2015 Annual Report
THE ROOTS OF OUR
Strong Growth
& Consistency
Integrity Community Excellence Teamwork Professionalism
Table of Contents
Our Stories
Letter from the Chairman, CEO, and President
A Tribute to Founding Director, Arnold S. Lerner
Selected Financial Data
Branch Locations & Board of Directors
1
4
9
30
About the Cover
Just as a tree is only as strong as the roots supporting
it, the strength of Enterprise Bank is rooted in the core
values and principles on which we were founded. As a
truly independent and purpose-driven community bank,
our core values of integrity, community, excellence,
teamwork, and professionalism have served as the
foundation of our growth and success—and will continue
to guide us into the future.
10
12
Challenge Unlimited
at Ironstone Farm
Home Health
Foundation
14
16
Humane Society for
Greater Nashua
Mammoth Fire
Alarms, Inc.
18
20
Payright Payroll
The Napoli Group
22
24
EasyPak
Town Market
Andover
26
28
Applewild School
Concord Riverwalk
Enterprise Bank:
A Strong Foundation
Supports a Bright Future
Enterprise Bank’s strength comes from our core values, deep sense of
purpose, and proven operating principles. As an entrepreneurial, independent
commercial and community bank, our core values of integrity, community,
excellence, teamwork, and professionalism, have been the foundation of our
strong growth since inception.
We have always operated under the principles of
We experienced an exceptional year of loan
maintaining a long-term market and shareholder
growth, 11% or $187 million, attributable to our
orientation, while employing steady geographic
outstanding lending, business development, and
expansion. Enterprise team members carry with
branch teams.
them the mindset that they are part of something
far greater than themselves, with a passionate
mission to create success for our shareholders,
our customers, and our communities as a whole.
In this annual report, our customers, our
Enterprise Bankers, and our community members
share what Enterprise Bank means to them.
Our Growth
Enterprise Bank had a terrific 2015. Asset,
loan, deposit, and net income growth was
13%, 11%, 14%, and 10%, respectively.
These are exceptionally strong results. Our
2015 customer deposit growth of 14%, or
Our consistently strong year-after-year growth
has led to a doubling in bank assets from
seven and one-quarter years ago. To further
put our asset growth of $263 million in 2015
into perspective, it took from our inception in
1989 into the third quarter of 1996 to cross the
$263 million asset mark.
As of December 31, 2015, we surpassed
$3 billion in total assets under management,
celebrated our 105th consecutive quarter of
profitability, and our 26th consecutive profitable
year, and increased our annual dividend for the
24th consecutive year.
$228 million, was driven by numerous new
In December 2015, we broke ground on a new
municipal, non-profit, and business relationships,
branch location on Amherst Street in Nashua,
in part, the result of our progressive and
NH. This will be our 23rd branch, our second
enhanced cash management capabilities.
branch in Nashua, and our sixth branch in
1
Southern New Hampshire. We continuously evaluate potential
caring, pride, and personal accountability. We share a heartfelt
new branch locations that will either fill-in or expand our
sense of responsibility to each other, to our customers, and to
geographic footprint.
While we are extremely proud of our strong growth last year,
the true value of that growth is reflected in what it means
for our customers and communities. Growth ties directly to
our communities. We are committed to each team member’s
growth and success, and take seriously our investment in their
future. Team members are supported through extensive training,
development, coaching, and mentoring.
our ability to extend credit, which in turn allows businesses,
Recognizing our culture and commitment to each other, the
entrepreneurs, non-profit organizations, and professionals of
Boston Globe named Enterprise Bank as #4 among large-sized
all sizes and industries to create success of their own. Since
companies in the 2015 “Top Places to Work in Massachusetts.”
our inception, we have held true to our purpose to help create
This recognition is a reflection of the spirit and purpose on
successful businesses, jobs, opportunities, wealth, and vibrant,
which Enterprise Bank operates.
prosperous communities.
Our Capabilities
Our continued success, growth, and culture starts with the
example, direction, vision, and leadership of Enterprise Bank’s
Board of Directors. We express our deepest appreciation and
Enterprise Bank continues to further differentiate itself from our
gratitude to each board member.
peers by offering increasingly advanced products, technology
and services, delivered by professionals who truly care about
Our Community
their customers and communities.
We take seriously our role as an economic engine to help fuel
Other than the large national and U.S. regional banks, very
the local economy, as a committed philanthropic neighbor,
few banks have the product and service capabilities that
and as a corporate citizen that gives back generously to
we offer. These include highly knowledgeable commercial
the communities we serve. We feel that we are as “true” a
lending expertise, sophisticated mobile and digital banking,
community bank as any bank in America.
extensive cash management services, comprehensive wealth
management and trust services, and advanced commercial
insurance services. We continually invest in technological
innovations and products, along with a wide range of services
to benefit our customers.
Our Team
Enterprise family members embrace the spirit of volunteerism,
serving on more than 550 non-profit and charitable boards.
Our commitment to community was recognized by the Boston
Business Journal as we were ranked second among all
Massachusetts companies for the hours spent by employees
in community service. In 2015, Enterprise Bank financially
supported more than 350 such organizations. Helping to create
Working together among our team members, customers,
strong and caring communities is one of our core operating
communities, and shareholders, there is nothing we cannot
principles, and we commend and thank our team who make
accomplish. Our Enterprise team has made Enterprise Bank
such a difference in the lives of so many.
what it is today and they will always be our greatest asset.
Above all else, what separates us from other banks is our
talented team. Enterprise Bankers have a passion for one-on-
one customer counseling, understanding each customer’s
unique needs, and establishing long-term trusting relationships.
Enterprise Bank’s Non-Profit CollaborativeSM (NPC) is another
way that we demonstrate our commitment to our communities
by providing programs and resources to benefit these
valuable organizations. Our educational forums and speaker
presentations address topics critical to the success of non-
Our team members are deeply committed to Enterprise Bank’s
profits, from fundraising and board development to financial
culture. We hold each other to high standards of excellence,
management and social media.
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Our Position and Opportunity
We are in a favorable and strong competitive market position
and we believe that we have significant opportunity in the
years ahead. Our asset size is in the range that banking
shareholders, team members, customers and communities—
for the trust and confidence you have placed in us.
Our focus remains on consistent, strong, and organic growth
and expansion, while continuing to invest in our technology,
industry experts consider to be the “sweet spot.” We have the
progressive product capabilities, communities, and most
resources and capabilities to provide our customers with the
importantly, our Enterprise team. Our investment in technology
products, services, and technology that are comparable to
and product innovation is continuing to make banking more
the mega banks, yet we are able to do what the large banks
efficient, secure, and user friendly for our customers to improve
are unable to do – operate with the local knowledge to meet
their overall banking experience.
each customer’s unique needs, while truly understanding and
caring for our customers, communities, team members, and
shareholders. We have operated through numerous economic
cycles over our 27-year history. Due to numerous reasons,
including our sustained investment in technology, capabilities,
training, and most of all people, we have historically found
The future has never been brighter for Enterprise Bank. Each
year our roots grow deeper and stronger, enabling us to further
differentiate ourselves from other banks. As we grow larger and
stronger, our resolve to be the best community bank in America
only strengthens.
unsettled economic times to be opportunities for market share
With your continued support, and rooted in the values and
growth and branch expansion.
Our Future
principles on which we were founded, we will continue to
build upon our success. While it is impressive and inspiring to
see what our Board of Directors and our 475 passionate and
On behalf of the Enterprise Bank team, we express our
purpose-driven team members achieved in our first 27 years,
deepest and our most sincere appreciation to each of you—our
we believe that the best is yet to come.
Richard W. Main
President
Jack Clancy
Chief Executive Officer
George L. Duncan
Founder and Chairman
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With
Heartfelt
Thanks
The Board of Directors of Enterprise Bank would like to
express its sincere appreciation to Arnold S. Lerner for
his 27 years of dedicated service to Enterprise Bank and
Enterprise Bancorp, Inc. Mr. Lerner retired from service as
a Director in January 2016. A founding director in 1988,
Mr. Lerner has always served with great distinction in the
various roles he has held during his tenure, including the
roles of Vice Chairman and Lead Director. Mr. Lerner has
served as the Chairman of the Corporate Governance/
Nominating, Asset Liability (ALCO), Compensation, and
Enterprise Investment Advisory Committees, as well as
serving on the Executive Committee and Marketing and
Sales Committee. In 2008, the Bank’s boardroom was
dedicated in his honor. With his retirement from the boards,
Mr. Lerner has been named an Honorary Director.
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“
Arnold’s diligence, careful oversight,
thoughtful deliberation, and the respect he
has shown for his fellow board members,
our management team, and our employees
are unprecedented and have helped to set
the culture of the entire organization, now
and into the future.
George L. Duncan
Founder and Chairman
”
5
Our Competitive Advantage.
To us, culture is everything! Within the bank we spend extensive
Believing in and excelling at these operating principles is our
time talking about the operating principles shown below. Our
unique value proposition to our customers and potential new
sense of purpose is essentially why we exist and for whom
customers. It is what differentiates us from other banks. It is our
we strive to create success. Our values and our behaviors are
culture and it is our “strategy.”
what we believe in and how we should behave. Our behaviors
are demonstrated through a high level of caring, trust, respect,
integrity, excellence, pride, and teamwork.
Advanced
Capabilities
Organic Growth
Expansion
Independence
Vision
Long-Term View
Sense of
Purpose
Customer
Focus
Community
Leaership
Customer
Service
Values
People
Behaviors
Recap of some brief 2015 Highlights
» Bank assets grew by $263 million, or 13%.
» Deposits grew by $228 million, or14%.
» Loans outstanding grew by $187 million, or 11%.
» We broke ground on our second Nashua branch—
our 23rd branch—and look forward to opening in
June of 2016.
» Continually striving to make banking more
convenient and secure, Enterprise Bank was
pleased to introduce Apple Pay® to our Debit Card
customers. Accepted at hundreds of thousands
of retail partners, Apple Pay’s unique security
features help protect against fraud by generating
unique virtual card numbers for every Debit Card
transaction—adding even more convenience and
security to the Enterprise banking experience.
» Several branches celebrated exciting anniversary
milestones. Commemorating the 20th anniversary
of the opening of our Leominster branch, we
launched the “20 Weeks of Giving” program,
celebrating and giving thanks to the people and
businesses of North Central Massachusetts by
donating $1,000 each week for 20 weeks to
deserving local non-profit organizations chosen by
community members. Our 20th anniversary branch
celebration in Billerica commemorated completion
of extensive branch renovations to improve
the customer experience. We were honored to
celebrate the 15th anniversaries of our branches in
Drum Hill (Chelmsford) and North Billerica, and the
10th anniversaries of our branches in Salem, NH,
and Tewksbury Center.
» For the second consecutive year, Enterprise Bank
was named SBA 504 Lender of the Year for
New Hampshire. Enterprise ranked #1 in loans
originated in the state of New Hampshire and
#2 for dollars loaned, under the Small Business
Administration’s 504 Program.
» Enterprise Bank was recognized by the Boston
Business Journal during its annual “Corporate
Citizenship Summit” as #2 among Massachusetts
companies for hours spent by employees in
community service (averaging nearly 56 hours
per employee).
» Congratulations to the entire Enterprise Bank team
for once again being named one of the Top Places
to Work by the Boston Globe. Enterprise Bank
was honored to be ranked #4 among all large-
sized companies.
6
Key Financial Growth Stats
2015 Growth
Annual Growth Rates
Through December 31, 2015
% Growth $ Growth
Bank Assets
Loans Outstanding
Customer Deposits
Net Income
13%
11%
14%
10%
$263 Million
$187 Million
$228 Million
$1.5 Million
Shown here is our percentage and absolute dollar growth for 2015.
Last 5 Yrs
Last 10 Yrs
Last 15 Yrs
Assets
Loans
Customer Deposits
Net Income
10%
10%
9%
9%
10%
10%
10%
7%
10%
13%
10%
11%
Because of the effect of compounding, 10% annual growth results in
61% total growth over five years and a doubling in size in a little over
seven years.
Quarterly Dividend
Through March, 2016
$0.52
$0.500
$0.450
$0.400
$0.350
$0.300
$0.250
$0.200
$0.150
$0.100
$0.050
$0.025
$0.025
1992
2003
2016
This plots our annualized dividend per share by year since we started paying a dividend in 1992. We are one of only two banks in all of America who have
increased their dividend by at least 4% every year for the last 24 years.
7
Deposits
Total Loans
($ in billions)
(Excluding Brokered Deposits)
$1.47
$1.33
$1.68
$1.58
($ in billions)
$1.91
$1.36
$1.25
$1.86
$1.67
$1.52
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
Net Income
Total Assets
Total Assets Under Management
($ in millions)
($ in billions)
$16.1
$14.7
$13.5
$12.4
$10.9
$3.04
$2.76
$2.59
$2.33
$2.29
$2.06
$2.02
$1.85
$1.67
$1.49
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
8
Selected Financial Data
Years Ended December 31
EARNINGS 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
2015
2014
2013
2012
2011
$
78,294
$
71,230
$
65,791
$
61,910
$
{dollars in thousands, except per share data}
3,267
75,027
13,139
1,828
65,732
24,262
8,114
1,395
69,835
12,813
1,619
62,031
22,236
7,585
3,279
62,512
12,553
1,239
55,824
20,480
6,951
2,750
59,160
11,939
236
52,612
18,723
6,348
16,148
$
14,651
$
13,529
$
12,375
$
1.56
$
1.45
$
1.37
$
1.29
$
1.55
17.38
1.44
16.35
1.36
15.14
1.28
14.42
0.50
$
0.48
$
0.46
$
0.44
$
$
$
$
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
10,323,016
10,118,762
9,862,678
9,586,783
9,401,714
10,389,934
10,209,243
9,950,609
9,660,676
9,445,725
YEAR END BALANCE SHEET AND OTHER DATA
Total assets
$
2,285,531
$
2,022,228
$
1,849,925
$
1,665,726
$
1,489,163
Loans serviced for others
71,272
64,122
72,711
75,854
67,367
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
Subordinated debt
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
678,377
674,604
667,330
592,355
505,163
$
$
$
$
3,035,180
1,859,962
29,008
300,358
$
$
2,760,954
1,672,604
27,121
245,065
$
$
2,589,966
1,524,056
26,967
215,369
$
$
2,333,935
1,359,655
24,254
184,464
2,061,693
1,245,428
23,160
140,405
19,177
10,102
12,371
14,728
8,900
2,018,148
1,768,546
1,635,992
1,475,027
1,333,158
53,671
14,822
180,327
58,900
10,825
166,950
36,534
10,825
151,334
26,540
10,825
139,549
4,494
10,825
127,448
0.76%
9.29%
1.56%
7.89%
32.05%
0.76%
9.20%
1.62%
8.26%
33.10%
0.78%
9.32%
1.77%
8.18%
33.58%
0.78%
9.27%
1.78%
8.38%
34.11%
0.75%
8.98%
1.86%
8.56%
36.21%
9
Valued, Long-term
Relationships
Challenge Unlimited at Ironstone Farm provides
beneficial therapy for people with a wide range
of physical, emotional, and cognitive disabilities,
using the horse’s unique ability to enhance a
person’s movements, inspiring strength, hope and
encouragement for more than 10,000 children
and adults since their inception. When Challenge
Unlimited first sought to acquire Ironstone Farm
more than 15 years ago, Enterprise Bank was
“Enterprise Bank understands the challenges facing non-
profits and they know how to help non-profits succeed.
They have been with us every step of the way, providing
advice, energy, enthusiasm and expertise, from the
moment that we first considered the possibility of
acquiring Ironstone Farm. When we face a challenge or
problem, they find a way to solve it. We simply couldn’t
have done any of this without Enterprise Bank.”
Deedee O’Brien
“Any bank can offer a loan. At Enterprise Bank, we
there to provide commercial lending and financial
offer long-term relationships that enable non-profits
guidance—and has been a trusted partner ever since.
to succeed and fulfill their mission in improving our
In addition to financing multiple property acquisitions
communities. That means thinking outside the box
and expansions, Enterprise Bankers have supported
and finding creative solutions that make sense from
Challenge Unlimited events and served on its board
a financial and sustainable perspective.”
and advisory council.
Richard Chávez
Senior Vice President, Commercial Lending
Enterprise Bank
Pictured above: Richard Chávez, Enterprise Bank; Deedee O’Brien, Challenge Unlimited
10
“ Creative solutions
that make sense”
Deedee O’Brien
Executive Director
Challenge Unlimited at Ironstone Farm
Andover, MA
11
12
“ Hands-on
personalized
service”
John Albert
President, CEO
Kristine DiFiore
Vice President, Human Resources
Home Health Foundation
Lawrence, MA
Customized Solutions
Home Health Foundation—comprised of a family of agencies
including Home Health VNA, Merrimack Valley Hospice, and
HomeCare, Inc.—together form a comprehensive continuum
of quality home health and hospice care for infants, children,
adults, and elders in both home and community settings. For
over 120 years, their skilled home care and hospice professionals
serve more than 100 cities and towns of the Merrimack Valley,
northeastern Massachusetts, and southern New Hampshire.
Enterprise Insurance Services, in collaboration with HUB
International New England, LLC, is privileged to provide employee
health benefits for the 700 employees of Home Health Foundation.
“Enterprise Bank is a true partner
with a commitment to hands-on
personal and personalized service.
Understanding our staff’s needs along
with our operational goals, they have put
together a customized plan that works
for our employees and also produces
cost savings for the organization.
Enterprise Bank doesn’t just talk about
great service—they deliver it.”
John Albert and Kristine DiFiore
“At Enterprise Bank, we navigate the
complexities of the healthcare insurance
system to create customized benefits
that maximize value for both the
organization and its employees. It is our
privilege to provide quality health care
benefits to the employees of Home
Health Foundation, which is committed
to providing quality health care for
our region.”
Jim Moriarty
Senior Vice President
Enterprise Insurance Services/
HUB International New England, LLC
Pictured left: Jim Moriarty, Enterprise Bank; and Kristine DiFiore and John Albert,
Home Health Foundation
*Insurance products are not a Deposit, not FDIC insured, not guaranteed by Enterprise Bank,
not insured by any government agency, and may lose value.
13
“ Improved efficiency,
saving time and money”
Douglas Barry
President, CEO
Humane Society for Greater Nashua
Nashua, NH
“Switching to Enterprise Bank for our
banking needs has improved efficiency,
saving us time and money. Enterprise is
a perfect match: large enough to provide
the capabilities we need, while still having
the personal service of a local community
bank. Bigger banks just can’t provide that
level of service or the level of commitment
to the community. That’s important to us.”
Douglas Barry
“It is important for Enterprise Bank to serve
the non-profit organizations that serve the
Greater Nashua community. When we
Investing in Community
provide cash management services for
The Humane Society for Greater Nashua, a thriving animal shelter
an organization like the Humane Society
serving New Hampshire and Northern Massachusetts, has a mission to
for Greater Nashua, we also serve as an
advocate for and enhance the lives of animals entrusted to their care while
advocate, advisor, and financial counselor
educating the community to strengthen the human and animal bond. Staff
to support them in their mission. That’s the
and volunteers care for and raise funds for more than 2,700 pets each
Enterprise way.”
Deborah Novotny
Vice President, Commercial Lending Officer
Enterprise Bank
year, providing services including pet adoptions, dog and cat transports,
low-cost spay/neuter and vaccine clinics, multi-level dog training, and
cremation and burial. Enterprise Bank’s cash management services have
helped the shelter increase efficiency and maximize resources.
Pictured right: Douglas Barry, The Humane Society for Greater Nashua; Brenda McDougald, AVP, Regional Business Advisor, Deborah Novotny, Enterprise Bank; and Theo, who has been
successfully adopted.
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15
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“ The solution is
just a phone
call away”
Charlie Beaulieu
Treasurer
Mammoth Fire Alarms, Inc.
Lowell, MA
Foundation of Trust
Since 1991, Mammoth Fire Alarms, Inc. has earned its reputation as the leading independent fire alarm
equipment distributor and provider of fire protection and life safety. Responding to the demand from today’s
businesses for flexible fire and life safety alternatives, Mammoth Fire Alarms has created MFA’s 1 Stop,
combining unsurpassed product knowledge with fire alarm, fire suppression service, and central alarm monitoring
capabilities to create a comprehensive fire and life safety solution for today’s business owners. Enterprise Bank
has been proud to provide banking services for Mammoth Alarms since the company’s inception 25 years ago.
“With Enterprise Bank, no matter how big the
“As a community bank, we take seriously our role in
problem is, the solution is just a phone call away.
helping businesses grow and develop, strengthening
You can’t put a price on that kind of service. They
their financial foundation as they strengthen the
go above and beyond what we ask for, looking out
communities they serve. We measure our success
for us and advising us. They have earned our trust
by their success.”
and loyalty, and personally and professionally, we
won’t bank with anyone else. Period.”
Charlie Beaulieu
Bill Collins
Senior Vice President, Senior Commercial Lending Officer
Enterprise Bank
Pictured left: Bill Collins, Enterprise Bank; Charlie Beaulieu and Diane Beaulieu, Mammoth Fire Alarms, Inc.
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Fast, Secure Technology
“I haven’t met anyone who understands the ACH
industry as well as the team at Enterprise Bank.
They know the ACH cash management business
and provide exceptional service to back it up. Our
clients demand accurate, secure, and consistent
service from us, and that’s exactly what we get
Payright Payroll offers tailored workforce solutions
from Enterprise Bank. We are able to deliver to our
for businesses of all sizes, ranging from basic payroll
clients because Enterprise delivers to us.”
processing to integrated solutions incorporating payroll
processing, human resources, time and attendance,
and employee benefits. Established in 1989 and today
serving more than 1,300 clients, Payright’s mission is
providing quality service, reasonable prices, and a user-
friendly environment for their clients, utilizing the latest
technology available to help manage payroll and human
resource needs. Enterprise Bank is pleased to support
Payright Payroll through Automated Clearing House
(ACH) and cash management services.
Stephen McMahon
“We understand the importance in enabling
Payright Payroll to consistently deliver thousands
of accurate, secure, and time-critical direct deposit
and check payments for their customers. Our job
is to ensure that Payright Payroll delivers, and that’s
a promise we keep.”
Steve Dolan
Vice President, Senior Cash Management Advisor
Enterprise Bank
Pictured above: Stephen McMahon, Payright Payroll; and Steve Dolan, Enterprise Bank
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“ Enterprise
delivers to us”
Stephen McMahon
President
Payright Payroll
Acton, MA
19
“ Timely, responsive
and quality service”
20
Peter and Sal Napoli
Owners
The Napoli Group, LLC
Amherst, NH
Focus on the Customer
The Napoli Group, LLC, based in Amherst, New Hampshire, operates McDonald’s restaurants throughout the
Northeast. The Napoli Group’s goal is simple—to provide their customers with hot and fresh food, and fast and
friendly service in a contemporary restaurant experience. The Napoli Group is proud of their commitment to their
customers and to the communities in which they do business, giving back to their communities through support of
hundreds of local non-profit organizations. Enterprise Bank has been proud to provide lending, cash management,
and deposit services for The Napoli Group for the past 10 years.
“We need a bank to provide us with the same timely,
responsive and quality service that we provide our
customers. We get that with Enterprise Bank. The people,
service, and attention to our needs are impeccable. I
haven’t met one person at Enterprise Bank that I wouldn’t
hire myself.”
Peter and Sal Napoli
“Enterprise Bank understands the importance of fast service
and responsiveness in providing quality deposit, lending,
and cash management services for our busy customers—
and we deliver.”
Peter Rayno
Executive Vice President, NH Banking and Lending Director
Enterprise Bank
Pictured far left: Peter Napoli, The Napoli Group; Peter Rayno, Enterprise Bank;
Sal Napoli, The Napoli Group; and Sheryl Parsons, Regional Manager of Enterprise Bank
Pictured left: Peter and Sal Napoli of The Napoli Group
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Growing Businesses
Founded in 2004 by Hector Echaniz and Marco Barbier Easypak™ LLC based in Leominster, Massachusetts, is an
international manufacturer of plastic packaging products and a provider of packaging services that go beyond just a
plastic container. Easypak provides flexible packaging solutions tailor-made to meet their customers’ needs, from single-
material clamshell deli containers to complex, multi-layer-material containers. Enterprise Bank has proudly provided
industrial and commercial lending services for the construction and expansion of Easypak’s Leominster facilities.
“It is important to us to work with a local bank that is
connected to the community. We are not just a number; they
take time to know us and know our business. The bank has
grown as we have grown and is an important partner in our
growth. We have great trust in Enterprise Bank.”
Marco Barbier
“We work closely as a team to help our client’s business
grow and increase profitability, prudently and responsibly,
providing customized commercial lending services that
focus on the client’s long-term success and sustainability.”
Raymond LaFond
Senior Vice President/Commercial Lending Manager
Enterprise Bank
Pictured right: Marco Barbier and Hector Echaniz of Easypak™.
Pictured far right: Raymond LaFond, Enterprise Bank; and Hector Echaniz
and Marco Barbier, Easypak™
22
“ An important partner
in our growth”
Marco Barbier
Managing Partner
Easypak™ LLC
Leominster, MA
23
24
“ A Wonderful
Experience”
Tom Walsh
President
KSA Realty LLC
Andover, MA
Creating Opportunities
Located in historic Andover at 429 South Main Street, Town
Market Andover is a new local community destination serving
great food with neighborhood hospitality, offering freshly-made
prepared foods, artisan farm products, craft beer and wine,
locally roasted coffee and loose-leaf tea, bakery sweets, and
farmstead ice cream. Founded by Andover residents, Town
Market creates a community gathering space where families
and friends can start new traditions and enjoy the simple
pleasures in life. Enterprise Bank was proud to finance the
construction of this new Andover destination and looks forward
to working with developer Tom Walsh on future Town Markets.
Pictured left: Tom Walsh, KSA Realty LLC; Marlene Hoyt, Enterprise Bank;
and David Deloury, KSA Realty LLC
“For an entrepreneur, it is a very
challenging process to simultaneously
put up a building and build the business
that will occupy it. Enterprise Bank
was a wonderful partner during this
process, always available and able to
accommodate my schedule. Other
banks talk about great service, but
Enterprise Bank walks the talk. It’s been a
wonderful experience and I look forward
to expanding our relationship.”
Tom Walsh
“At Enterprise Bank, we are fully
committed to our clients, from original
concept through project completion,
no matter how complex or challenging.
We serve as a trusted advisor each
step of the way, setting up our clients
to succeed.”
Marlene Hoyt
Senior Vice President
Construction Lending Manager
Enterprise Bank
25
Experience and Expertise
Applewild School is a private, independent
elementary and middle school in Fitchburg,
“Enterprise Bank is privileged to work with the
committed educators at Applewild School, using our
experience and expertise to protect and preserve
their assets, helping them to build a strong financial
Massachusetts. Dedicated to helping students uncover
foundation for future generations.”
their passion for learning, Applewild School strengthens
Patrick Connerty
and prepares students to be thoughtful, collaborative,
engaged and involved individuals in the world. Through
wealth management and investment services,
Enterprise Investment Advisors serves as stewards and
trusted advisors for Applewild School’s endowment,
providing guidance and advice for the organization’s
long-term success. Enterprise Bank’s philanthropic
support has helped provide financial assistance for
students who otherwise might not have access to an
Applewild education.
Senior Vice President, Senior Relationship Manager
Enterprise Investment Advisors
“The people make Enterprise Bank what it is: a true
partner focused on personal, long-term relationships.
They know us and understand us, and they go
above and beyond in protecting our best interest.
Their business is to make it possible for us to do our
business—educating and engaging students to be
independent, motivated, intellectually curious young
people. We have tremendous confidence and trust in
the financial experts at Enterprise Bank.”
Christie Stover
Investment products are not a Deposit, not FDIC insured, not guaranteed by Enterprise Bank, not insured by any
government agency, and may lose value.
26
“ They know us and
understand us”
Christie Stover
Head of School
Applewild School
Fitchburg, MA
27
“ Creative ways to make
our vision a reality”
Dan Gainsboro
Developer
Concord Riverwalk
Concord, MA
28
Celebrating the Entrepreneurial Spirit
Concord Riverwalk is an intimate neighborhood of 13 smart, high-performance homes in Concord, Massachusetts,
designed by NOW Communities, LLC with a focus on convenience, energy efficiency, connected living, beauty,
and value. A “pocket neighborhood” celebrating the natural environment and fostering a sense of community,
Concord Riverwalk earned the prestigious “Community of the Year” award by the National Association of Home Builders.
Enterprise Bank provided construction lending services to NOW Communities and developer Daniel Gainsboro and is
honored to be working with them on a new smart, sustainable development in Devens, Massachusetts.
“Enterprise Bank understands my needs as a
“At Enterprise Bank, we give entrepreneurs and
developer. They took the time to get to know us and
developers the opportunity to do something truly
our vision, and they came up with creative ways to
unique and different. We give them the honest financial
make our vision a reality in a challenging economy
advice and expertise to help them succeed in fulfilling
and an unproven market. Their accessibility and
their dreams and changing the world.”
responsiveness is incredible. They handle the tough
questions and find the financial solutions so that I can
Ryan Dunn
Senior Vice President, Regional Commercial Lending Manager
focus on building the next community.”
Cheryl Stafford
Dan Gainsboro
Senior Vice President, Senior Construction Lender
Enterprise Bank
Pictured above: Ryan Dunn, Enterprise Bank; Dan Gainsboro, NOW Communities; and Cheryl Stafford, Enterprise Bank
29
Branches
Our expanding market includes opportunities for future
MManchester
Manchester
nManchesteter
nchester
Derry
Derry
growth. In order to best serve our growing customer base,
3
3
Enterprise Bank seeks out convenient branch locations
throughout the Greater Merrimack Valley and North Central
regions of Massachusetts and Southern New Hampshire.
Nashua
Nashua
Branch locations
are shown in green.
Our second Nashua
Branch will be
opening soon at
493 Amherst Street
ur Pri m
O
a
r y Servic
e
A
r
e
a
NEW HAMPSHIRE
NEW HAMPSHIRE
MASSACHUSETTS
MASSACHUSETTS
9393
93
Salem
Salem
555444495495
495
Hudson
Hudson
Nashua
Nashua
Pelham
Pelham
3
3
T
Tyngsboro
Tyngsboro
Lowell
Lowell
Lowell
Lowell
Chelmsford
Chelmsfordford
Methuen
Methuen
e
Lawrence
Lawrence
w
Dracut
Dracut
5554444495495
495
Tewk
sb
Tewksbury
Tewksbury
Andover
Andover
Fitchburg
Fitchburg
Chelmsfordrd
Chelmsford
N. Billerica
N. Billerica
. B
Tewksbury
Tewksbury
wk
9393
93
2
2
LLeo
Leominster
Leominster
2
2
555444495495
495
Westford
Westford
B
Billerica
Billerica
9019
190
000090
290
A
Acton
Acton
2
2
3
3
9595
95
1288
128
Boston
Boston
Boston
90
Enterprise Bancorp, Inc. and Enterprise Bank Board of Directors
George L. Duncan
Founder and Chairman of the Board
James F. Conway III
Vice Chairman and Lead Director of the
Board; Executive Vice President,
RR Donnelley
Michael A. Spinelli
Secretary of the Board;
Founder, Global Tourism Solutions
Dr. Carole A. Cowan
Past President,
Middlesex Community College
Normand E. Deschene
President and Chief Executive Officer,
Circle Health and Wellforce
John T. Grady, Jr.
Senior Advisor, Moelis & Company
Michael T. Putziger
Chairman, WinnCompanies and
of Counsel, Murtha Cullina, LLP
Carol L. Reid
Retired Financial Executive
GENERAL COUNSEL
Philip S. Nyman
Mary Jane King
SEC & REGULATORY COUNSEL
President, Conway Management Company
Hunton & Williams
Eric W. Hanson
Assistant Secretary of the Board;
Chairman of the Board and Chief Financial
Officer, Klin Groupe, LLC
Gino J. Baroni
John A. Koutsos
President, Alec’s Shoe Store, Inc.
Joseph C. Lerner
Co-Founder and Managing Partner,
Cycle Power Partners
Owner and Managing Principal, Trident
Project Advisors and Development Group
Richard W. Main
President, Enterprise Bank
John P. Clancy, Jr.
Chief Executive Officer, Enterprise Bank
Dr. Jacqueline F. Moloney
Chancellor,
University of Massachusetts Lowell
John R. Clementi
Chief Executive Officer,
Longview Development, LLC
Luis M. Pedroso
Co-Founder, President, and
Chief Executive Officer, Accutronics, Inc.
FINANCIAL CONSULTANT
Raymond L. Anstiss, Jr., CPA
TRUST & INVESTMENT
MANAGEMENT COUNSEL
George B. Leahey
HONORARY BOARD MEMBERS
Kathleen M. Bradley
Nancy L. Donahue
Lucy A. Flynn
John P. Harrington
Arnold S. Lerner
Charles P. Sarantos
Nickolas Stavropoulos
30
MAINENEW HAMPSHIREVERMONTMASSACHUSETTSCONNECTICUTRHODE ISLAND 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
Our second Nashua Branch will be opening soon at 493 Amherst Street
Investor Relations
Enterprise Bancorp, Inc.
222 Merrimack Street, Lowell, MA 01852
978-459-9000 | shareholders@ebtc.com
Transfer Agent and Registrar
Shareholders who have questions regarding their ownership of
Enterprise Bancorp, Inc. stock should contact the Registrar:
Computershare Investor Services
P.O. Box 30170, College Station, TX 77842
1-888-218-4390
Annual Meeting
The 2016 Annual Meeting of shareholders
will be held on May 3, 2016 at 3:30 p.m. at the
UMASS Lowell Inn & Conference Center
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.”
Our Purpose
The Enterprise Bank team helps create
successful businesses, jobs, opportunities, wealth,
and vibrant, prosperous communities.
EnterpriseBanking.com
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