302 0 1 8 A N N U A L R E P O R T
C E L E B R A T I N G
I N B U S I N E S S
3 0 Y E A R S
12 “Working together, there is
{ }
nothing we cannot accomplish.”
R I C H A R D W. M A I N ,
P R E S I D E N T
t a b l e o f c o n t e n t s
Letter from the Chairman,
CEO and President . . . . . . . . . . . . 2
In Appreciation:
Michael A. Spinelli . . . . . . . . . . . . . 5
Celebration of Excellence. . . . . . . 6
Selected Financial Data . . . . . . . . 9
Our Customers . . . . . . . . . . . . . . . .12
Our Team Members . . . . . . . . . . 20
Our Community . . . . . . . . . . . . . . 26
Our Shareholders . . . . . . . . . . . . . 36
Board of Directors . . . . . . . . . . . . 40
Pictured on our cover,
Enterprise Bank’s first branch
and corporate headquarters
opened on January 3, 1989 at
222 Merrimack Street, Lowell, MA.
enterprise bank
1 9 8 9 - 2 0 1 9
celebrating thirty years
Thirty years ago, on January 3, 1989, we opened the doors of
nineteen communities. At heart we have always been—and will
Enterprise Bank. Our Enterprise was designed to be a whole
always be—a genuine, independent community bank where we
new kind of bank—a community bank that is independent,
measure our success by personal relationships, not transactions,
locally managed, that operates from a deep sense of purpose
and by the positive impact we make in our communities and in
that values entrepreneurial and community spirit and
the lives of our customers and team members.
stimulates the local economy by helping to create new
businesses and jobs, as well as providing a great workplace
where valued team members grow and prosper.
Over the past thirty years, Enterprise Bank has grown from
a single office in Lowell to twenty-four branch offices in
We thank you for sharing this journey with us. It is our
honor and privilege to serve you, and we look forward to
the next thirty years.
1
dear friends,
Thirty years ago, Enterprise Bank opened its doors, dedicated to
the deep sense of purpose that still drives us today: serving as a
true, independent community bank.
While it is appropriate to pause to reflect on a groundbreaking first
thirty years, our focus, as always, is on the future. By continually
investing in Enterprise Bank—in our team members, facilities,
services, and technology—we continually pave the way for
our future.
Our vision is to be the best and most impactful independent bank
in America. We are strong today because of our high aspirations.
We are strong because we adhere always to a mission to serve a
higher purpose and make a positive contribution to society, and to
the culture we created from day one: a culture of respect, trust,
and teamwork in a people-first environment.
OU R PEOPLE
Enterprise Bank’s top priority has always been and always will be
ongoing investment in our greatest asset: our people. The Bank’s
extraordinary success over the past three decades is a direct result
of the energy, desire, commitment, and talent of our exceptional
team members. At Enterprise Bank, we create and embrace a culture
that focuses on their growth and happiness, and we continually
invest in their future through training and mentoring, seeking to give
them opportunities to fulfill their potential, grow as professionals
and people, and achieve their dreams. (Read more about our team
members on pages 20 - 25.)
OU R GROW TH
Since inception, Enterprise Bank has achieved strong, high-quality,
and consistent growth and success, expanding from a single office
in Lowell to twenty-four branches in nineteen communities,
and from 28 team members to 538. Today we are approaching
$3.0 billion in total assets and $4.0 billion in assets under
management. We have been profitable every quarter since 1990.
2
Over the past thirty years, we have made nearly $9 billion in loans to
local businesses, professionals, non-profit agencies, individuals, and
families, serving as an economic engine to help create countless new
businesses, jobs, and homes, and to help fuel the local economy.
While we measure our success by relationships, not transactions, the
Bank’s financial growth has enabled us to fulfill our founding principles to
focus on community: building long-term relationships, helping businesses
grow, supporting non-profits, and providing great jobs for great people.
This growth also allows us to continually invest in the Bank’s future, in our
people, technology, facilities, branches, and new branch locations.
Since 1989, Enterprise Bank has successfully operated as a growth
company, with strong, high-quality, consistent and organic growth
across all business lines. This is a key to our success. We are growing
consistently and growing with a purpose.
We are proud to share some of Enterprise Bank’s financial highlights
for 2018:
• Total assets amounted to $2.96 billion, an increase
of $146.8 million, or 5%.
• Total loans amounted to $2.39 billion, an increase
of $117.6 million, or 5%.
• Net income for the year was $28.9 million, an increase
of $9.5 million, or 49%.
• Customer deposits amounted to $2.51 billion, an increase
of $214.1 million, or 9%.
{ Total assets in 2018 increased to 2.96 BILLION }
2.96
hosted a series of seminars focused on educating Enterprise Bank
customers and community members on the fundamentals of
planning for and navigating retirement. Our experienced financial
advisors provided attendees with a foundational understanding of
retirement planning topics including sources of income, expenses,
asset management, protection planning, and estate planning.
OU R TECHNOLOGY AND DIGITAL BANKI NG
Enterprise Bank is continuously investing in technology and process
improvements to improve the customer experience, making interactions
faster, easier, and secure. Through increasing focus on digitalization,
we are positioning Enterprise as a digital banking leader, providing
advanced technology and delivering leading-edge digital and online
banking services through a human customer experience that is
highly responsive, warm, trusting, and knowledgeable.
These innovative digital banking solutions include remote deposit
capture, a major time-saver that enables business customers to
securely and conveniently deposit checks from their home or office.
In 2019 we are rolling out a more robust business online banking
platform that will greatly enhance the user experience. For personal
banking customers, we offer Popmoney®, Digital Wallet, CardValet®,
and a Personal Mobile Banking app that enables customers to
pay bills with the snap of the camera, sign on with their fingerprint
or face ID, and manage the security of their debit card—all within
their mobile device.
We are also strengthening our fraud protection services, enhancing
digital and mobile channels, and investing in infrastructure, including
doubling the bandwidth in all branches to increase speed and
data capabilities.
Enterprise Bank is deeply committed to the well-being and
success of Our Customers, Our Team Members, Our Community,
and Our Shareholders. Read about their relationships with
Enterprise Bank, in their own words, beginning on page 12.
3
Grand opening of our new Leominster branch at 65 Main Street
OUR CAPAB ILITIES AND SERVICE S
Over the past thirty years, we have continually transformed how we
operate in response to ever-changing customer banking preferences
and technological advancements. As we have evolved and adapted,
we have progressively offered products, services, capabilities,
and technology comparable to what the “big banks” offer, while
differentiating Enterprise through exceptional customer service
and a strong sense of purpose.
Very few banks our size have the depth and breadth of our capabilities
and services, including expertise in commercial and residential
mortgage lending, commercial banking services, investment and
wealth management, cash management, digital banking, and
insurance services.
While we continually look to expand branch locations, we have also
been focusing heavily on renovating current branches to enhance
the customer experience. From pod teller stations and cash recyclers
to video conferencing and intelligent ATMs, we are adapting to
customers’ desire for a more consultative banking experience and
the ability to bank through multiple channels.
In 2018 our insurance and wealth management services continued
to offer financial security, stability, and peace of mind for businesses,
non-profits, and individuals. In the fall, Enterprise Wealth Management
in
APPRECIATION
Michael A. Spinelli
TH ANK YOU
We extend our deepest appreciation to each of you—our team
members, customers, community members, Board of Directors, and
shareholders—for the trust and confidence you have placed in us and
in this Enterprise that we have created.
To all of you, we say “thank you” for sharing in this journey with us and
for being part of the Enterprise Bank family. In return, we will continue
to fulfill our promise to you to adhere always to our founding purpose,
mission, and responsibility as an independent community bank.
We are grateful for the opportunity to serve you and all the communities
we call home, and we look forward to the next thirty years. Working
together, there is nothing that we cannot accomplish.
With deep gratitude,
George L. Duncan
Chairman
Jack Clancy
Chief Executive Officer
Richard W. Main
President
Unlike many banks our size, we operate our own data center, so
we have complete control over processes. This tireless work on
the “back end” means that we are making it faster, easier, and safer
for customers and team members to access the data they need,
when they need it. Enterprise Bank is strongly positioned for the
digital future.
LOOKING AHEA D
All of us at Enterprise Bank have an overwhelming sense of pride
and accomplishment in what we have achieved—and infinite
confidence, optimism, and inspiration in what the future holds.
We are living proof that when people with shared values come
together, the possibilities are endless. Today, we are the 14th
largest and the sixth youngest of 135 banks headquartered in
Massachusetts or New Hampshire. Looking around, we see many
banks that have been here much longer than Enterprise, but they
are not nearly as large, capable, or well-positioned for the future.
As we have for thirty years, Enterprise Bank will continually evolve,
change, and transform as the environment and world around us
change. But even as we grow and adapt to meet the needs of those
we serve, at heart we have always remained—and always will
remain—a genuine, independent community bank. We operate by
and hold fast to the culture that we created on day one: that each
of us believes and feels that we are a valued team member and part
of a family; that we are part of a team that is bigger than ourselves;
that we have the opportunity to make an invaluable contribution
to our Enterprise; that we have a strong feeling of inclusion and
belonging; and that it is up to each of us to create a warm, caring,
positive, collaborative, and team-oriented mindset by how we
“show up” and how we act.
This is what our Enterprise is all about, and it will never change.
4
in
APPRECIATION
Michael A. Spinelli
The Board of Directors of Enterprise Bank expresses its sincere
appreciation to Michael A. Spinelli for his thirty-one years of
dedicated service to Enterprise Bank and Enterprise Bancorp,
Inc. Mr. Spinelli is retiring from service as a director.
A founding director in 1988, Mr. Spinelli served Enterprise Bank
and our community with the utmost integrity and distinction.
His various roles included Clerk, Assistant Clerk, and Secretary.
Mr. Spinelli has served as the Chairman of the Audit Committee,
as well as a member of the Marketing and Business Development,
Investment Management/Enterprise Wealth Management,
Asset/Liability, and Banking Technology committees.
and success of Enterprise Bank over the past thirty-one years, and he has earned the deepest respect and
“Mike Spinelli’s inspiring leadership, strategic intellect, and community focus have helped shape the culture
{ }
appreciation of his fellow board members, our management team, and our employees. His service and
contributions will have a lasting impact on Enterprise Bank and our communities well into the future.”
G E O R G E L . D U N C A N , F O U N D E R A N D C H A I R M A N
5
I am always impressed that Enterprise treats everyone –
“I wanted to thank you and everyone at Enterprise for the
wonderful event last night. It was uplifting and inspiring.
{ }
each customer, each employee, each community member –
with the same degree of dignity, respect and appreciation.
We are fortunate indeed to have you in our community.”
CLARE C. GUNTHER
CHIEF DEVELOPMENT & COMMUNICATIONS OFFICER
LOWELL COMMUNITY HEALTH CENTER
6
celebration of excellence
HONORING OUR COMMUNITY’S BEST
Enterprise Bank hosted the seventh Celebration of Excellence
AWARD RECIPIENTS
on May 1, 2018 at the Lowell Memorial Auditorium. More
than 2,000 guests came together to honor and celebrate the
entrepreneurial and community spirit of those dreamers and
doers who make such a positive difference in our lives. They
were inspired by the stories of the outstanding nominees and
eleven award recipients. Victoria Arlen, an ESPN host and
Paralympic gold medalist, served as keynote speaker, sharing
her inspiring and powerful message on overcoming adversity:
“Face It, Embrace It, Defy It, Conquer It.”
Entrepreneur of the Year: Ross Haghighat • Triton Systems,
and Tom Bolduc and Mick Bolduc • Optiline Enterprises
Business of the Year: Westford Veterinary Emergency
and Referral Center
Educator of the Year: Dr. Sheila Harrity • Montachusett Regional
Vocational Technical School
Community Service Award: Dr. Patricia Ruze
Corporate Philanthropy Award: Quiet Logistics
Non-Profit of the Year: Boys & Girls Club of Greater Lowell
and YDO - Youth Development Organization, Inc.
George L. Duncan Award of Excellence: Kronos, Inc.
7
serving our customers and communities
To serve our growing number of customers seeking a strong,
community-focused, independent bank, Enterprise Bank is pleased
to offer twenty-four convenient branch locations throughout the
Greater Merrimack Valley, Nashoba Valley and North Central Regions
of Massachusetts and in Southern New Hampshire.
MANCHESTER
MANCHESTER
AUBURN
AUBURN
CHESTER
CHESTER
SANDOWN
SANDOWN
MERRIMACK
MERRIMACK
LONDONDERRY
LONDONDERRY
DERRY
DERRY
HAMPSTEAD
HAMPSTEAD
LITCHFIELD
LITCHFIELD
ATKINSON
ATKINSON
PLAISTOW
PLAISTOW
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
CONCORD
CONCORD
LEOMINSTER
LEOMINSTER
STERLING
STERLING
N
N
O
O
T
T
G
G
L I N
L I N
R
R
U
U
B
B
Communities with
branch locations
are shown in green.
BOLTON
BOLTON
STOW
STOW
MAYNARD
MAYNARD
LINCOLN
LINCOLN
LEXINGTON
LEXINGTON
24
{ 24 B R A N C H LO C AT I O N S }
8
19
{ 1 9 CO M M U N I T I E S }
KEY GROWTH FIGURES
Through December 31, 2018
ANNUAL COMPOUNDED GROWTH RATES
AT YEAR END 2018
2018 $ GROWTH
2018 % GROWTH
LAST 5 YRS
LAST 10 YRS
LAST 15 YRS
Bank Assets
$2.96 Billion
$146.8 Million
Loans Outstanding
$2.39 Billion
$117.6 Million
Customer Deposits
$2.51 Billion
$214.1 Million
5%
5%
9%
Net Income (1)
$28.9 Million
$9.5 Million(1) 49%(1)
10%
9%
10%
16%
10%
10%
11%
18%
(1) 2017 net income included a $4.8 million tax expense adjustment for the Bank’s net deferred tax assets due to the 2017 Federal Tax Cuts and Jobs Act.
ANNUALIZED DIVIDEND PER SHARE
Through March 2019
10%
11%
9%
10%
$0.64
$0.650
$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
2019
9
CUSTOMER DEPOSITS
$ in billions (Deposits, excluding brokered deposits)
NET INCOME
$ in millions
$2.21
$2.29
$2.51
$1.91
$1.68
$28.9
$18.8
$19.4
$14.7
$16.1
$30.0
$25.0
$20.0
$15.0
$10.0
$5.0
$0.0
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
TOTAL LOANS
$ in billions
TOTAL ASSETS & TOTAL ASSETS UNDER MANAGEMENT
$ in billions
n Total Assets n Total Assets Under Management
$1.50
$1.67
$2.27
$2.39
$2.02
$1.86
$3.75
$3.85
$3.33
$2.82
$2.96
$2.76
$2.29
$3.04
$2.53
$2.02
$4.50
$3.75
$3.00
$2.25
$1.50
$0.75
$0.00
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
$2.50
$2.00
$1.00
$0.50
$0.00
10
SELECTED FINANCIAL DATA
Year Ended December 31
2018
2017
2016
2015
2014
EARNINGS DATA
Net interest income
$
108,835
$
(dollars in thousands, except per share data)
$
86,792
$
97,522
Provision for loan losses
Net interest income after provision for loan loss
Non-interest income
2,250
106,585
14,940
Net (losses) gains on sales of investment securities (2,950)
80,878
37,697
8,816
$
28,881
$
$
2.47
2.46
21.80
0.58
11,679,520
11,750,462
$ 2,964,358
89,232
800,751
$ 3,854,341
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
Customer deposits
Total 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
1,430
96,092
14,958
716
76,145
35,621
16,228
19,393
1.68
1.66
19.97
0.54
$
$
$
2,993
83,799
13,639
802
70,328
27,912
9,161
18,751
1.71
1.70
18.72
0.52
$
$
$
11,568,430
11,651,763
10,966,333
11,039,511
78,294
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
$
16,148
$
14,651
$
$
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
$ 2,022,228
64,122
674,604
$ 2,760,954
$ 2,817,564
89,059
844,977
$ 3,751,600
$ 2,526,269
$ 2,285,531
80,996
725,338
71,272
678,377
$ 3,332,603
$ 3,035,180
$ 2,387,506
$ 2,269,904
$ 2,022,729
$ 1,859,962
$ 1,672,604
33,849
432,921
19,255
2,507,999
2,564,782
100,492
14,860
255,297
1.00%
12.15%
1.42%
8.61%
23.48%
32,915
405,206
14,496
2,293,872
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
2,209,559
2,268,921
10,671
14,834
214,786
0.78%
9.33%
1.55%
8.50%
30.41%
29,008
300,358
19,177
1,911,378
2,018,148
53,671
14,822
180,327
0.76%
9.29%
1.56%
7.89%
32.05%
27,1 2 1
245,065
10,102
1,683,361
1,768,546
58,900
10,825
166,950
0.76%
9.20%
1.62%
8.26%
33.10%
11
$8.9 BILLION IN LOANS to
Enterprise Bank has made over
{ }
and individuals, serving as an economic
businesses, professionals, non-profits,
engine to help fuel the local economy.
8.9
12
our
C U S T O M E R S
Enterprise Bank is built on a foundation of trust, committed to
We take the time to get to know and understand each customer,
providing the highest level of customer experience by exceeding
with a goal to make them feel like our most important customer.
expectations every day through true customer-focused banking.
Enterprise Bank’s five-star personal service includes the Buck
Over the past thirty years, we have adapted and evolved our
Stops Here principle—taking responsibility for customers’
capabilities and services to meet the growing and changing
problems until they are resolved—and our Sundown Rule,
needs of customers, without ever sacrificing the outstanding
responding to every customer’s request by the end of each day.
personal attention, service, and accessibility that is unique
to Enterprise.
Our commitment to customer service is matched by our
commitment to providing outstanding capabilities to meet
Our customers tell us that it is important to do business with
customers’ needs. We continuously invest in technology and
a bank that is rooted in their local communities, with team
product innovation to make banking more efficient, more
members who truly value and care about them. Because we
secure, and easier for our customers, improving their overall
value long-term relationships over transactions, we have earned
banking experience.
the trust of our customers to do what is in the best interest for
both them and for the Bank. We measure our success by the
success of our customers, and we take genuine pride and
satisfaction in helping them dream big and accomplish their
goals in their businesses, jobs, homes, and personal wealth, as
we help to support our communities and fuel the local economy.
We deeply value the relationships that we have with the
businesses, non-profits, and individuals that we have the
privilege of serving.
Picture opposite page: Marie Mayotte, Red Brick Clothing Co.; Fouad Mahfuz and Sy Mahfuz, PRG Rugs; Julia Silverio, Evan Silverio and Dario Silverio, Silverio Insurance.
13
our
C U S T O M E R S
it’s all about relationships
WESTFORD VETERINARY EMERGENCY AND REF ER RAL CENTER
{ }
Founded in 2012, Westford Veterinary Emergency and Referral
center—and are continuing to grow. It is important for the team
Center is a specialized veterinary hospital providing lifesaving
to work with a local bank where they are more than just a
emergency intervention, chronic disease management, advanced
number, so they choose Enterprise. From commercial loans for
surgeries, and cancer treatment. With increasing demand for
building expansions and equipment purchases to day-to-day
their expertise, co-founders Dr. Chris D’Orazio, DVM, and
cash management, Enterprise handles the details so the
Sarah Gill-D’Orazio have significantly
expanded the center’s services, staff,
and locations—including a newly
opened 7,800-foot specialty services
veterinary team can keep their
focus where it should be: taking
care of their patients and growing
their business.
14
“We simply would not be where we are today
without Enterprise. A successful business takes
{ }
a village, and Enterprise is part of our village.
They make everything effortless for us.”
DR. CHRIS D’OR AZ IO, DVM
Front row: Sarah Gill-D’Orazio, Carole Decker-Gill
Back row: Dr. Chris D’Orazio, John Gill
15
“We have 100 percent trust in
Enterprise Bank and HUB International
{ }
to give us just what we need,
just when we need it.”
HA RRY HOWE
Harry Howe and Philip Latini, Owners
16
our
C U S T O M E R S
exceptional customer care
MORRIS MECHANICAL SALES AND SERVICE , I NC .
Morris Mechanical Sales and Service, Inc. sells and services new
and cash management. And, to protect their trucks, expensive
and reconditioned HVAC, water chillers, and cooling towers—
equipment, and their most valuable asset—their people—they
both industrial and commercial—providing quality engineering,
trust Enterprise Insurance Services.* For more than a dozen years,
sales, installation, and service to their neighbors in Central
Enterprise and partner HUB International New England, LLC
Massachusetts and far beyond. The busy owners of this growing
have worked with Morris Mechanical to customize cost-effective
company need a bank to make their
lives easier, so they rely on Enterprise
Bank for their commercial loans
coverage to insure specific needs,
from overseas shipping to employee
health. Now that’s really cool.
* Insurance products are not a Deposit, not FDIC insured, not guaranteed by Enterprise Bank, not insured by any government agency, and may lose value.
17
{ }
our
C U S T O M E R S
a foundation of trust
THE KATZ GROUP AND FINNEG AN DEVELOPMEN T
{ }
Together, Katz Group and Finnegan Development create a
they trust Enterprise Bank—and have for nearly thirty years.
family-owned, multi-generational partnership delivering
Enterprise knows their business inside-out and can anticipate
excellence in residential and commercial development in
their needs, making the process simple, seamless, and
Massachusetts and New Hampshire. Katz and Finnegan are
effortless. Like Katz and Finnegan, Enterprise is built on solid,
nimble and innovative, large enough to handle major projects,
long-term relationships: knowing its customers, earning their
but small enough to provide a
hands-on management approach.
For the financing of their projects,
loyalty, and delivering on promises.
Now that’s a strong foundation on
which to build.
18
“With Enterprise, it’s all about
the relationship. We know them,
{ }
ERIC KATZ AND JAY FINNEGAN
we trust them, and they have
always been there for us.”
Eric Katz, President, Katz Group
Jay Finnegan, Partner, Finnegan Development
19
The early Enterprise Bank team,
shown here in April 1989, consisted
{ }
of just 28 TEAM MEMBERS.
has grown to more than 530.
Today, our Enterprise family
20
28
our
T E A M M E M B E R S
Our team members have made Enterprise what it is today, and
have a lot of fun, celebrating each other and the joy of sharing
they will always be the Bank’s greatest asset. At Enterprise Bank,
this Enterprise together.
we are truly a family, made up of outstanding people of the
highest character, integrity, and loyalty, who embrace our culture
and genuinely care about each other and our bank, customers,
community, and shareholders. We are all aligned; we believe in
our mission and we trust and believe in each other, united by our
strength and respect for one another and the Bank’s core values of
integrity, community, excellence, teamwork and professionalism.
In recognition of this focus on our team members, Enterprise
Bank has been named to The Boston Globe’s “Top Places to
Work in Massachusetts” for the seventh consecutive year,
ranking in 2018 among the top three among large companies.
The survey honors employers who care for their most valuable
resource: the people who work for them, based on employee
opinions about their company. Of the many awards and
Enterprise is built on a foundation of diversity and inclusion.
recognitions that we have earned, this is the most meaningful,
We cultivate this in our leadership, hiring, training, and team
because it comes directly from our team members.
member development, committed to creating an environment
where our team members feel a strong sense of belonging
and are valued for their diverse perspectives. Enterprise Bank’s
team members know they are appreciated and cherished as
people, not just employees. They work hard every day, taking
At Enterprise Bank, we recognize that we are all part of a
team that is bigger than ourselves. Operating as a family, we
focus on serving each other and our customers with respect,
kindness, generosity, and genuine caring.
on new responsibilities, striving for excellence, and continually
That is what makes us so special and what differentiates us from
making Enterprise a better place to work and bank. We also
every other bank.
21
our
TEAM MEMBERS
our greatest asset
DI ANE J. SILVA
Chief Mortgage and Consumer Lending Officer
When Diane Silva began working at Enterprise Bank on
January 3, 1989, she knew she had found her permanent home.
She believed deeply in Founder George Duncan’s vision for a
new kind of community bank, focused on developing long-term
relationships with customers and co-workers, giving back to
the community, and being responsible to shareholders. One of
the first team members to join this exciting new Enterprise, she
was hired to oversee mortgage lending and has risen through
the ranks to become an Executive Vice President, encouraged
and supported every step of the way by her Enterprise family.
Today, celebrating thirty years—and her role as the driving force
behind more than $2 billion in residential, home equity, and
consumer loans—Diane Silva is thrilled to be part of the
Enterprise Bank family.
22
We treat each other like family and want to make a
“The culture is what makes Enterprise Bank so special.
{ }
genuine, meaningful difference in each other’s lives
and in the lives of our customers and community.”
DIAN E J. SILVA
SUSAN CALLERY ROSSIN I
Senior Financial Advisor/SVP
Enterprise Wealth Management
While studying finance at University of Massachusetts Lowell
in 1989, Sue Rossini took a job as a part-time teller at Enterprise
Bank—a small, just-opened community bank in downtown
Lowell. Thirty years later, both Sue and Enterprise have grown far
beyond her expectations. Shortly after college graduation, Sue
transitioned to the accounting and finance department. With
support from the Enterprise education reimbursement program,
she earned her master’s degree in Accounting and her Certified
Financial Planner™ designation, opening doors to a fulfilling
and rewarding career with Enterprise Wealth Management.
Today, as a highly respected and trusted financial advisor, Sue
is dedicated to building meaningful relationships with her clients
and helping them to achieve their goals, just as Enterprise Bank
has enabled her to achieve her own.
{ }
“Enterprise Bank is a place of unlimited opportunity
{ }
are valued and supported in pursuing their goals.”
and learning and growth, where employees
SUE ROSSI NI
23
SOMATH RY
Commercial Loan Processing Supervisor, Bank Officer
Somath Ry’s life changed forever the day she accepted a
part-time job at Enterprise Bank. A quiet high school senior, her
supervisors at Enterprise saw a potential in her that she didn’t
see in herself. Under their mentoring, a new world of opportunity
opened to Somath. She continually advanced in her job, accepting
a full-time job as a loan processor after graduation, taking
professional development courses, and gaining in confidence
every day. Today, twenty years later, she is a loan processing
supervisor, guiding and teaching others. At eighteen, she
couldn’t have imagined the wonderful future ahead of her at
Enterprise; today, she couldn’t imagine working anywhere else. { }
not just an employee. We are all here for each other.
This is a place of trust, where people care about me
and support me and treat me as a whole person,
“Enterprise Bank is my second family.
I love it here and never want to leave.”
SOMAT H RY
24
The Enterprise Bank family has grown from a
Each year, our Enterprise Bankers gather for our
handful of trailblazers to 538 TEAM MEMBERS.
{ }
Celebration of Success event—a special opportunity
to come together and celebrate our achievements.
The theme of this year’s event, pictured here,
was “Celebrating the Magic of Disney.”
{ } 538
25
dedicated 30,401 HOURS
In 2018, our Enterprise Bankers
OF SERVICE to local non-profit
{ }
30,401
and charitable organizations.
26
our
C O M M U N I T Y
Since our inception, we have believed that a business should
to support these valuable organizations that have such a
be a force for good, serving a social purpose and operating as
profound impact on the quality of the communities we serve.
a good philanthropic partner and neighbor. A true passion for
Our Celebration of Excellence program celebrates and honors
and commitment to community service is deeply entrenched in
the business owners, entrepreneurs, non-profit organizations,
the Enterprise Bank culture and reflects a core principle of our
educators, and leaders who contribute to the economy and
purpose as a community bank.
our quality of life in profound ways.
In addition to continuing financial support of non-profit
Our commitment to community is consistently recognized
organizations, Enterprise team members share their time
at the Boston Business Journal Corporate Citizenship Summit.
and expertise with non-profits and social causes. Team
In September, Enterprise Bank was honored at the summit as
members and trusted advisors serve in key positions on
#3 for the highest average hours (49.32 per employee) in
more than 100 non-profit boards, playing a critical role in
community service. The Bank was also recognized as #56 in
their success and stability.
a listing of the largest corporate donors in Massachusetts.
Entering its eleventh year, Enterprise Bank’s Non-Profit
CollaborativeSM provides critically needed support and
resources to non-profit organizations in the region, including a
free Educational Seminar Series, networking and relationship-
building opportunities, as well as board and volunteer support,
This special recognition is a tribute to our team members who
embrace Enterprise Bank’s corporate values and make such
a difference in the lives of so many. We are extremely grateful
for all they do each and every day to improve lives in the
communities where we live and work.
27
our
C O M M U N I T Y
helping those who help others
BOYS & GIRLS CLUB OF GREATER NASHUA
The Boys & Girls Club of Greater Nashua is dedicated to enabling
caring and trust, it is important for the Club to work with a
all young people, especially those most in need, to reach their
bank that shares those values and supports the community.
potential as productive, caring, responsible citizens. The Club
They trust Enterprise to provide banking services that help
provides the tools and programs to help members succeed
the Club run more efficiently, and value Enterprise Bank’s
academically, overcome challenges, and understand their value
generous support of non-profit organizations. For the Boys
& Girls Club, Enterprise Bank is
a true community partner.
because of the people. We’ve built
“We choose and value Enterprise Bank
{ }
strong, long-term relationships with
NORMAN BOUTHILETTE, CEO
people we can trust.”
in the world. For a community service
organization built on a culture of
28
Norman Bouthilette, CEO, Boys & Girls Club of Greater Nashua
Mary Jane King, Club Board President, Enterprise Bank Director
29
30
our
C O M M U N I T Y
investing in community
COMMUNITY TEAMWORK, INC.
Community Teamwork is a catalyst for social change, using
commitment to a positive workplace. They have found that in
innovative approaches to strengthen communities and help
Enterprise Bank. For the past thirty years, Enterprise has been a
people improve their lives and reach a place of fulfillment
resource for Community Teamwork, from development loans and
and economic stability. Community Teamwork delivers vital
retirement plans to Wealth Management services to support the
services and collaborates with key stakeholders to create
organization’s long-term success.* Enterprise is also a strong
housing, education, and economic
opportunities. It is important for
Community Teamwork to partner
with organizations that reflect their
social values, diversity, and
community non-profit organizations
“Enterprise Bank supports and helps
{ }
to succeed. They believe in us and invest
in us and are a true community partner.”
KAREN FRED ERICK, CEO
community partner through its
philanthropic support. When it comes
to supporting non-profit organizations
in our community, Enterprise Bank
is an important part of the team.
* Investment products are not a Deposit, not FDIC insured, not guaranteed by Enterprise Bank, not insured by any government agency, and may lose value.
31
our
C O M M U N I T Y
a true community partner
MONTACHUSETT OPPORTUNITY COUN CIL, IN C.
Montachusett Opportunity Council, Inc. (MOC) empowers
to the community. For more than fifteen years, MOC has relied
families and communities across the North Central region to
on the expertise of Enterprise Bank, from day-to-day cash
achieve economic stability. They work to eliminate barriers and
management to commercial lending for large facility expansions.
create opportunities, providing child care, education, workforce
The trusted advisors at Enterprise have served as board members
development, nutrition, health, and community and housing
and volunteers, dedicating countless hours of their own
“Enterprise Bank is truly invested
in our organization and invested in our
{ }
communities. They set the standard for
KEVIN REED, EXECUTIVE DIRECTOR
commitment to community.”
time and expertise to support the
organization and the communities it
serves. For MOC, that is the definition
of commitment to community.
support. As a non-profit dedicated
to enriching communities, it is
important for MOC to work with a
local bank dedicated to giving back
32
33
our
C O M M U N I T Y
stepping up to serve their community
E NTE RPRISE BANKERS RE SPOND WHEN DISASTER STRI KES
{ }
When a devastating natural gas explosion affected thousands
Jonathan Machado immediately volunteered their services,
of people in the Massachusetts communities of Lawrence,
volunteering for several days at the senior center and high
Andover and North Andover last year, Enterprise Bankers
school, helping to coordinate and process donations and intake
were among the first to step up to help. Lawrence Branch
claims for displaced families seeking assistance. Over the next
Relationship Manager Jessica Colcord and Commercial Lender
two months, during work hours and their personal time, they
“We love Lawrence and are a part of this great
community. We felt a responsibility as individuals
{ }
and as representatives of Enterprise Bank to
JONATHAN MACHADO, LAWRENCE BRANCH
step up and do everything we could to help.”
34
and their Lawrence branch team members served as liaisons
between non-profits and displaced residents in need of
assistance, as well as providing cash management support
in processing and distributing claims checks from the
$10 million pool provided by Columbia Gas.
“The sense of spirit and togetherness
and community in Lawrence was just incredible,
{ }
JESSICA COLCORD, LAWREN CE BRA NCH
and we were blessed to be a part of it.”
“I wanted to show these people who had been through
so much that someone cares about them. I’m very lucky
{ }
that I work for Enterprise Bank, because it allows me to
give back and help others in the community.”
THERE SE LEO NE, A NDOVER BR ANCH
In Andover, Branch Relationship Manager Therese Leone, who also
serves as Chair of the Andover Chamber of Commerce, wanted to do
something special for displaced families, as well as the tireless first
responders and gas company workers, many of whom were from out
of town and would be unable to return home for the Thanksgiving
holiday. She collected donations of food and money and rallied
volunteers to host Thanksgiving dinner at the Andover Senior Center,
as well as deliver meals to housebound residents.
In response to the disaster, Enterprise Bank established the
Merrimack Valley Gas Explosion Relief Fund, matching more than
$20,000 in donations, and distributed those funds to the American
Red Cross and Salvation Army. Enterprise was also a lead bank in
funding the Merrimack Valley Small Business Emergency Loan Fund,
in partnership with the Lawrence Partnership and Mill Cities
Community Investments, helping businesses to stay afloat as they
dealt with the aftermath of the disaster.
Community is a core value of Enterprise Bank, and we are deeply
committed to supporting those in need in the communities we serve.
Caption
Jonathan Machado, Jessica Colcord and Therese Leone
35
George L. Duncan
Founder and Chairman,
Enterprise Bank
117 CONSECUTIVE QUARTERS,
Enterprise Bank has been profitable for
{ }
the dividend rate to our shareholders
and we have both paid and increased
every year for 27 consecutive years.
117
36
our
S H A R E H O L D E R S
Local ownership has been, and remains, a critical part of the
Shareholders’ investment in Enterprise Bank enables us to
success of Enterprise Bank. Many of our shareholders have
fulfill and further that mission, and we take seriously our
been with the Bank since inception, and we are energized
fiduciary responsibility to operate in their best interest.
by new investors who place their faith and confidence in
We are both humbled and inspired by the trust they place in
Enterprise Bank. As a truly independent bank, we are locally
Enterprise Bank as shareholders and—for so many of them—
owned and locally managed—and always will be.
as customers. Their support has always been, and will
We work every day to earn our shareholders’ trust to lead
Enterprise profitably into the future as an independent,
innovative, purpose-driven community bank, holding
true to our integrity and core values, and commitment
to meaningful relationships with our team members,
customers, and communities.
continue to be, a key component of our long-term success
and independence as a genuine community bank.
37
our
SHAREHOLDERS
believing in the vision
NANCY L. DONA HUE
When George Duncan announced plans to open Enterprise
Bank, Nancy Donahue immediately came on board as an
investor and a board director, not because she thought the bank
would be a tremendous financial success, but because she
knew the bank would be socially responsible and vested in the
community. Nancy was eager to support a bank with the vision
and priorities laid out by Enterprise: operating with a sense of
purpose, with honesty, integrity, and character, and putting the
well-being of employees and the community first. From day
one, Nancy recognized that the value of Enterprise Bank is in the
quality and character of its leaders and employees. Today, she
sees other banks looking to Enterprise to lead the way in doing
what’s right for the greater good.
38
“I am invested in Enterprise Bank because of their
investment in the community and their employees.
{ }
They are champions of social responsibility and set
the standard for how all banks should operate.”
NAN CY L . DONAH UE
ROBERT AND HILD E G ILMAN
As the Lowell assistant city manager in the 1970s and ‘80s,
Robert Gilman highly respected George Duncan as a successful
and proven financial leader. More importantly, he respected
him as a man of great character who earned the loyalty and
dedication of the people around him. Bob leaped at the
opportunity to be an initial investor in Enterprise Bank, wanting
to support an independent community bank with such a strong
corporate and people-centered culture. Soon after, he joined the
bank as a team member, spending twenty years as a commercial
lender and later Executive Vice President for Human Resources
and Facilities, before retiring in 2010. As a customer, team
member, and shareholder, Bob Gilman has always been—and
always will be—proud to be part of the Enterprise family.
{ }
“We are very proud to have invested in Enterprise Bank
what they stand for. From day one they have been true
because of the quality and character of the people and
{ }
to their vision as a strong, local community bank that
is good and responsible to their customers, their
employees, and their shareholders.”
ROBERT AND HIL DE GILMAN
39
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
Former President, Chief Executive Officer
and Chairman, Courier Corporation
John A. Koutsos
Secretary of the Board
President, Alec’s Shoe Store, Inc.
Luis M. Pedroso
Assistant Secretary of the Board
Co-Founder, President, and
Chief Executive Officer, Accutronics, Inc.
Kenneth S. Ansin
President, Ansin Consulting Group
Dr. Carole A. Cowan
Former President
Middlesex Community College
Normand E. Deschene
Former Chief Executive Officer, Wellforce
John T. Grady, Jr.
Senior Advisor, Moelis & Company
Mary Jane King
President, Conway Management Company
Joseph C. Lerner
Managing Partner, 819 Energy, LLC
Shelagh E. Mahoney
Owner and Chief Executive Officer
Eastern Salt Company, Inc.
Gino J. Baroni
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
John R. Clementi
Chief Executive Officer
Longview Development, LLC
Former President, Plastican, Inc.
Dr. Jacqueline F. Moloney
Chancellor
University of Massachusetts Lowell
Michael T. Putziger
Chairman, WinnCompanies
Carol L. Reid
Former Corporate Controller
and Chief Accounting Officer
Avid Technology, Inc.
Michael A. Spinelli
Founder, Global Tourism Solutions
General Counsel
Philip S. Nyman, Esquire
SEC & Regulatory Counsel
Hunton Andrews Kurth LLP
Financial Consultant
Raymond L. Anstiss, Jr., CPA
Advisor to the
Enterprise Wealth Management Committee
Marcia S. Wagner, Esquire
Honorary Board Members
Kathleen M. Bradley
Nancy L. Donahue
Lucy A. Flynn
Eric W. Hanson
John P. Harrington
Arnold S. Lerner
Nickolas Stavropoulos
40
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 our transfer agent:
Computershare Investor Services
PO Box 505000, Louisville, KY 40233
888-218-4390
ANNUAL MEETING
The 2019 Annual Meeting of shareholders will be held on May 7, 2019 at 4:00 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.”
EnterpriseBanking.com
002CSN9B46