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St. Louis Business & Technology News
www.slfp.com/SLFPBIZp.htm "When you think Saint Louis, think Saint Louis Front Page," a weekly publication covering the news and events in the greater St. Louis area. 
St. Louis Front Page P.O. Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com 
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Total Holiday Spending Hits $25 Billion NEW YORK, (PRNewswire) December 25, 2005 - Goldman, Sachs & Co., Nielsen//NetRatings and Harris Interactive's Holiday eSpending Report have reported that 54 percent, or the majority of online shoppers finished their holiday shopping by December 16th (vs. 37% by December 9th), with 10 percent of shoppers still waiting to begin. The holiday spending total reached $25 billion, excluding travel, during the first seven weeks (October 29 - December 16) of the 2005 holiday season. Thus far in 2005, U.S. online holiday spending resulted in a 25 percent increase (+/- 3.1 percent margin of error) from the same time period in 2004. The eSpending Report is based on a weekly national survey of approximately 1,000 online adult consumers, capturing consumer spending, attitudes and motivations of more than 7,500 shoppers during the first seven weeks of the 2005 holiday season. "In recent years, consumers shop online later and later in the holiday season making the week prior to the holidays the peak in online holiday shopping, with over half of shoppers completing all of their purchases," said Heather Dougherty, senior retail analyst, Nielsen//NetRatings. "With guaranteed delivery by December 24th and additional discounts and incentives, online retailers continue to court shoppers until late in the season, looking to capture sales before shoppers turn to stores on Friday and Saturday for last minute purchases," she continued. According to this week's eSpending Report, online shoppers have spent the most on apparel/clothing thus far in the 2005 holiday season, totaling $4.7 billion, which was the majority, or 17 percent, of total online revenue (see Table 1). The computer hardware/peripherals and consumer electronics categories placed second and third, with revenue totals of $3.7 billion each. Books and toys/video games rounded out the top five product categories, accounting for a respective $2.6 billion and $1.9 billion in online revenue. National City to Expand Presence in St. Louis CLEVELAND, (PRNewswire) December 25, 2005 - National City Corporation has announced that it will further expand its presence in St. Louis through a definitive agreement to acquire the privately held Forbes First Financial Corporation. Terms of the cash transaction -- expected to close in the second quarter of 2006 -- were not disclosed. Forbes First Financial is the parent company of Pioneer Bank and Trust Company, which has total assets of $500 million, deposits of $400 million, and operates eight branches in Greater St. Louis. Upon the anticipated close of the transaction, National City's St. Louis-area branches will increase to 48. This is part of the company's plans to open at least 20 new St. Louis locations by 2007. "This transaction demonstrates National City's commitment to continued growth in Greater St. Louis," said National City chairman and CEO David A. Daberko. "Pioneer Bank and Trust is a well-established, fast-growing bank with locations in geographically strategic areas. It is a natural complement to our ongoing expansion strategy." Added Shaun Hayes, president and CEO of National City's Missouri Banking market, "We're proud to bring our superior suite of financial products and services to more customers in St. Louis, while providing the added convenience of more locations for our existing customers. The addition of Pioneer Bank and Trust will play an important role in our effort to become a premier banking force in Greater St. Louis." Pioneer Bank and Trust has provided banking services in St. Louis for more than a century. "We are proud to join forces with National City, a company that shares our strong commitment to customers, employees and communities," said Thomas H. Brouster, Sr., chairman and CEO of Forbes First Financial and of Pioneer Bank and Trust. "Our retail and business customers will enjoy National City's enhanced product and service offerings and more convenient locations throughout St. Louis. And, our communities will embrace National City's shared passion for contributing to and serving the communities where we live and work." National City first entered the St. Louis market through its 2004 acquisition of Allegiant Bancorp. Growth by strategic acquisition and new branch construction also has recently expanded National City's presence in other new markets, including Chicago and Cincinnati. The company's retail bank network is now comprised of approximately 1,200 branches in seven states, including Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, and Pennsylvania. Marshall & Ilsley Corporation to Acquire St. Louis-Based Trustcorp ST. LOUIS, (PRNewswire) December 25, 2005 - Marshall & Ilsley Corporation and St. Louis-based Trustcorp Financial, Inc., the parent company of Missouri State Bank & Trust, have signed a definitive agreement under which M&I will acquire Trustcorp. The transaction is expected to be completed in the second quarter of 2006, subject to the affirmative vote of Trustcorp's shareholders and regulatory approvals. The transaction is expected to be approximately $.01 per share dilutive to M&I's 2006 earnings per share and to be neutral to M&I's earnings per share in 2007. Trustcorp, with $711 million in assets as of September 30, 2005, has seven branches in the St. Louis metropolitan area. The current Trustcorp branches are expected to merge into Southwest Bank, a wholly owned subsidiary of M&I, after the completion of the transaction in the second quarter of 2006. "Missouri State Bank and Trust's strong commercial loan and commercial real estate base will complement our growing presence in the St. Louis area, and the introduction of Southwest Bank's line of products and services to our new customers will provide additional opportunities for growth," said Dennis Kuester, chairman and chief executive officer, Marshall & Ilsley Corporation. "The performance and capabilities of our St. Louis regional management team at Southwest Bank, led by Drew Baur, Andrew Baur, and Bob Witterschein, will be important assets as we integrate these two organizations." "Jim Saitz and his team at Missouri State Bank are highly respected in the St. Louis metropolitan area for their dedication to providing excellent customer service and commitment to the community," said Drew Baur, chairman, Southwest Bank of St. Louis. "Their expertise will play a key role in Southwest Bank's continued growth in the St. Louis market." "Missouri State Bank and Trust is joining a financial institution with a reputation for serving its communities and a commitment to relationship banking that mirrors our own," said Jim Saitz. "As a result of this partnership, our customers and associates will have the opportunity to benefit from the broad range of services and the benefits Southwest Bank has to offer."  
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