nonperforming loans to total loans		0.14	%		0.18	%		0.22	%		0.32	%		0.20	%
Allowance for loan losses to total loans		1.30	%		1.35	%		1.33	%		1.30	%		1.30	%
Net charge-offs (recoveries) to average loans (annualized)		0.10	%		0.00	%		0.04	%		(0.08	)%		0.25	%
CAPITAL
Average equity to average assets		7.20	%		7.12	%		7.07	%		6.98	%		6.62	%
Tier 1 capital to risk-weighted assets		10.34	%		10.33	%		10.14	%		9.73	%		9.94	%
Total capital to risk-weighted assets		11.59	%		11.58	%		11.39	%		10.98	%		11.19	%
AVERAGE BALANCES
Portfolio loans	$	979,182		$	968,802		$	963,570		$	932,910		$	872,700
Earning assets		1,181,273			1,114,508			1,067,366			1,034,525			1,047,990
Total assets		1,244,652			1,159,341			1,113,075			1,075,724			1,092,674
Deposits		1,080,525			1,012,070			942,466			919,910			977,359
Shareholders’ equity		89,641			82,495			78,701			75,037			72,345
LOAN PORTFOLIO
Commercial and industrial	$	265,488		$	263,286		$	264,451		$	278,752		$	253,594
Commercial real estate		410,382			363,566			352,005			356,670			328,986
Construction real estate		138,318			128,444			134,459			132,297			127,180
Residential real estate		151,575			177,948			168,315			162,111			149,293
Consumer and other		36,616			43,559			39,649			42,972			39,451
Total loan portfolio	$	1,002,379		$	976,804		$	958,878		$	972,802		$	898,505
DEPOSIT PORTFOLIO
Noninterest-bearing accounts	$	229,325		$	206,724		$	199,136		$	190,667		$	197,283
Interest-bearing transaction accounts		108,712			85,824			86,815			91,512			85,523
Money market and savings accounts		483,186			450,107			449,793			429,102			436,259
Certificates of deposit		295,021			280,310			259,940			225,512			220,563
Total deposit portfolio	$	1,116,244		$	1,022,965		$	995,684		$	936,793		$	939,628
WEALTH MANAGEMENT
Trust Assets Under Management	$	819,608		$	975,704		$	924,817		$	942,486		$	869,900
Trust Assets Under Administration		1,388,480			1,541,597			1,476,216			1,446,874			1,383,557

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