O U R P E O P L E
O U R S U C C E S S
2 0 1 7 A N N U A L R E P O R T
There is a reason I have dedicated 30 years of my life to
Enterprise Bank: this is a family where everyone treats one
another with respect and consideration, and is truly
dedicated to serving our customers and our communities.
dedicated to serving our customers and our communities.
My years with Enterprise Bank have been the best of my life.”
My years with Enterprise Bank have been the best of my life.”
Carole I. McOsker
Carole I. McOsker – Assistant to the Chairman
TABLE OF CONTENTS
Letter from the Chairman,
CEO and President. . . . . . . . . . . . . . . . . . . . . . . . . . .2
Selected Financial Data . . . . . . . . . . . . . . . . . . . . . .9
OUR CUSTOMERS’ STORIES
CCS Concrete, LLC. . . . . . . . . . . . . . . . . . . . . . . . . .10
C.W. Keller & Associates . . . . . . . . . . . . . . . . . . . . 12
Dermcare Physicians & Surgeons . . . . . . . . . . . .14
Fitchburg State University . . . . . . . . . . . . . . . . . . . 16
Greater Lawrence Family Health Center . . . . . . 18
Jackson Lumber & Millwork . . . . . . . . . . . . . . . . 20
Kistler and Knapp. . . . . . . . . . . . . . . . . . . . . . . . . . 22
Nashua Country Club . . . . . . . . . . . . . . . . . . . . . . 24
Parlee Farms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Pelham Resort Hotel . . . . . . . . . . . . . . . . . . . . . . . 28
Triton Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Tupelo Music Hall . . . . . . . . . . . . . . . . . . . . . . . . . 32
Valley Collaborative . . . . . . . . . . . . . . . . . . . . . . . 34
Dr. John Walker . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . 38
Pictured on our cover,
representing the outstanding
Enterprise Bank team members
that truly make a difference
in our Enterprise, and in our
community: Tom Hosey,
Jasmine Pandit, Donna LaPointe,
Marisa Veiga, Sue Suon,
Jesus Suriel, Clare Carroll,
Jessica Lord, Shari Howe,
Cheryl Stafford and Anne Muita.
THANK YOU TO ALL OF OUR TEAM MEMBERS
On November 16, 2017, Enterprise Bank
was named the number one place to
work among large-sized companies in the
employee-based “Top Places to Work in
Massachusetts” survey from The Boston
Globe. Enterprise Bank has been recognized
as a top employer since 2012.
According to The Boston Globe, the 10th
We are so deeply honored and humbled that
the opinions of our team members have
earned us recognition as the Top Place to
Work in Massachusetts. There is nothing
more important to us than our Enterprise
family, who have made Enterprise what it is
today. Our team is our greatest asset and
is what sets us apart from other companies.
annual Top Places to Work survey honored employers who
care for their most valuable resource: the people who work
for them. The survey measures employee opinions about their
We are truly a family—united by our core values of integrity,
community, excellence, teamwork and professionalism—and this
recognition is a reflection of the spirit and purpose on which our
company’s direction, execution, connection, management, work,
Enterprise operates.
pay and benefits, and engagement. Those businesses earning
Our teams are deeply committed to Enterprise Bank’s caring and
a spot in The Top Places to Work share several key traits, including
collaborative work environment, as well as our positive and dynamic
offering progressive benefits and creative perks, allowing the
culture of high standards of excellence, personal accountability and
flexibility needed to have good lives both at work and at home,
responsibility to each other and our customers, and giving back to
embracing the diverse backgrounds of their employees, and
our community. We thank each and every one of our Enterprise
offering a promising future to all of their workers.
Bank team members for making Enterprise what it is today.
1
D E A R F R I E N D S
When someone asks what sets Enterprise Bank apart from other
banks, our response is unequivocally: “Our people.”
While many companies can certainly speak highly of their employees
and customer service, we have come to recognize that what we have
created here at Enterprise Bank is truly different. We passionately
embrace a people-first philosophy that is ingrained in the culture that
we live and breathe every day. As we celebrate another successful
year, it is important that we acknowledge that it is our team members,
inspired by a passionate, vision-driven Board of Directors, who are—
and always have been—responsible for creating the success of
Enterprise Bank and setting the strong base for our future.
OUR GREATEST ASSET
At Enterprise Bank, it all starts with hiring highly competent, caring,
and purpose-driven people who embrace our culture and genuinely
care about our Bank, our customers, and our community. Working
together and creating a positive, rewarding, and inspiring working
environment translates directly to outstanding service to our customers,
leading to financial success and shareholder value. This “people-first
equation” creates tangible and measurable results. It has been our
operating philosophy from day one and will never change.
In 2017, Enterprise Bank was deeply honored to be named the number
one place to work among large-sized companies in The Boston Globe’s
“Top Places to Work in Massachusetts” survey. This is the sixth
consecutive year that Enterprise earned recognition among the top
places to work and the first time Enterprise earned the top position
in the survey, which measures employee opinions about their
company’s direction, communication, management, work, pay
and benefits, and engagement.
2
Of the many awards and recognitions we have earned over the past
29 years, none is as meaningful as this one, because it comes directly
from our team members. There is nothing more important to us than
our team members, who have made Enterprise what it is today and
who will always be our greatest asset and what sets us apart from
every other bank. We are truly a family, united by our core values of
integrity, community, excellence, teamwork, and professionalism.
To succeed, our Enterprise Team must be reflective of those we serve.
We foster an inclusive culture in our leadership, hiring, and team
member development. We embrace diversity and strive always to
create an environment where our team members are valued for their
diverse perspectives and feel comfortable expressing them.
We continually invest in the growth and well-being of our team
through initiatives such as formal mentoring programs, tuition
reimbursement, wellness programs, and numerous family activities.
Through extensive coaching and learning and development training,
from professionals both within and outside the Bank, we are developing
a new generation of Enterprise Bankers who will achieve even greater
success in the future.
OUR COMMUNITY
A true passion for and commitment to community
service is deeply entrenched in the Enterprise Bank
culture. This refl ects our deep sense of purpose as a community
bank. We hold ourselves to a responsibility beyond our own
success through our core belief that business should be a force
for good, serving a social purpose and making a positive
contribution to society. Working with non-profi ts, our team
members become invested in the communities we serve,
strengthening their character and sense of values. They feel
rewarded and fulfi lled by the relationships they build, which leads to
gaining new customers and strengthening existing customer loyalty,
which, in turn, leads to greater success for team members and our Bank.
This volunteerism is not only of participation, but also of leadership.
Our team members and trusted advisors serve in key positions on more
than 100 non-profi t boards, playing a critical role in their success and
stability, and we are repeatedly recognized by civic and professional
organizations for our leadership and commitment to community.
In 2017, Enterprise Bank was recognized by the Boston Business Journal
during its “Corporate Citizenship Summit” for our volunteerism and
charitable giving. Enterprise Bank ranked #4 for the highest average
I love working at Enterprise Bank because I know
I am valued. Enterprise appreciates me as an
employee and as a person and gives me the
employee and as a person and gives me the
opportunity to grow and succeed within the bank.”
opportunity to grow and succeed within the bank.”
– Commercial Lending Assistant
Ashwini Dhanaraj – Commercial Lending Assistant
hours (55.67 per employee) in community service
hours (55.67 per employee) in community service
and #52 in a listing of the largest corporate donors
and #52 in a listing of the largest corporate donors
in Massachusetts.
Entering its tenth year, Enterprise Bank’s
Entering its tenth year, Enterprise Bank’s
Non-Profi t Collaborative provides critically
Non-Profi t Collaborative provides critically
needed support to non-profi t organizations
needed support to non-profi t organizations
in our region. These are just a few examples
in our region. These are just a few examples
of the commitment by our team members
of the commitment by our team members
to reach out and support the many
non-profi t organizations that create
non-profi t organizations that create
a better quality of life for all of us.
: TEN YEARS OF HELPING THOSE WHO HELP OTHERS
NON-PROFIT COLLABORATIVESM: TEN YEARS OF HELPING THOSE WHO HELP OTHERS
Understanding that strong and successful non-profi t organizations are vital to the well-being of any region, and that
Understanding that strong and successful non-profi t organizations are vital to the well-being of any region, and that
the needs of these organizations go far beyond charitable giving, Enterprise Bank founded its Non-Profi t CollaborativeSM
the needs of these organizations go far beyond charitable giving, Enterprise Bank founded its Non-Profi t CollaborativeSM
(NPC) in 2008. The Non-Profi t Collaborative provides critically needed programs, resources, and guidance to non-profi ts
(NPC) in 2008. The Non-Profi t Collaborative provides critically needed programs, resources, and guidance to non-profi ts
in our region, including a free Educational Seminar Series, with industry experts addressing topics ranging from strategic
in our region, including a free Educational Seminar Series, with industry experts addressing topics ranging from strategic
planning and governance to cyber security and fundraising. The Non-Profi t Collaborative also offers networking and
planning and governance to cyber security and fundraising. The Non-Profi t Collaborative also offers networking and
relationship-building opportunities, as well as board and volunteer support, to support these valuable organizations that
relationship-building opportunities, as well as board and volunteer support, to support these valuable organizations that
have such a profound impact on the quality of our lives.
3
3
“Enterprise Bank enables and encourages employees
to give back to the non-profi ts and social causes
that make our communities and world a better place.
It is a privilege to be part a company that believes
that business should be a force for good.”
Richard Chavez – Senior Commercial Lending Offi cer, SVP
In 2017, for the fourth consecutive year, Enterprise was
honored as the leading Small Business Association (SBA)
504 lender among all New Hampshire banks. Enterprise
Wealth Management and Enterprise Wealth Services
assets under management grew by 17% in 2017 and have
grown to become the leading wealth management fi rm in
our marketplace, with $842 million in combined assets
under management.
Strategic growth includes investing in our existing
facilities and expanding and optimizing space to
OUR GROWTH
OUR GROWTH
Engaging with our customers and community in
Engaging with our customers and community in
meaningful and authentic ways across all interactions
meaningful and authentic ways across all interactions
builds customer trust and loyalty in Enterprise
builds customer trust and loyalty in Enterprise
Bank, which has contributed to our consistent
Bank, which has contributed to our consistent
and strong, sustained growth. In 2017,
and strong, sustained growth. In 2017,
total assets grew to exceed $2.8 billion.
total assets grew to exceed $2.8 billion.
Assets grew by $291.3 million, or 12%; loans
Assets grew by $291.3 million, or 12%; loans
outstanding grew by $247.2 million or 12%;
outstanding grew by $247.2 million or 12%;
and customer deposits, excluding brokered
and customer deposits, excluding brokered
deposits, grew by $84.3 million, or 4%.
deposits, grew by $84.3 million, or 4%.
Net income in 2017 was $19.4 million,
Net income in 2017 was $19.4 million,
an increase of $642,000 over 2016. Our
an increase of $642,000 over 2016. Our
average compounded growth rates over
average compounded growth rates over
the last fi fteen years for assets, loans,
the last fi fteen years for assets, loans,
deposits, and net income have been 10%,
deposits, and net income have been 10%,
12%, 9%, and 8%, respectively. As of
12%, 9%, and 8%, respectively. As of
December 31, 2017, we recorded our
December 31, 2017, we recorded our
113th consecutive profi table quarter,
113th consecutive profi table quarter,
reported our 28th consecutive profi table
reported our 28th consecutive profi table
year, and have both paid and increased
year, and have both paid and increased
the dividend rate to our shareholders
the dividend rate to our shareholders
every year for 25 consecutive years.
every year for 25 consecutive years.
accommodate our growing organization. In August 2017, we opened
a new freestanding branch at 15 Indian Rock Road in Windham, NH,
offering video-conferencing capabilities, drive-up lanes, and an ATM.
This is Enterprise Bank’s 24th branch location and the seventh in
Southern New Hampshire. To signifi cantly enhance services and
convenience for our customers, we relocated our Salem, NH branch
to 55 Main Street, and this year we will complete the relocation of
our Leominster, MA branch to 65 Main Street. Both locations are
highly visible, with ample on-site parking and drive-up lanes. In 2018,
we will also be unveiling our new Mortgage Center on Merrimack
Street in downtown Lowell.
OUR PROGRESSIVE CAPABILITIES AND TECHNOLOGY
The quality of our outstanding team members is matched by the
quality of the leading-edge products, services, and technology we
offer. Very few banks our size have the breadth of our capabilities
and services. Our expertise in commercial and residential mortgage
lending, commercial banking services, investment and wealth
management, cash management, and insurance services continue
to drive our growth.
In 2017, we introduced numerous new exciting banking products,
including CardValet®—which allows customers to turn their Enterprise
debit card on and off, set and remove spending limits, get real-time
4
deeply and truly committed to positively impacting the lives of our
fellow team members, our customers, our communities, and our
shareholders. We are always looking ahead, and our future has
never been so exciting and full of promise.
OUR GRATITUDE
We would like to express our deepest appreciation and gratitude
to each of you—our shareholders, board members, team members,
customers, and community members—for the trust and confidence
you have placed in us. The success and growth of Enterprise Bank
have been due to the relationships we have built with each of you,
and we are grateful for your continued support.
It is truly a privilege to serve you. Working together, there is nothing
that we cannot accomplish.
George L. Duncan
Founder and Chairman
Jack Clancy
Chief Executive Officer
Richard W. Main
President
purchase alerts, and restrict transactions based on geography and
merchant type—and Same Day ACH, which provides commercial
clients with a convenient way to move money electronically in
an efficient and cost-effective manner. We also unveiled a new
website, redesigned to give our customers a simpler and more
efficient banking experience. This year our team will also be rolling
out additional enhancements to our cash management capabilities
for businesses, creating a more efficient, secure, and convenient
customer experience.
Through continuous and rigorous advancement over the past 29
years, Enterprise Bank has grown and evolved to offer the products,
capabilities, and technology similar to that of the “big” banks, while
staying true to our community bank values of five-star personal
service, operating with a sense of purpose, and truly caring about
our customers. This is at the core of what we’ve created at Enterprise.
OUR FUTURE
Every decision we make at Enterprise Bank is focused on our
long-term success and our goal to be the best and most impactful
independent community bank in America. This includes adhering
to our mission to serve a higher social purpose and make a positive
contribution to society. To achieve this, our priority has been and
always will be ongoing investment in our greatest asset: our people.
Keeping this at the forefront, decision-making is clear and simple.
We will continue to succeed because we know who we are and
what we do well. Our team members continually build on our unique
strengths, and we continue to reinvest our profits in businesses,
people, jobs, and non-profit organizations, creating stability and
sustainability in our Bank and in the communities we serve.
Adhering always to our founding purpose, mission, and responsibility
as a local, independent community bank, we will continue to build
on our strong reputation as the leading locally owned and locally
managed financial institution in our region. We will continue to be
5
G R O W I N G E V E R Y D AY
To serve our growing number of customers seeking a strong,
community-focused, independent bank, Enterprise Bank is
pleased to offer 24 convenient branch locations throughout
the Greater Merrimack Valley and North Central regions of
Massachusetts and in Southern New Hampshire. We are
continuing to invest in new communities, like our newest branch
location at 15 Indian Rock Road in Windham, NH., offering
video-conferencing capabilities, drive-up lanes, cash recyclers
and community meeting rooms. Seeking to significantly enhance
services and convenience for our customers, we have relocated
our Salem, NH branch to a prime location on 55 Main Street.
In 2018, we will also be relocating our Leominster, MA branch
to a strategic location at 65 Main Street.
Salem, NH
MANCHESTER
MANCHESTER
AUBURN
AUBURN
CHESTER
CHESTER
SANDOWN
SANDOWN
MERRIMACK
MERRIMACK
LONDONDERRY
LONDONDERRY
DERRY
DERRY
HAMPSTEAD
HAMPSTEAD
LITCHFIELD
LITCHFIELD
ATKINSON
ATKINSON
PLAISTOW
PLAISTOW
Communities with
branch locations
are shown in green
HOLLIS
HOLLIS
WINDHAM
WINDHAM
SALEM
SALEM
HUDSON
HUDSON
HAVERHILL
HAVERHILL
GROVELAND
GROVELAND
ASHBY
ASHBY
TOWNSEND
TOWNSEND
PEPPERELL
PEPPERELL
NASHUA
NASHUA
DUNSTABLE
DUNSTABLE
G
G
N
N
Y
Y
T
T
H
H
G
G
U
U
O
O
R
R
O
O
B
B
S
S
PELHAM
PELHAM
METHUEN
METHUEN
GEORGETOWN
GEORGETOWN
LAWRENCE
LAWRENCE
DRACUT
DRACUT
BOXFORD
BOXFORD
NORTH
NORTH
ANDOVER
ANDOVER
LOWELL
LOWELL
ANDOVER
ANDOVER
FITCHBURG
FITCHBURG
LUNENBURG
LUNENBURG
GROTON
GROTON
WESTFORD
WESTFORD
CHELMSFORD
CHELMSFORD
TEWKSBURY
TEWKSBURY
SHIRLEY
SHIRLEY
AYER
AYER
BILLERICA
BILLERICA
N
N
O
O
T
T
G
G
W I L M I N
W I L M I N
MIDDLETON
MIDDLETON
NORTH
NORTH
READING
READING
HARVARD
HARVARD
LITTLETON
LITTLETON
CARLISLE
CARLISLE
LANCASTER
LANCASTER
BOXBOROUGH
BOXBOROUGH
ACTON
ACTON
BEDFORD
BEDFORD
N
N
O
O
T
T
G
G
L I N
L I N
R
R
U
U
B
B
CONCORD
CONCORD
LEOMINSTER
LEOMINSTER
STERLING
STERLING
BOLTON
BOLTON
STOW
STOW
MAYNARD
MAYNARD
LINCOLN
LINCOLN
LEXINGTON
LEXINGTON
Windham, NH
6
KEY GROWTH FIGURES
Through December 31, 2017
ANNUAL COMPOUNDED GROWTH RATES
AT YEAR END 2017
2017 $ GROWTH
2017 % GROWTH
LAST 5 YRS
LAST 10 YRS
LAST 15 YRS
Bank Assets
$2.82 Billion
$291 Million
Loans Outstanding
$2.27 Billion
$247 Million
Customer Deposits
$2.29 Billion
$84 Million
Net Income (1)
$19.4 Million
$642 Thousand
12%
12%
4%
3%
11%
11%
9%
9%
10%
11%
11%
7%
(1) Includes the impact of a $4.8 million tax expense in 2017 from revaluing the Bank’s net deferred tax assets due to the 2017 Federal Tax Cuts and Jobs Act.
ANNUALIZED DIVIDEND PER SHARE
Through March 2018
10%
12%
9%
8%
$0.58
$0.600
$0.550
$0.500
$0.450
$0.400
$0.350
$0.300
$0.250
$0.200
$0.150
$0.100
$0.050
$0.000
$0.025
1992
2005
2018
7
CUSTOMER DEPOSITS
$ in billions (Deposits, excluding brokered deposits)
NET INCOME
$ in millions
$2.21
$2.29
$1.58
$1.68
$1.91
$18.8
$19.4
$16.1
$14.7
$20.0
$16.0
$12.0
$13.5
$8.0
$4.0
$0.0
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
TOTAL LOANS
$ in billions
$2.27
$2.02
$1.86
$1.67
$1.52
TOTAL ASSETS & TOTAL ASSETS UNDER MANAGEMENT
$ in billions
n Total Assets n Total Assets Under Management
$3.75
$3.33
$2.82
$3.04
$2.76
$2.53
$2.29
$2.59
$1.85
$2.02
$3.75
$3.00
$2.25
$1.50
$0.75
$0.00
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
8
SELECTED FINANCIAL DATA
Year Ended December 31
2017
2016
2015
2014
2013
$
97,522
$
(dollars in thousands, except per share data)
$
78,294
$
86,792
EARNINGS DATA
Net interest income
Provision for loan losses
Net interest income after provision for loan loss
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
1,430
96,092
14,958
716
76,145
35,621
16,228
19,393
1.68
1.66
19.97
0.54
$
$
$
Basic weighted average shares outstanding
Diluted weighted average shares outstanding
11,568,430
11,651,763
YEAR END BALANCE SHEET AND OTHER DATA
2,993
83,799
13,639
802
70,328
27,912
9,161
3,267
75,027
13,139
1,828
65,732
24,262
8,114
71,230
1,395
69,835
12,813
1,619
62,031
22,236
7,585
$
65,791
3,279
62,512
12,553
1,239
55,824
20,480
6,951
$
18,751
$
16,148
$
14,651
$
13,529
$
$
1.71
1.70
18.72
0.52
10,966,333
11,039,511
$
$
1.56
1.55
17.38
0.50
10,323,016
10,389,934
$
$
1.45
1.44
16.35
0.48
10,118,762
10,209,243
$
$
1.37
1.36
15.14
0.46
9,862,678
9,950,609
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
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
$ 2,817,564
$ 2,526,269
$ 2,285,531
$ 2,022,228
$ 1,849,925
89,059
844,977
80,996
725,338
71,272
678,377
64,122
674,604
72,711
667,330
$ 3,751,600
$ 3,332,603
$ 3,035,180
$ 2,760,954
$ 2,589,966
$ 2,269,904
$ 2,022,729
$ 1,859,962
$ 1,672,604
$ 1,524,056
32,915
405,206
14,496
2,441,362
89,000
14,847
231,810
0.73%
8.58%
1.45%
8.23%
32.14%
31,342
374,790
17,428
29,008
300,358
19,177
2,268,921
2,018,148
10,671
14,834
214,786
0.78%
9.33%
1.55%
8.50%
30.41%
53,671
14,822
180,327
0.76%
9.29%
1.56%
7.89%
32.05%
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%
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%
9
Working with Enterprise Bank
is like having an entire
business team on my side.”
Michael Cabral - President
10
F A S T, L O C A L D E C I S I O N - M A K I N G
CCS Concrete, LLC of Tewksbury specializes in commercial
on Enterprise Bank to deliver the high level of personalized
and residential construction, servicing all of New England with
service and attention to detail that CCS gives its own
a professional staff holding more than 20 years of combined
customers. With Enterprise, customized solutions and a
experience in concrete services. Michael Cabral and his CCS
plan for success are just one phone call away. For this
plan for success are just one phone call away. For this
team need a bank with fast, local decision-making and trusted
business seeking to grow and expand, Enterprise Bank
business seeking to grow and expand, Enterprise Bank
advisors to help them achieve their business goals, from cash
paves the way.
management to fi nancing for equipment upgrades. They count
SANDRA BRINQUINHO
Commercial Lending Offi cer, VP
“ At Enterprise Bank, we value and care deeply
about the businesses we serve. That is why
we work hard every day to provide the most
responsive, effi cient, and convenient banking
services to help them meet their goals and
achieve success.
11
F L E X I B L E , I N N O V AT I V E S O L U T I O N S
C.W. Keller & Associates of Plaistow, NH is one of the most
They have found a similar business model in Enterprise Bank,
respected fabrication shops in the U.S., working with
merging small-town personalized service with big-bank
architects, designers, and contractors to design, fabricate,
capabilities. In a construction industry that can be volatile,
and deliver custom visions within a defi ned budget.
Enterprise provides a calm, steady, and thoughtful approach,
C.W. Keller bridges the gap from concept to reality, merging
producing fl exible and innovative solutions that have fueled
old-world craftsmanship with new-age digital technology.
C.W. Keller’s growth and success, from day-to-day cash
management to fi nancing infrastructure, machinery, and
materials. Like C.W. Keller’s designs, that’s a relationship
built to last.
DWIGHT FEENEY
DWIGHT FEENEY
Commercial Lending Offi cer, VP
Commercial Lending Offi cer, VP
“ Our successful relationships start with
“ Our successful relationships start with
knowing our customers. By listening and
knowing our customers. By listening and
understanding their unique needs, we are
understanding their unique needs, we are
able to create customized commercial
able to create customized commercial
lending and cash management solutions
lending and cash management solutions
to help them achieve success.
to help them achieve success.
12
©Anton Grassl/Esto
The trusted advisors at
Enterprise Bank are able to
assess our needs and partner
with us for innovative growth.”
Shawn Keller - President
13
Enterprise Bank has been critical
to our practice’s growth and success.”
Helen Raynham, MD, PhD
14
Pictured: Dr. Helen Raynham
Dr. Loreen Ali
Dr. Christine Hayes
C U S T O M I Z E D L E N D I N G S O L U T I O N S
Dermcare Physicians & Surgeons provides state-of-the-art
but Enterprise Bank believed in her dream and invested in
expertise and personalized care in general dermatology,
her future. With Enterprise by her side, Dr. Raynham has
plastic and reconstructive surgery, oculoplastic procedures,
expanded from a single offi ce to four successful locations in
Mohs skin cancer treatment, and cosmetic rejuvenation.
Chelmsford, Natick, Waltham, and Arlington, taking on two
When Dr. Helen Raynham sought fi nancing to open the
partners and six additional physicians. From commercial real
practice in 2006, other banks didn’t take her seriously—
estate loans to fi nancing for construction and equipment,
Enterprise Bank’s customized lending solutions have enabled
Dermcare to turn their business dream into reality.
DAVID BROWN
Commercial Lending Offi cer, VP
“ As an innovative community bank, Enterprise
Bank celebrates entrepreneurial spirit by giving
entrepreneurs the expert fi nancial advice and
capabilities they need to achieve their goals
and fulfi ll their dreams.
15
E X C E P T I O N A L S E R V I C E S A N D C A PA B I L I T I E S
Fitchburg State University is a public institution dedicated
lending to fraud services and wealth management. When
to integrating high-quality professional programs with strong
Fitchburg State looked to purchase the downtown Main
liberal arts and sciences studies, offering more than 30
Street theater block to create innovative laboratory and
undergraduate and 22 master’s degree programs for 7,000
entrepreneurship space, they turned to Enterprise Bank
full- and part-time students. As a fast-paced university
full- and part-time students. As a fast-paced university
to fi nance their vision. For this university, Enterprise
to fi nance their vision. For this university, Enterprise
continuing to expand, Fitchburg State relies on
continuing to expand, Fitchburg State relies on
Bank’s flexibility, responsiveness, and extraordinary
Bank’s flexibility, responsiveness, and extraordinary
Enterprise Bank to meet their diverse needs,
Enterprise Bank to meet their diverse needs,
customer service have put them at the top of
customer service have put them at the top of
from cash management and commercial
from cash management and commercial
the class.
TRACY LAFLEUR
CHERYL GAUDREAU
Branch Relationship Manager
Senior Regional Business Advisor, SVP
Senior Regional Business Advisor, SVP
“ Our goal at Enterprise Bank is to make
every customer feel like our most important
customer, giving them the personalized
service, immediacy of response, and
attention to detail they simply can’t
fi nd anywhere else.
16
X
X
Enterprise Bank has a small-town
feel and culture, but the services
and capabilities to meet our needs.”
Dr. Richard S. Lapidus - President
Pictured: Yvonnie Malcolm, Comptroller
Jay Bry, Vice President of Finance and Administration (standing)
Dr. Richard S. Lapidus, President
17
In 40 years of working
with banks, Enterprise is as
close to a perfect relationship
as I’ve had. They are
that exceptional.”
John Silva - President and CEO
Pictured: John Silva, President and CEO
Bob Urquhart, CFO
18
C O M M I T M E N T T O T H E C O M M U N I T Y
The Greater Lawrence Family Health Center provides a
cash management, deposit, and lending services—as well
network of quality, comprehensive healthcare services and
as be a genuine community partner, supporting and giving
healthcare professionals for individuals and families in the
back to non-profit organizations. Enterprise Bank has
Merrimack Valley, responding to the needs of a culturally
exceeded their expectations on all counts, delivering
diverse population. As the second-largest community health
consistent, exceptional customer service focused on
center in Massachusetts, it is important to work with a
long-term relationships, not transactions. Now that’s
bank that can respond to their needs, including
just what the doctor ordered.
EDITH JOYCE
JESSICA COLCORD
Cash Management Director, CTP, SVP
Branch Relationship Manager, VP
“ Enterprise Bank is deeply committed to the
non-profi t organizations that contribute to
the health and quality of our communities.
It is a privilege to serve as an advocate,
advisor, and fi nancial counselor to
support their mission and success.
19
E X C E E D I N G E X P E C TAT I O N S
Owned and operated by the Torrisi family since 1946, Jackson
handled the details and served as an advocate for a smooth
Lumber & Millwork provides quality hardware, lumber, and
and effi cient transition. The award-winning company has
custom millwork products through its fi ve locations, including
grown signifi cantly, while remaining committed to its core
its Jackson Kitchen Design showroom in North Andover. When
values of quality products and exceptional customer service.
the company looked to purchase a Woburn lumberyard last
It’s important for the Torrisi family to work with a local bank
year, one call to Enterprise Bank’s commercial
that shares those values, with local decision makers who
lending team was all it took. Enterprise
know and understand their business.
MARLENE HOYT
Construction Lending Director, EVP
“ We are fully invested in our clients and work
“ We are fully invested in our clients and work
tirelessly to exceed their expectations as
tirelessly to exceed their expectations as
we help them grow and expand, giving our
we help them grow and expand, giving our
one-on-one attention and expert guidance
one-on-one attention and expert guidance
every step of the way.
every step of the way.
20
X
X
Enterprise is the best of both worlds: a local,
community bank, but big enough to handle all our needs.”
Jay Torrisi - CEO and Treasurer
Pictured: Jay Torrisi, CEO and Treasurer
Mark Torrisi, President
21
Enterprise has the capacity
of a large bank, but with
small bank personal service.
That’s a perfect combination.”
Renée West - Principal and CFO
Pictured: Douglas Stevenson, Principal
Renée West, Principal and CFO
22
T R U S T E D R E L AT I O N S H I P S
With over 35 years of building experience, Kistler and Knapp
their customers, and that’s a quality they expect in their bank
in Acton has grown to be one of the most highly regarded
as well. With Enterprise, they have found a bank that hits
construction fi rms in the Greater Boston area, creating
every mark: Enterprise knows and values their customers,
exquisite custom homes, renovations, additions, and historical
provides exceptional customer service, and goes above and
restorations for the most discerning clientele. Their
beyond to help their customers succeed. Now that’s a strong
business is built on trusted relationships with
foundation on which to build.
CHERYL SERPE
Regional Manager, SVP
SEAN MORIARTY
Commercial Lending Offi cer, VP
“ We are dedicated to providing every client with
exceptional banking services customized to
meet their individual needs. More importantly,
we give them the confi dence and security that
Enterprise Bank stands behind their company
and their dream every step of the way.
23
O U T S TA N D I N G C U S T O M E R S E R V I C E
Nashua Country Club offers a premier golfi ng experience
Enterprise Bank’s commercial lending team to help turn
and exceptional facilities focused on family-centered activities,
their vision into reality. After experiencing Enterprise Bank’s
including swimming, tennis, curling, fi tness classes, and
creative fi nancing solutions, stellar customer service, local
adult and junior instructional and competitive programs.
decision-making, and broad capabilities, Nashua Country
When the club had a vision to build a new golf Pro Shop
Club moved all their banking to Enterprise, which made
and Sports Center—including a state-of-the-art,
the transition seamless and smooth for the entire staff.
four-sheet curling facility—they relied on
Now that’s a banking hole in one.
JAY DINKEL
ALKA SEN
Senior Commercial Lending Offi cer, SVP
Branch Service Manager
“ Our commitment to responsiveness,
fl exibility, and attention to detail
enables us to stay one step ahead,
anticipating and eliminating potential
obstacles for our customers. That’s
the experience we deliver.
XXX24
XX
Enterprise Bank has the capabilities
we need—and the outstanding
customer service to match.”
David Scaer, Jr., CCM, CCE – General Manager and COO
25
It’s no surprise Enterprise Bank was
named the number one place to work in
Massachusetts. The professionalism and
great attitude of every single employee
is just incredible.”
Mark and Ellen Parlee - Owners
26
F O C U S O N T H E C U S T O M E R
Named by the Massachusetts Offi ce of Travel & Tourism as
It is important to owners Mark and Ellen Parlee to work with a
one of the 1,000 Great Places to Visit in Massachusetts,
bank that shares their core values: focusing on outstanding
Parlee Farms is a “pick your own” 93-acre farm located on the
personal service, providing a great customer experience, and
banks of the Merrimack River in Tyngsboro, with a farm stand,
giving back to the community. They found their perfect match
animal barn, country kitchen and bakery, and hay ride wagons.
with Enterprise Bank, which makes their family business very
happy to be part of the Enterprise family.
PATRICIA FOSTER
PATRICIA FOSTER
Branch Relationship Manager
Branch Relationship Manager
“ At Enterprise, we measure our success
“ At Enterprise, we measure our success
by relationships, not transactions,
by relationships, not transactions,
with a goal to give every customer
with a goal to give every customer
an outstanding, fi ve-star banking
an outstanding, fi ve-star banking
experience they can get nowhere else.
experience they can get nowhere else.
27
S T R O N G , P E R S O N A L R E L AT I O N S H I P S
Built in 1890 and enjoying a rich history, the Pelham Resort
community-minded bank that values their customers the
Hotel on Hampton Beach, NH has hosted generations of
same way. That’s just what they found with Enterprise Bank.
families who return year after year. Owners Jackie and Charles
They appreciate the strong, personal relationships they have
(Chuck) Rage, who purchased the hotel in 1984, consider their
built with their trusted advisors at Enterprise, who have
customers to be like family. They wanted to fi nd an independent,
helped them expand from a single structure to a successful
four-building resort. The Rages say that at Enterprise, like the
Pelham Resort, “You’re a stranger but once.”
PETER RAYNO
NH Community Banking and Lending Director, EVP
“ As a community bank, we take seriously
our role to help businesses grow and
increase profi tability, focusing on their
long-term success and strengthening their
fi nancial foundation as they strengthen the
communities in which they operate.
28
Enterprise Bank has a small bank
feel but big bank capabilities.”
Charles and Jackie Rage – Owners
29
Enterprise Bank is an outstanding
blend of community banking
with a global perspective.”
Ross Haghighat – Chairman and CEO
X30
E N H A N C E D C A PA B I L I T I E S
As a business executive, serial entrepreneur, and venture
commercial lending to foreign exchange and employee
capitalist, Ross Haghighat has founded and transformed
retirement and benefi ts. Mr. Haghighat is drawn to Enterprise
more than a dozen high-tech companies throughout the U.S.,
Bank’s commitment and ability to grow and adapt to meet
Europe, Middle East, and Australia, including Triton Systems,
the needs of customers, while staying true to its founding
headquartered in Chelmsford, MA. For 20 years, Enterprise
culture, core values, and mission as a people-focused
Bank has been an integral part of his global fi nancial team,
community bank.
providing a range of services, from cash management and
STEVEN LAROCHELLE
Chief Banking Offi cer, EVP
“ Enterprise Bank has grown consistently over the past
“ Enterprise Bank has grown consistently over the past
29 years, continually enhancing our capabilities to
29 years, continually enhancing our capabilities to
ensure we fulfi ll our clients’ evolving needs, while
ensure we fulfi ll our clients’ evolving needs, while
retaining the high-level service standards and
personal relationships that make working
with Enterprise Bank truly special.
31
M A K I N G D R E A M S P O S S I B L E
Tupelo Music Hall is a multi-genre performing arts space
challenge that arose, the Enterprise commercial lending team
providing an intimate setting for music events, comedy, and
had the solution. With Enterprise behind them, Tupelo Music
theatrical shows. When owner Scott Hayward had a dream
Hall relocated in 2017 to a renovated space in Derry, expanding
in 2016 to relocate the hall from Londonderry to Derry,
their capacity from 240 to 700, and are now selling out shows
Enterprise Bank stepped up with creative, out-of-the-box
in their new larger, acoustically superior space.
fi nancing solutions to make that dream possible. For every
Now that’s music to their ears.
LAURA FRASER
Senior Commercial Lending Offi cer, SVP
Senior Commercial Lending Offi cer, SVP
“ While other banks may offer loans, we
“ While other banks may offer loans, we
fully invest in our customers and their
dreams, offering long-term relationships,
dreams, offering long-term relationships,
expert guidance, and a “can do” positive
expert guidance, and a “can do” positive
approach that enable them to achieve
their goals.
32
We love Enterprise Bank because
they do business the way we do,
dedicated to giving their customers
an experience that’s positive
and memorable.”
Scott Hayward – Owner and Director of Entertainment
33
It’s a win/win with Enterprise
Insurance Services. The entire
team is very knowledgeable and
experienced, and the customer
service is superb.”
Chris A. Scott, PhD – Executive Director
XX34
Pictured: Sean Glavin, Director of Finance and Operations
Kari Morrin, Director of Student and Adult Services
Joia Mercurio, Assistant Executive Director of Curriculum and Technology
Dr. Chris A. Scott, Executive Director
S P E C I A L I Z E D , E X P E R I E N C E D T E A M
Valley Collaborative offers elementary through high school
system, she turned to the experts at Enterprise Insurance
and adult education, partnering with families, districts, and the
Services* to review their insurance coverage. Enterprise and
community to provide innovative programming and empower
partner HUB International New England, LLC were able to
students and adults to discover their individual strengths,
signifi cantly enhance the district’s coverage while saving
interests, and abilities. As part of Executive Director
substantial money. With a single point of contact and timely
Chris Scott’s successful reformation of the Valley Collaborative
and responsive service, Enterprise Insurance and HUB
International really make the grade.
* Insurance products are not a Deposit, not FDIC insured, not guaranteed
by Enterprise Bank, not Insured by any government agency, and may lose value.
JIM MORIARTY
Senior Insurance Services Advisor, SVP
Enterprise Insurance Services/HUB International New England, LLC
“ We understand and appreciate the importance of a
comprehensive and cost-effective insurance package
in protecting the clients we serve. It is our privilege to
support their success by creating specialized insurance
programs that maximize their resources and achieve
the best return on their investment.
X35
X
T R U S T E D A D V I S O R S
When Dr. John Walker took the fi rst step to open his own
technology. When he needed a fi nancial team to guide
orthodontic practice, he turned to Enterprise Bank to provide
his personal fi nances, he chose Enterprise Wealth
the fi nancial guidance and commercial lending solutions to
Management.* Dr. Walker has trusted Enterprise Wealth
achieve his dreams. With Enterprise by his side, he has built
Management to restructure his investment portfolio and
successful practices in Lunenburg and Harvard, expanded his
signifi cantly grow his assets, allowing him to reinvest in
practice to include a partner, and purchased state-of-the-art
his business and prepare for a very comfortable retirement.
Now that really gives him something to smile about.
* Investment products are not a Deposit, not FDIC insured, not guaranteed
by Enterprise Bank, not Insured by any government agency, and may lose value.
PATRICK CONNERTY
Director, Advisor Services, SVP
“ Through our wealth management and investment
services, Enterprise Bank serves as a trusted
advisor for our clients, using our experience and
expertise to protect and preserve their assets,
giving them peace of mind and a strong
fi nancial foundation for the future.
36
I wouldn’t trust my future with anyone but
Enterprise Bank and Enterprise Wealth Management.”
John Walker, DMD
37
Enterprise Bancorp, Inc. and Enterprise Bank
B O A R D O F D I R E C T O R S
George L. Duncan
Founder and Chairman of the Board
Normand E. Deschene
Chief Executive Officer, Wellforce
James F. Conway, III
Vice Chairman and Lead Director of the Board
Former President, Chief Executive Officer
and Chairman, Courier Corporation
Michael A. Spinelli
Secretary of the Board
Founder, Global Tourism Solutions
John T. Grady, Jr.
Senior Advisor, Moelis & Company
Mary Jane King
President, Conway Management Company
John A. Koutsos
President, Alec’s Shoe Store, Inc.
General Counsel
Philip S. Nyman
Michael T. Putziger
Chairman, WinnCompanies
Carol L. Reid
Former Corporate Controller
and Chief Accounting Officer
Avid Technology, Inc.
Kenneth S. Ansin
President, Ansin Consulting Group
Joseph C. Lerner
Managing Partner, 819 Energy, LLC
Gino J. Baroni
Owner and Managing Principal
Trident Project Advisors and Development Group
Shelagh E. Mahoney
Owner and Chief Executive Officer
Eastern Salt Company, Inc.
John P. Clancy, Jr.
Chief Executive Officer, Enterprise Bank
Richard W. Main
President, Enterprise Bank
SEC & Regulatory Counsel
Hunton & Williams
Financial Consultant
Raymond L. Anstiss, Jr., CPA
Trust & Investment Management Counsel
George B. Leahey
John R. Clementi
Chief Executive Officer
Longview Development, LLC
Former President, Plastican, Inc.
Dr. Carole A. Cowan
Former President
Middlesex Community College
Dr. Jacqueline F. Moloney
Chancellor
University of Massachusetts Lowell
Luis M. Pedroso
Co-Founder, President, and
Chief Executive Officer, Accutronics, Inc.
Honorary Board Members
Kathleen M. Bradley
Nancy L. Donahue
Lucy A. Flynn
Eric W. Hanson
John P. Harrington
Arnold S. Lerner
Charles P. Sarantos
Nickolas Stavropoulos
38
Enterprise Bank fosters a learning environment
with classes, trainings, and shadowing opportunities
that have enabled me to develop both personally
and professionally, allowing me to advance from
an entry level position to a Branch Relationship
Manager, AVP. Enterprise Bank saw something in
me that I didn’t even see in myself.”
me that I didn’t even see in myself.”
– Branch Relationship Manager, AVP
Nicole Paglieroni – Branch Relationship Manager, AVP
222 Merrimack Street, Lowell, MA 01852 • 978-459-9000
24 CONVENIENT LOCATIONS IN:
Massachusetts: Acton • Andover • Billerica • Chelmsford
Dracut • Fitchburg • Lawrence • Leominster • Lowell • Methuen
Tewksbury • Tyngsborough • Westford
New Hampshire: Derry • Hudson • Nashua • Pelham • Salem • Windham
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
PO Box 505000, Louisville, KY 40233
888-218-4390
ANNUAL MEETING
The 2018 Annual Meeting of shareholders will be held on May 1, 2018 at 3:30 p.m. at the
University of Massachusetts 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.”
THANK YOU TO ALL OF OUR
TEAM MEMBERS WHO HELP US TO LIVE
OUR PURPOSE – TO HELP CREATE
SUCCESSFUL BUSINESSES, JOBS,
OPPORTUNITIES, WEALTH, AND
VIBRANT, PROSPEROUS COMMUNITIES.
EnterpriseBanking.com
002CSN8C7E