Extraordinary
Exceptional Capabilities
Our
Community
Unwavering
Support
Service
Exceptional
The Power of Teamwork
Our Community
Extraordinary Service
2014 Annual Report
Exceptional Capabilities
About the Artwork
About Our Team
As part of Enterprise Bank’s passionate commitment to the cultural and
We care deeply about and take great pride in our Enterprise Bankers, whose
arts community, we have purchased or commissioned dozens of pieces
energy, desire, talent, and respect and caring for each other are the keys to our
of artwork from local artists to provide stunning visual interpretations of
success. We work as a family, drawing together on our strength and respect for
our mission and purpose statement in our corporate office and branches.
one another, enabling us to differentiate ourselves through our customer service,
We commissioned local artist Tom Gill to create a painting representing
energy, passion, and leadership. Being an Enterprise Bank family member
teamwork, one of our core values at Enterprise Bank. According to the artist,
means being united by our core values and principles, having a deep sense of
“Scull Boats on the Merrimack” (pictured at right) embodies the “energy and
compassion and trust for each other, and making a difference in the lives of our
power of people united and working together towards a common goal.”
customers, our communities, and our shareholders.
“Where is the spiritual value of rowing?…The losing of self
entirely to the cooperative effort of the crew as a whole.”
—The Boys In the Boat
George Yeoman Pocock was a leading designer and builder of racing shells in the 20th Century.
Pocock-built shells began to win U.S. Intercollegiate Rowing Association championships in 1923.
He achieved international recognition by providing the eight-oared racing shells which won gold
medals in the 1936 Summer Olympics with a crew from the University of Washington.
Artwork by Tom Gill
1
Table of Contents
Letter from the Chairman, CEO, and President
Selected Financial Data
Celebration of Excellence
Our Stories
Life Alive
The Happy Chocolatier
Lowell Community Charter Public School
Chelmsford Housing Authority
Silverio Insurance
Merrimack Valley YMCA
American Laboratory Products Company
Simply Khmer
Keystone Builders
PRG (Persian Rug Gallery)
Fitchburg Art Museum
Branch Locations & Board of Directors
3
7
8
9
10
12
14
16
18
20
22
24
26
28
30
32
Dear Friends
While we have made remarkable advances since
community needs and their ability to act quickly and
strong and trustful relationships and creating
Enterprise Bank was founded, our foundation has
effectively. While local banks may have a strong
memorable and personal experiences. We work
remained the same—our core values, pride and
focus on the community, most have not developed
diligently each day to earn our customers’ trust. With all
pursuit of excellence, long-term focus, and deep
their commercial lending, technology, mobile
decisions being made locally, Enterprise Bank as a true
sense of mission and purpose. Throughout our
and electronic banking, wealth management and
community bank is highly nimble and responsive.
26-year history, we have consistently outperformed
insurance offerings. At Enterprise Bank, unlike most
the banking industry, which we believe is a direct
banks, we excel at both. The combination of our
result of our passion and dedication for putting
state-of-the-art products, technology, and services,
our employees, customers, and communities first,
delivered at a high service level by bankers who
creating tremendous value for these stakeholders
truly care about their customers’ and communities’
and for our shareholders.
well-being, truly separates Enterprise Bank from other
Enterprise Bank offers a differentiated value
proposition to our customers in many ways. We
offer products, technology, and services that are
comparable to, and in many cases surpass, those
banks and financial institutions.
Exceptional Products, Technology,
Services, and Customer Focus
of the large megabanks. Enterprise Bankers have
Very few banks, of any size, have the capabilities that
authentic passion and purpose to provide solutions
we have in commercial lending, mobile and digital
that meet each customer’s unique needs. Most
banking, cash management, wealth management,
importantly, Enterprise Bank is a truly authentic
trust services, insurance services, mortgage
community bank that cares deeply for our employees,
lending, and personal banking services. Our overall
customers, and communities.
capabilities, as well as our relentless focus and
Our customers know that we truly value and care
about them, and they recognize the level of personal
attention, service, and accessibility they would not
get elsewhere. Our focus on each customer’s unique
needs is demonstrated in the testimonials that are
contained in this annual report.
Unwavering Support
for Our Community
We will always be a community bank. While some
in the banking industry define a community bank as
a bank with less than $10 billion in assets or fewer
than 75 branches, we believe that being a community
bank has little to do with size and more to do with
culture and how a bank operates. Businesses, non-
profit organizations, and individuals want a bank that
Banking industry experts consider banks in the
$2 billion – $10 billion asset size to be in the “sweet
spot,” the size where a progressive bank can have
investment in technology—including in mobile and
knows them, understands their needs, is responsive,
digital banking products—give our customers banking
communicates proactively, acts as a trusted advisor,
options that are highly sophisticated and advanced.
and gives back to their communities.
large bank products, services, and capabilities
We combine our state-of-the-art capabilities with
As a truly authentic community bank, we take very
while also operating as a local community bank.
customer focus and five-star service from our
seriously our pledge to make a positive difference
The large regional, national, and international banks
Enterprise Bankers, who excel in understanding both
in our communities; we would not be a community
may have a strong product offering, but they
our products and our customers. We are committed
bank otherwise. Enterprise, as a bank, and our
fall short in their understanding of customer and
to exceeding customer expectations by developing
employees as individuals, are deeply entrenched
3
in the communities we serve, providing extensive participation and leadership in
Enterprise Bank was founded in 1988, we have reported a cumulative net income of
non-profit organizations, committing to a high level of charitable giving, and building
$150 million, paid $43 million in dividends (of which $15.3 million has been reinvested
positive and supportive business relationships with non-profit organizations. We give
and $27.7 million has been paid in cash), and we have originated more than $6 billion
back significantly to our communities because it is the right thing to do and because
in loans in our communities. Since we opened our doors our purpose to create
we understand the vital importance of non-profit organizations to our communities’
success. We are proud to say that we believe our communities are significantly
success for businesses, non-profit organizations, communities, and people, and to play
a vital role in stimulating our region’s economy and communities has never wavered.
enriched because of Enterprise Bank.
2014 Financial Results
In 2014 we reported the following increases: net income increased by 8%; loans by
As we continue to grow, we will continue to better ourselves and always measure
ourselves in terms of superlatives. We will always remain true to our founding purpose,
mission and responsibility as a local, independent community bank.
10%; deposits (excluding brokered deposits) by 6%; and total assets by 9%. Over the
last 20 years, our compounded average annual asset growth rate has been in excess
Thank You
of 10% with most individual year’s growth approximating 10%, which is extraordinary
We are fortunate to have financial stability and a consistently growing company, and
and highly consistent long-term organic growth.
Enterprise Today—and Tomorrow
we are fortunate to be “just the right size.” Most of all, we are fortunate to have an
incredibly dedicated and passionate team of 480 Enterprise employees and directors.
While we have made incredible strides and reached many significant milestones in our
As of December 31, 2014, we surpassed $2 billion in assets and $2.75 billion in total
first 26 years, the future for Enterprise Bank has never been more exciting. On behalf
assets under management. We also celebrated our 101st consecutive quarter of
of the Enterprise Bank team, we would like to express our deepest and most sincere
profitability, reported our 25th consecutive profitable year, and increased our dividend
appreciation to each of you—our shareholders, customers and communities—for the
for the 23rd consecutive year since we started paying a dividend in 1992. Since
trust and confidence you have placed in us.
2014 Highlights
» Increased net income by 8%; loans by 10%;
» Deposited 12,959 checks through our mobile deposit
deposits (excluding brokered deposits) by 6%;
application, up 56% from 2013.
and total assets by 9%.
» Reached over $2 billion in assets and recorded
our 101st consecutive quarter of profitability as of
» Deposited over 1.1 million checks through our remote
deposit scanners. Combined with the mobile app
deposits, this accounts for 37% of all check deposits
December 31, 2014.
with the bank.
» Increased personal mobile banking usage by 27%,
» Awarded, for the third time, the SBA 504 Lender of the
from 41% in 2013 to 68% in 2014.
Year Award for the State of New Hampshire.
» Recognized for the second consecutive year as one
of the top-performing small-capitalization banks in the
nation by investment banking firm Sandler O’Neill &
Partners, achieving “All Star” status (among only
10 of 443, or the top 2.5% of banks evaluated).
» Recognized by The Boston Globe as one of the
2014 Top Places to Work in Massachusetts
(#6 among large-sized companies).
4
Richard W. Main, President
Jack Clancy, Chief Executive Officer
George L. Duncan, Founder and Chairman
2014 Highlights (continued)
» Elected two highly respected business leaders to the
Board of Directors: Mary Jane King of Nashua, NH,
President of the Conway Management Company;
and Luis M. Pedroso of Hampton, NH, Co-Founder,
President, and CEO of Accutronics, Inc. and
the Founder and former President and CEO of
Qualitronics, Inc.
» Expanded language options on select ATMs to
» Implemented a direct stock purchase plan in which
include Khmer.
shares of Enterprise Bancorp, Inc. can be purchased
» Hosted our 5th Celebration of Excellence with
close to 2,000 people in attendance (see page 8).
» Expanded our Lowell office headquarters with the addition
of 20,000 square feet at 18 Palmer Street, including
office space, training rooms, and a Community Room.
directly from Enterprise.
» Celebrated the 10th Anniversary of our Salem and
Andover branches and the 15th Anniversary of our
Westford branch.
5
Deposits
$1.47
$1.68
$1.58
($ in billions)
(Excluding Brokered Deposits)
$1.24
$1.33
Total Loans
$1.67
$1.52
$1.36
$1.25
($ in billions)
$1.14
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
Net Income
Total Assets
Total Assets Under Management
($ in millions)
($ in billions)
$14.7
$13.5
$12.4
$10.6
$10.9
$2.76
$2.59
$2.33
$2.06
$1.95
$2.02
$1.85
$1.67
$1.40
$1.49
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
6
Selected Financial Data
Years Ended December 31
2014
2013
2012
2011
2010
EARNINGS DATA
{dollars in thousands, except per share data}
Net interest income
Provision for loan losses
Net interest income after provision for loan losses
Non-interest income
Net gains on sales of investment securities
Non-interest expense
Income before income taxes
Provision for income taxes
Net income
COMMON SHARE DATA
Basic earnings per share
Diluted earnings per share
Book value per share at year end
Dividends paid per share
Basic weighted average shares outstanding
Diluted weighted average shares outstanding
YEAR END BALANCE SHEET AND OTHER DATA
Total assets
Loans serviced for others
Investment assets under management
Total assets under management
Total loans
Allowance for loan losses
Investment securities
Interest-earning deposits and fed funds
Deposits (including brokered deposits)
Borrowed funds
Junior subordinated debentures
Total stockholders’ equity
RATIOS
Return on average total assets
Return on average stockholders’ equity
Allowance for loan losses to total loans
Stockholders’ equity to total assets
Dividend payout ratio
$
$
$
$
$
$
$
71,230
1,395
69,835
12,813
1,619
62,031
22,236
7,585
14,651
1.45
1.44
16.35
0.48
10,118,762
10,209,243
2,022,228
64,122
674,604
2,760,954
1,672,604
27,121
245,065
10,102
1,768,546
58,900
10,825
166,950
0.76%
9.20%
1.62%
8.26%
33.10%
$
$
$
$
$
$
$
65,791
3,279
62,512
12,553
1,239
55,824
20,480
6,951
13,529
1.37
1.36
15.14
0.46
9,862,678
9,950,609
1,849,925
72,711
667,330
2,589,966
1,524,056
26,967
215,369
12,371
1,635,992
36,534
10,825
151,334
0.78%
9.32%
1.77%
8.18%
33.58%
$
$
$
$
$
$
$
61,910
2,750
59,160
11,939
236
52,612
18,723
6,348
12,375
1.29
1.28
14.42
0.44
9,586,783
9,660,676
1,665,726
75,854
592,355
2,333,935
1,359,655
24,254
184,464
14,728
1,475,027
26,540
10,825
139,549
0.78%
9.27%
1.78%
8.38%
34.11%
$
$
$
$
$
$
$
58,326
5,197
53,129
11,151
791
48,966
16,105
5,161
10,944
1.16
1.16
13.45
0.42
9,401,714
9,445,725
1,489,163
67,367
505,163
2,061,693
1,245,428
23,160
140,405
8,900
1,333,158
4,494
10,825
127,448
0.75%
8.98%
1.86%
8.56%
36.21%
$
$
$
$
$
$
$
54,971
5,137
49,834
10,594
875
45,589
15,714
5,074
10,640
1.15
1.15
12.56
0.40
9,216,524
9,221,257
1,397,321
63,807
493,078
1,954,206
1,136,938
19,415
142,060
28,711
1,244,071
15,541
10,825
116,673
0.78%
9.42%
1.71%
8.35%
34.78%
7
On November 12, 2014, Enterprise Bank celebrated our fifth Celebration of Excellence,
a special event to thank and honor those remarkable entrepreneurs, organizations, and
community, education, and business leaders who make our world and communities a better
and more vibrant place to live, work, and visit. The 2,000 guests who attended the ceremony
at the Lowell Memorial Auditorium were inspired by stories of the honorees’ dedication,
perseverance, and triumph over adversity, and by the incredibly moving keynote address by
Sal Giunta, the first living Medal of Honor recipient since Vietnam.
These honorees are not seeking recognition and they know that creating success is its own
reward, but it is our honor and privilege to provide them with the public recognition they so
richly deserve. It is just another way Enterprise Bank is supporting and giving back to the
communities that we call home.
We extend our sincere congratulations and appreciation
to the 2014 Celebration of Excellence Award recipients.
Business of the Year
Colony Foods, LLC
Lawrence, MA
Non-Profit of the Year
Catie’s Closet
Dracut, MA
Parlee Farms
Tyngsboro, MA
Corporate Philanthropy
Howell Custom Building Group
Lawrence, MA
Groundwork Lawrence
Lawrence, MA
Community Service
Dr. John Mulqueen
Gardner, MA
Entrepreneur of the Year
Nancy Chippendale
Nancy Chippendale’s Dance Studios
North Andover, MA
Educator of the Year
Rebecca Duda
Justus C. Richardson Middle School
Dracut, MA
George L. Duncan Award of Excellence
Joe Faro, Tuscan Brands, Salem, NH
Dorcas Grigg-Saito, Lowell Community Health Center, Lowell, MA
8
Exceptional Capabilities
Extraordinary Service
Unwavering Commitment to Community
At Enterprise Bank, we measure our success not by numbers and transactions, but by the success of our clients
and by the long-lasting relationships we build, the communities and lives we influence, and the dreams we help fulfill.
In the following pages, we invite you to experience
Enterprise Bank through the stories of those who know us best: our clients.
9
An Entrepreneurial Spirit
Life Alive, an “Urban Oasis & Organic Café” founded in Lowell in 2004, has a
mission to renew people’s energy and connection to life by soulfully serving delicious,
organic, healing food in an inspiring environment that honors local artisans, the community,
and the global ecology. With the success of the Lowell location—which also sells organic
body care, essential oils, and supplements, in addition to great food and drinks—owner
Heidi Feinstein opened a second café in Cambridge in 2010 and a third in Salem,
MA in 2012. Her vision for growth includes a plan to expand across the country, with
Enterprise Bank by her side.
10
‘‘They care
about me”
Pictured: Heidi Feinstein, Founder and CEO
“From day one, Enterprise Bank has
been on my side as an advisor and
partner, enabling me to reach my
business and personal goals. They
care about me and they care about
my success. I choose to bank with
Enterprise because we are both
mission-driven enterprises, with
a vision to make a difference and
have a positive social impact in the
communities we serve.”
—Heidi Feinstein, Founder and CEO
Life Alive, locations in Lowell,
Cambridge, and Salem, MA
“From the first moment we heard the
concept and vision for growth for Life
Alive, Enterprise Bank has been there
every step of the way, providing the
commercial lending, cash management
services, and financial advice to help
Heidi develop and grow her business
and achieve her dreams.”
—Maria Lobao, Branch Relationship Manager, VP
Enterprise Bank
11
Champion of
Small Business
The Happy Chocolatier, founded in 2011, is
comprised of a retail shop, a corporate gift program, and
a wholesale business. The retail shop in Acton, MA sells
a variety of hand-crafted, fine chocolates and ice cream,
and manufactures select confections on site. The
corporate gift program provides a wide range of gifts to
area businesses, from event favors to large gift baskets.
The wholesale business makes its signature confections,
Cubze, available to gift shops, florists, small grocery
stores and pharmacies, and specialty food and wine
shops. The company is known for its signature Cubze,
unique truffles coated in chocolate and hand foiled with
an inspirational message about happiness.
“At Enterprise Bank, it is an important part of our mission
to provide responsive, efficient, and convenient banking
services to the small businesses we serve, helping them
to meet their goals and achieve success.”
—Wendy Baker, Branch Relationship Manager, VP
Enterprise Bank
12
“A high level of
confidence
in their team”
“We may be a small startup business, but at
Enterprise Bank we are treated the same as a
multi-million dollar account. Their professionalism
and attention to detail give me a high level of
confidence in their team.”
—Paul McMahon, Co-Founder
The Happy Chocolatier, Acton, MA
13
Celebrating Vision and Mission
The Lowell Community Charter Public School has a
mission to graduate creative, confident and independent thinkers,
global citizens, and leaders who give back to their community.
The school serves 750 students from kindergarten to seventh
grade, with a majority of low-income, minority students whose
first language is not English. Since the state nearly closed the
school four years ago due to low MCAS scores, the school
has achieved a Level 1 status three years in a row, with MCAS
scores meeting and exceeding those of peers across the state.
The Level 1 designation is reserved for state schools that meet
targeted goals, the highest classification level that only 26% of all
schools reached this year.
“Our partnership with Enterprise Bank has been critical
“We understand and appreciate the importance of a generous
to our school’s success. All banks deal with numbers
and competitive benefits plan in attracting and retaining the
and dollars, but Enterprise Bank grasps and celebrates
highest quality teachers and staff. It is our responsibility and
the vision and mission our dollars are trying to fulfill.
privilege to support the tremendous success of the Lowell
They know us, they visit the school regularly, and they
Community Charter Public School by creating a specialized
consistently help us make good decisions to ensure
benefits package that maximizes their resources and achieves
our school’s success and future.”
the best return on their investment.”
—Kathy Egmont, Head of School
Lowell Community Charter Public School, Lowell, MA
—Jim Moriarty, Senior Vice President
Enterprise Insurance Services/HUB International New England, LLC
14
†Insurance products are not a Deposit, not FDIC insured, not guaranteed by Enterprise Bank, not insured by any government agency, and may lose value.
“Ensure our school’s
success
and future”
Pictured: Elvira Paulino, Director of Human Resources and Diversity and Kathy Egmont, Head of School
15
Exceeding
Expectations
The Chelmsford Housing Authority (CHA),
and its affiliate non-profit CHOICE, Inc., is
dedicated to meeting the needs of the elderly,
veterans, disabled and families in need of
affordable housing. Supportive services tailored
to the needs of each group are considered of the
utmost importance. Families are offered support
to continuously improve themselves, achieve
self-sufficiency, and eventually move towards
homeownership. The disabled are directed to the
appropriate local services in order to meet their
individual needs. In addition to financial services,
Enterprise Bank supports CHA through charitable
donations, volunteering, and leadership support
on CHA’s Board of Commissioners.
16
Pictured: Connie Donahue, Deputy Director and David Hedison, Executive Director
“A true collaborative
partner’’
“For more than a decade, Enterprise Bank has been a true partner
in serving our community, going well beyond what many would
consider traditional banking services to make sure we can fulfill
our mission of providing a safe, affordable place for our families,
veterans, and seniors to live.”
—David Hedison, Executive Director
Chelmsford Housing Authority, Chelmsford, MA
“Enterprise Bank has been privileged to
work with the Chelmsford Housing Authority
for more than 15 years, providing the
responsive and competitive commercial and
construction lending services they need to
best serve their clients and community.”
—Denise Marcaurelle, Regional Manager, SVP
Enterprise Bank
17
‘‘No one”
can beat Enterprise Bank”
Pictured: Julia Silverio, Principal; Evan Silverio, Marketing Director; and Dario Silverio, Vice President
18
Leading-Edge Technology
Silverio Insurance is an independent insurance agency that
has served the Lawrence community and the surrounding
areas for more than 30 years, offering competitive rates
customized for individual needs. In addition to Massachusetts,
the agency is licensed to serve communities in Connecticut,
New Hampshire and Rhode Island. Owner Julia Silverio, who
founded the agency out of her home in 1984, has been
honored in the community as an entrepreneur for outstanding
growth and service to the Latino population.
“We work to provide Silverio Insurance with quality service,
leading-edge technology, and flexible financing solutions to
enable them to thrive in the fast-paced insurance industry.”
—Andrew Santos, Commercial Lending Officer, AVP
Enterprise Bank
“There is a real misconception that the bigger banks provide
better technology. Enterprise Bank is constantly updating and
enhancing their technology to be equal to or even better than
what bigger banks are offering. This is incredibly valuable and
convenient for us as a small business. And no one can beat
Enterprise for their customer service.”
—Evan Silverio, Marketing Director
Silverio Insurance, Lawrence, MA
Enterprise Bank
Richard Chávez, Commercial Lending Officer, VP
Danissa Lembert, Branch Relationship Manager
Andrew Santos, Commercial Lending Officer, AVP
19
“Everything we
believe
banking should be”
“We are proud to support the Merrimack Valley YMCA’s vision
by providing the commercial lending, cash management, and
deposit services customized to meet their financing needs, both
in the present and in the future.”
—Arthur Santos, Senior Commercial Lending Officer, SVP
Enterprise Bank
“Enterprise Bank is a trusted and trustworthy financial partner.
They represent everything we believe banking should be: flexible,
creative solutions, a deeply personal relationship, and a strong
commitment to community.”
—Stephen Ives, President & CEO
Merrimack Valley YMCA
20
Flexible,
Creative Solutions
The Merrimack Valley YMCA—
comprised of facilities in Andover/North
Andover, Lawrence, and Methuen—
stresses personal growth, teamwork, fair
play, participation and fun in all YMCA
programs. The Andover/North Andover
YMCA, which serves 8,000 members,
is currently undergoing a $21 million
expansion to double the existing
facility space and feature a number of
enhancements, including a new childcare
development center, an expanded
aquatics facility, active living center for
older adults, expanded wellness center, an
active learning center and a rehabilitation
center operated by Lawrence General
Hospital. The expansion is being financed
through fundraising and tax-exempt bond
financing provided by Enterprise Bank.
Pictured: Stephen Ives, President & CEO
21
“We choose Enterprise Bank because
they are dependable, local, and they
listen carefully to our needs and respond
with meaningful solutions customized
for us. They are a great partner for small
business and consistently deliver on
what they promise.”
—Richard Conley, Jr., CEO
American Laboratory Products Company
Salem, NH
“Enterprise Bank is pleased to provide
ALPCO with the cash management,
deposit services, and lending solutions to
help meet their short-term and long-term
goals, from their day-to-day cash flow to
their growth plan for the future.”
—Dwight Feeney, Commercial Lending Officer, AVP
Enterprise Bank
22
Pictured: Richard Conley, Jr., CEO and Sean Conley, President
listen“They
carefully to our needs”
Delivering on
Our Promise
American Laboratory Products Company (ALPCO) in
Salem, NH specializes in developing and producing high-quality
immunoassay testing kits used for medical research in both
biopharma and academic settings. Originally focused on just the
endocrinology sector, the company has expanded to numerous
other medical fields, including immunology and diabetes
and obesity research. ALPCO, which represents more than
60 collaborating partners from around the globe, is in the process
of acquiring a new facility in the Salem Industrial Park, to be
financed by Enterprise Bank.
23
Focus on
the Customer
Simply Khmer Restaurant in Lowell offers the finest
Cambodian cuisine in a cozy environment. Opened
in 2008 by owners Sam Neang and Denise Ban,
the restaurant features fresh ingredients from local
Cambodian markets to produce the most flavorful
and attractive dishes. Along with Enterprise Bank,
Sam and Denise were among the first to step up to
support families displaced by a tragic Branch Street
fire in July 2014, preparing and delivering authentic
Cambodian meals for the fire victims at their hotels.
“People who say all banks are the same don’t
know Enterprise Bank. We feel like we are
part of a family.”
—Denise Ban and Sambath Neang, Owners
Simply Khmer, Lowell, MA
24
“Part of a
family’’
“By providing quality and convenient
financial services for Simply Khmer’s daily
operations, we allow them to keep their
focus where they want it: their customers.”
—Bopha Malone, Branch Relationship Manager, AVP
Enterprise Bank
25
“They are a
loyal
partner”
Earning Our
Customers’ Loyalty
Keystone Builders is a diversified builder/developer of residential communities
and commercial developments throughout New Hampshire and Massachusetts,
earning a reputation for attention to detail and design over 30 years in the
construction industry. Keystone has also earned a reputation for giving back to the
community. Recently, owner Bob MacCormack and Keystone Builders provided pro
bono renovations to a meeting house on the property of Ironstone Farm in Andover,
MA a non-profit that Enterprise Bank supports and introduced to them.
“Enterprise Bank has earned my loyalty. Through every cycle of our business—the
growth periods, success periods, down cycles—the one constant is Enterprise Bank,
right there looking after my needs. From day-to-day operations to long-term growth,
they are a loyal partner, a trusted friend, and a great example of how to succeed in
business while giving back to the community.”
—Robert MacCormack, Owner and Founder
Keystone Builders, Billerica, MA
26
“By listening and understanding the specific needs of
each project, we customize our diverse commercial
and construction lending products to give Keystone
Builders the exact lending solution that best fits those
needs at that time.”
—Mark Owen, Commercial Lending Officer, VP
Enterprise Bank
Pictured: Steve MacCormack, Keystone Builders
27
Exceptional Banking Services
PRG (formerly the Persian Rug Gallery) in Nashua, NH manufactures, imports, sells, cleans,
stores, repairs/restores, and appraises quality and high-value rugs from all over the world. Their
downtown Nashua showroom features the region’s largest selection of Oriental, handwoven and
machine-made rugs, including the largest selection of power-loomed Karastan rugs in the country.
Owner Sy Mahfuz, a third-generation Oriental rug expert, is recognized as among the industry’s
leading experts, bringing a passion and love for Oriental rugs to every encounter. PRG had been
with the same bank for more than 60 years before choosing Enterprise Bank in 2014.
“We are dedicated to providing PRG with exceptional banking services customized to meet
their needs, from commercial lending to cash and deposit services. More importantly, we
provide them with the peace of mind and confidence that Enterprise Bank stands behind
their family and their company every step of the way.”
—Michael Fox, Senior Commercial Lending Officer, SVP
Enterprise Bank
28
“When we knew it was time to
choose a new bank, Enterprise Bank
made the transition seamless and
effortless and one of the most
enjoyable and satisfying experiences
I’ve had as a businessman. It was
the best decision we ever made.
Enterprise Bank exceeds our
expectations and delivers a level
of service that you just don’t find
anymore in banking. Our success
and growth and future are in great
hands with Enterprise Bank.”
—Sy Mahfuz, Owner
PRG, Nashua, NH
“Enterprise Bank
exceeds
our expectations”
Pictured: Fouad Mahfuz and Sy Mahfuz, Owners
29
“Much more than a
relationship”
30
Detail of an installation created for the FAM exhibition One Language is Never Enough: Latino Artists in Southern New England
Text-Tile-Textual, 2014 serigraphy on paper by Ingrid de Aguiar Sanchez
Commitment to Community
The Fitchburg Art Museum (FAM) serves a vital role in the economy
and cultural life of Central New England through its exhibitions of
historical and contemporary art, education programs, and economic
development collaborations. As a community-oriented museum, FAM is
increasingly committed to working with business partners that share the
museum’s commitment to service and positive change. Enterprise Bank
supports FAM not only through its financial services, but also through
charitable donations, community event planning, and leadership
support on FAM’s Board of Trustees.
“Through our wealth management and
investment services, Enterprise Bank is
proud to serve as a steward and trusted
advisor for the Fitchburg Art Museum’s
endowment, helping the museum to
continue to build a strong foundation for
the future.”
— Patrick Connerty, MSF
Vice President, Senior Relationship Manager
Enterprise Investment Advisors
“We have so much more than a business
relationship with Enterprise Bank. It is a true
partnership. Enterprise shares our values
and commitment to the community, and we
have a deep and abiding trust in their financial
expertise and guidance.”
*Investment products are not a Deposit, not FDIC insured, not guaranteed by
Enterprise Bank, not insured by any government agency, and may lose value.
—Nick Capasso, Director
Fitchburg Art Museum, Fitchburg, MA
31
Branches
Enterprise Bancorp, Inc. and Enterprise Bank Board of Directors
Our expanding market includes opportunities for future growth. In
order to best serve our growing customer base, Enterprise Bank
seeks out convenient branch locations throughout the Greater
Merrimack Valley and North Central regions of Massachusetts and
Southern New Hampshire.
Branch locations are shown in green.
32
George L. Duncan
Founder and Chairman of the Board
Mary Jane King
President, Conway Management Company
Arnold S. Lerner
Vice Chairman and Lead Director of the Board;
Retired Radio Station Owner
Michael A. Spinelli
Secretary of the Board;
Founder, Global Tourism Solutions
Eric W. Hanson
Assistant Secretary of the Board;
Chairman of the Board and Chief Financial Officer,
Klin Groupe, LLC
Gino J. Baroni
Owner and Managing Principal, Trident
Project Advisors and Development Group
John P. Clancy, Jr.
Chief Executive Officer, Enterprise Bank
John R. Clementi
Chief Executive Officer,
Longview Development, LLC
James F. Conway III
President, Chief Executive Officer and Chairman,
Courier Corporation
Dr. Carole A. Cowan
Past President, Middlesex Community College
Normand E. Deschene
President and Chief Executive Officer,
Circle Health and Wellforce
Lucy A. Flynn
Principal, LAF Associates, LLC
John T. Grady, Jr.
Senior Advisor, Moelis & Company
John P. Harrington
Retired Energy Industry Executive
John A. Koutsos
President, Alec’s Shoe Store, Inc.
Richard W. Main
President, Enterprise Bank
Dr. Jacqueline F. Moloney
Executive Vice Chancellor,
University of Massachusetts Lowell
Luis M. Pedroso
Co-Founder, President, and
Chief Executive Officer, Accutronics, Inc.
Michael T. Putziger
Chairman, WinnCompanies and
of Counsel, Murtha Cullina, LLP
Carol L. Reid
Financial Executive; Former Vice
President, Corporate Controller and Chief
Accounting Officer, Avid Technology, Inc.
GENERAL COUNSEL
Philip S. Nyman
SEC & REGULATORY COUNSEL
Hunton & Williams
FINANCIAL CONSULTANT
Raymond L. Anstiss, Jr., CPA
TRUST & INVESTMENT
MANAGEMENT COUNSEL
George B. Leahey
HONORARY BOARD MEMBERS
Kathleen M. Bradley
Nancy L. Donahue
Charles P. Sarantos
Nickolas Stavropoulos
95959595959593939393909019029029029049549549549529333312810110112812832222WorcesterManchesterBostonManchesterBostonWorcesterNEW HAMPSHIREMASSACHUSETTSHudsonNashuaPelhamLowellTewksburyLawrenceTyngsboroMethuenTewksburyChelmsfordDracutLeominsterActonSalemDerryAndoverLowellWestfordBillericaChelmsfordFitchburgN. BillericaMethuenTewksburyChelmsfordDracutLeominsterActonSalemDerryAndoverLowellWestfordBillericaN. BillericaHudsonNashuaPelhamChelmsfordLowellTewksburyLawrenceTyngsboroFitchburgLexingtonNorthAndoverConcordPlaistowAyerWindhamLondonderryBedfordHaverhillNorthReadingLittletonReadingWilmingtonBurlingtonWestConcordHollisMerrimackBedfordWilmingtonBurlingtonNorthAndoverConcordPlaistowAyerWindhamLondonderryBedfordHaverhillNorthReadingLittletonReadingLexingtonWestConcordHollisMerrimackBedford “Enterprise Bank
exceeds
our expectations”
33
Pictured: Sy Mahfuz and Fouad Mahfuz, Owners
Exceptional Banking Services
PRG (formerly the Persian Rug Gallery) in Nashua, NH manufactures,
imports, sells, cleans, stores, repairs/restores, and appraises quality and
high-value rugs from all over the world. Their downtown Nashua showroom
features the region’s largest selection of Oriental, handwoven and machine-
made rugs, including the largest selection of power-loomed Karastan rugs
in the country. Owner Sy Mahfuz, a third-generation Oriental rug expert, is
recognized as among the industry’s leading experts, bringing a passion and
love for Oriental rugs to every encounter. PRG had been with the same bank
for more than 60 years before choosing Enterprise Bank in 2014.
“We are dedicated to providing PRG with exceptional
banking services customized to meet their needs, from
commercial lending to cash and deposit services. More
importantly, we provide them with the peace of mind
and confidence that Enterprise Bank stands behind their
family and their company every step of the way.”
—Michael Fox, Senior Commercial Lending Officer, SVP
Enterprise Bank
“When we knew it was time to choose a new bank, Enterprise Bank made the transition
seamless and effortless and one of the most enjoyable and satisfying experiences I’ve had
as a businessman. It was the best decision we ever made. Enterprise Bank exceeds our
expectations and delivers a level of service that you just don’t find anymore in banking. Our
success and growth and future are in great hands with Enterprise Bank.”
—Sy Mahfuz, Owner
PRG, Nashua, NH
34
222 Merrimack Street, Lowell, Massachusetts 01852
978-459-9000
22 Convenient Locations in:
Massachusetts:
Acton » Andover » Billerica » Chelmsford » Dracut » Fitchburg » Lawrence » Leominster » Lowell » Methuen » Tewksbury » Tyngsborough » Westford
New Hampshire:
Derry » Hudson » Nashua » Pelham » Salem
Investor Relations
Enterprise Bancorp, Inc.
Transfer Agent and Registrar
Shareholders who have questions regarding their
Annual Meeting
The 2015 Annual Meeting of shareholders
222 Merrimack Street, Lowell, MA 01852
ownership of Enterprise Bancorp, Inc. stock
will be held on May 5, 2015 at 4:00 p.m. at the
978-459-9000
shareholders@ebtc.com
should contact the Registrar:
UMASS Lowell Inn & Conference Center
Computershare Investor Services
P.O. Box 30170, College Station, TX 77842
1-888-218-4390
50 Warren Street
Lowell, MA 01852
info@ebtc.com » EnterpriseBanking.com
The common stock of Enterprise Bancorp, Inc. is traded on the NASDAQ Stock Market under the symbol “EBTC.”
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Our Purpose
The Enterprise Bank team helps create
successful businesses, jobs, opportunities, wealth,
and vibrant, prosperous communities.
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Service
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