2 0 1 9 A N N U A L R E P O R T
•••••
The marriage of technology
& human interaction
•••••
TA B L E O F C O N T E N T S
Letter from the Chairman,
CEO, and President . . . . . . . . . . . . . . . . . . . . . . . 1
Selected Financial Data . . . . . . . . . . . . . . . . . . 5
Our People-first Culture . . . . . . . . . . . . . . . . . 6
Strengthening the Fabric . . . . . . . . . . . . . . . . 8
of Our Communities
Enhancing the Digital Channel . . . . . . . . . 10
for Superior Customer Experience
Utilizing High-tech to . . . . . . . . . . . . . . . . . . . 12
Enhance High-touch
A Holistic View Supporting . . . . . . . . . . . . 14
Full Financial Wellness
Advanced Capabilities to Help . . . . . . . . . 16
Our Customers Grow
Our Customers’ Stories . . . . . . . . . . . . . . . . 18
Board of Directors . . . . . . . . . . . . . . . . . . . . . . 38
The marriage of technology & human interaction
As digitalization and customer expectations transform how banks operate,
Enterprise Bank stands alone in our ability to marry technology and human
interaction, leveraging digital advancements without sacrificing exceptional
customer service and meaningful relationships .
As you will read in this annual report, technology enhances and strengthens
the relationships we have with our customers at Enterprise Bank; it will never
replace them . Even as we meet the future with innovation, we recognize that
it is the extraordinary members of our Enterprise family that are the very
foundation and fabric of our Enterprise and what will continue to differentiate
us from every other bank .
Dear Friends,
The strong success and consistent growth of Enterprise Bank
over the last 31 years have been driven by our steadfast commitment
to our values, our people-first philosophy, and a willingness to
constantly adapt and evolve to meet the changing needs of our
customers and communities .
As customer expectations and technology more rapidly transform
how and where we serve our customers and how we operate,
Enterprise Bank is well-positioned for the future, focused on
progressive services and capabilities that integrate technology
and human interaction, rooted in our core values and foundation
as a strong, independent community bank .
OUR PEOPLE
As we meet the future with a focus on technology, digitalization,
and innovation, we will never lose sight that Enterprise is the success
it is today—and will be tomorrow—because of the collective actions
and meaningful contributions of each member of our Enterprise
family . The spirit of our board of directors and 550 team members—
who embrace our values that include teamwork, trust, respect,
caring, communication, five-star customer service, and striving for
excellence in all that we do—is the very foundation and fabric of
our Enterprise .
Our team strives to deliver a superior customer experience by
building long-term, positive relationships with our customers and
staying true to our founding service principles like The Sundown
Rule, responding to our customers by the end of the day, and
The Buck Stops Here, owning our customers’ problems until they
are resolved .
For the eighth consecutive year, our Enterprise was named a
“Top Place to Work” by The Boston Globe, and we were extremely
honored to be ranked #1 among all large-sized companies in
Massachusetts for 2019 . This recognition is the result of the caring,
dedication, respect, continuous pursuit of excellence, and most
simply, how each one of our team members shows up each day,
reflecting the spirit and purpose on which our Enterprise operates .
OUR GROWTH
Our Enterprise experienced another strong year of growth and progress,
posting our 121st consecutive profitable quarter and increasing the
shareholder dividend for the 27th consecutive year . Among the major
milestones in 2019, Enterprise passed $2 .5 billion in total loans, $3 .0 billion
in total assets, and $4 .0 billion in total assets under management .
From day one, Enterprise Bank has been committed to strong, consistent,
purposeful, relationship-driven organic growth . Beginning with a single
office in Lowell, we ended 2019 with 24 branches in 19 communities—
and in 2020 we are welcoming our 25th and 26th branch locations in
Lexington and in North Andover .
We are proud to share with you some of Enterprise Bank’s
financial highlights for 2019:
• Net income was $34 .2 million; growth of 18%,
• Total assets ended at $3 .24 billion; growth of 9%,
• Total customer deposits amounted to $2 .79 billion; growth of 11%,
• Total loans amounted to $2 .57 billion; growth of 7%,
• Total assets under management ended 2019 at $4 .25 billion;
growth of 10%, and
• As announced January 21, 2020, a
quarterly dividend of $0 .175 per share
was declared, which represents a
9 .4% increase over the rate for
the same period in 2019 .
121 consecutive
profitable quarters
27 consecutive
years of shareholder
dividend increases
1
Our average annual compounded growth rates for each of the last five, ten, fifteen, and twenty-year time periods are as follows:
ITEM
Net Income
Assets
Customer Deposits
Loans Outstanding
LAST FIVE YEARS
LAST TEN YEARS
LAST FIFTEEN YEARS
LAST TWENTY YEARS
18%
10%
11%
9%
16%
10%
10%
9%
11%
9%
9%
11%
11%
10%
11%
12%
As you can see, our historical growth rates are both very strong and very consistent .
OUR CAPABILITIES
As we have evolved and adapted over the past 31 years, we have
differentiated ourselves in the market with our ability to offer
progressive services and technology, delivered with exceptional,
personal customer service, including local decision-making,
community knowledge, responsive service, and the spirit to go
above and beyond .
Most banks our size do not have either the breadth or depth of our
services, notably our advanced expertise in commercial lending,
residential lending, investment and wealth management, cash
management, digital banking, and commercial insurance . While
proud of the sophistication of our current offerings, we are very
focused on evolving these business lines to an even higher level .
We are continually expanding and enhancing our services and
capabilities to offer a simpler, more rewarding, and more accessible
consultative banking experience . Whether in a branch or through
our online and mobile platforms, we work with each customer to find
resources to solve problems, plan for the future, and grow financially .
At Enterprise, we are more than just “bankers .” We are trusted
advisors who value long-term relationships, who operate from a
true sense of purpose, and who always strive to do what is best
for our customers .
TECHNOLOGY AND DIGITAL BANKING
Faster . Easier . Digital . Mobile . All delivered with warm and capable
human interaction .
In 2019 Enterprise Bank embarked on a multi-year, increased focus on
“digital evolution”—initiatives to streamline and expedite our delivery
of products and services, including those through digital and mobile
channels . We strengthened—and are continually strengthening—
infrastructure and technology to improve the customer experience,
including the implementation of a new robust customer relationship
management platform and a new video and web conferencing platform .
We also launched numerous new digital banking applications in 2019 .
We are leveraging cloud-based solutions that will expand our ability to
offer our customers and Enterprise team members improved availability
to information . And we are investing in better managing data that will
lead to improved customer relationships and service .
As this digital evolution moves forward, our team members are vigorously
analyzing every aspect of our operations—from wealth management to
commercial lending to mortgage lending to deposit account openings
—to identify opportunities to further leverage and optimize technology .
This relentless investment in process innovation has and will position
Enterprise as a banking leader as we continuously enhance our digital and
in-person experience, interactions, and satisfaction for both customers
and team members . We continue to strongly invest in our technology
infrastructure to ensure our capacity for organic and digital growth .
2
Our long-term growth and success have been driven by the direction,
guidance, accountability, excellence, and oversight set by our board of
directors, the actions of our entire Enterprise team, and the tremendous
and loyal support we have enjoyed from our shareholders, communities,
and customers—many of whom have been a part of the Enterprise
family from day one .
We express our deepest and our most sincere appreciation to
each of you for the trust and confidence you have placed in us and
supporting our vision to be the best community bank in America .
We are so excited about what our future holds . Working together,
there is nothing that we cannot accomplish .
With deep gratitude,
Richard W . Main
President
Jack Clancy
Chief Executive Officer
George L . Duncan
Chairman
COMMUNITY
At Enterprise, we have a deep sense of purpose as a genuine
community bank, believing that business should be a force for
greater good, serving a social purpose and giving back to our
communities . This spirit of giving back is such a big part of
our DNA .
Our Enterprise family members are committed to the communities
they serve, sharing their time and expertise with non-profits and
social causes that greatly enrich this region . During 2019, they
supported more than 500 non-profits and community organizations—
including collecting 525 gowns for “Belle of the Ball” and gathering
1,637 “Coats for Kids” to keep adults and children warm—and
supported countless other efforts to support those in need .
Through ongoing bank-wide support and initiatives, we were able
to make an enormous impact in our local communities . In its
12th year, Enterprise Bank’s Non-Profit CollaborativeSM provided
critically needed support and resources to non-profit organizations
in the region, including a free Educational Seminar Series .
As a result of our deep commitment, Enterprise Bank was recognized
at the Boston Business Journal’s Corporate Citizenship Summit as
#2 in average employee hours of community service (57 .12 per
employee) . 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 .
LOOKING AHEAD
Rooted in the values and principles that most distinguish our
Enterprise, combined with an increased focus on technology,
digitalization, and progressive services and capabilities, we will
continue to further differentiate ourselves as we successfully
adapt and evolve to anticipate and meet the shifting needs of
our customers and communities .
3
A N N U A L I Z E D D I V I D E N D P E R S H A R E
$0.70
2000
2010
2020
•••••
Through March 2020
$0.700
$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
4
SELECTED FINANCIAL DATA
Year Ended December 31
2019
2018
2017
2016
2015
EARNINGS DATA
Net interest income
Provision for loan losses
Net interest income after provision for loan loss
Non-interest income
$
$
115,857
1,180
114,677
16,173
Net gains (losses) on sales of available for sale securities 146
(dollars in thousands, except per share data)
$
97,522
$
108,835
2,250
106,585
14,940
(2,950)
80,878
37,697
8,816
86,415
44,581
10,381
$
34,200
$
28,881
$
$
2 .90
2 .89
25 .09
0 .64
11,789,570
11,829,818
$
$
2 .47
2 .46
21 .80
0 .58
11,679,520
11,750,462
1,430
96,092
14,958
716
76,145
35,621
16,228
19,393
1 .68
1 .66
19 .97
0 .54
$
$
$
$
$
$
86,792
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
8,1 1 4
$
16,148
$
$
1 .56
1 .55
17 .38
0 .50
10,323,016
10,389,934
$ 3,235,049
$ 2,964,358
$ 2,817,564
$ 2,526,269
$ 2,285,531
95,905
916,623
89,232
800,751
89,059
844,977
80,996
725,338
71,272
678,377
$ 4,247,577
$ 3,854,341
$ 3,751,600
$ 3,332,603
$ 3,035,180
$ 2,565,459
33,614
505,255
23,867
2,786,730
2,786,730
96,173
14,872
296,641
1 .10%
12 .31%
1 .31%
9 .17%
22 .07%
$ 2,387,506
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%
$ 2,269,904
$ 2,022,729
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%
$ 1,859,962
29,008
300,358
19,17 7
1,911,378
2,018,148
53,67 1
14,822
180,327
0 .76%
9 .29%
1 .56%
7 .89%
32 .05%
5
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
H U M A N R E S O U R C E S
•••••
Our people-First culture
At Enterprise Bank, we embrace a culture that measures our success not by
numbers and transactions, but by long-lasting relationships, by the lives we
influence, and by the dreams we help fulfill . That culture centers on our
Enterprise team members .
From day one, Enterprise has worked to create a culture where we respect
and care for each other, and where we take great pride in the work we do .
We work hard to provide a positive and rewarding workplace, where our team
members can grow and prosper, because we know that employees who feel
valued and appreciated make their customers feel the same way .
In 2019, Enterprise Bank was named the #1 place to work among large-sized
companies in The Boston Globe’s “Top Places to Work in Massachusetts”
survey . Of the many recognitions we have earned over the past 31 years,
none is more important as this one, because it came directly from our team
members and their experience at Enterprise .
6
We are truly a team, where every member knows
they have a seat at the table and are invited to make an
invaluable contribution to our Enterprise . We work hard
to provide a culture and environment that continuously
#1 Top Place
to Work
among large-sized companies
2019, The Boston Globe
encourage feedback and input, and where team members are
empowered to identify problems and create solutions . Our message
to our Enterprise team members is clear: You belong here . You have a
voice here . We hear you, and we care about what you think .
Our people have made Enterprise what it is today and will continue
to be what differentiates us from every other bank . We continually
invest in their future and strive to continually reward and recognize
our team in meaningful ways, big and small . We work to offer a
competitive and meaningful rewards package that meets their needs
and their families’ needs . And we never miss an opportunity to get
together and have some fun .
At Enterprise Bank, we like to say that we are in the people business .
That has been our culture and operating philosophy from day one and
will never change .
Jamie
Jamie Gabriel, PHR, SHRM-CP
Chief Human Resources Officer
IN THE WORDS OF
OUR TEAM MEMBERS
“ I love working at Enterprise
Bank because of the culture,
the feeling of family, knowing that we all
have the same goal—to genuinely care about and take
care of each other and our customers .”
“ What Enterprise has created is far more than a bank;
it’s a family . At Enterprise, I am appreciated and valued,
with opportunities for mentoring, advancement, and
giving back to my community . Enterprise does so much
to empower us to become not just better employees,
but better people .”
7
C O M M U N I T Y R E L AT I O N S
•••••
Strengthening the fabric of our communities
At Enterprise Bank, we take great pride in being a genuine community bank .
As such, we consider it both a privilege and responsibility to support and give
IN THE WORDS OF
OUR TEAM MEMBERS
back to the communities we are so honored to serve .
You see, we believe that business should be a force for good, serving a social
“ It is so great to be part of a bank that is
purpose and contributing to the success and betterment of our communities .
doing so much good in the community .
We show our deep commitment to these communities and non-profits by
continually investing our time, resources, and expertise . We attract and
hire purpose-driven people who share our core values to serve our
customers and to be a part of something bigger than ourselves .
As employees, they want us to
volunteer and contribute, and they
give us the opportunity to do so .
Our Enterprise team members are fully invested in the communities
It is so rewarding to be part of that .”
we serve .
Chet
Chester Szablak
Chief Sales, Community Customer Relationship Officer
8
Through ongoing bank-wide support and initiatives, we are able
to make an enormous impact in our local communities . In 2019
alone, our team served more than 500 non-profit organizations .
Average of 57.12
community service
hours per employee
Our Enterprise Bankers are truly the best representation of volunteerism .
This volunteerism is not only of participation, but also of leadership . Our
team members and trusted advisors serve in key leadership positions on more
than 100 non-profit boards, playing a critical role in their success and stability .
Our ongoing commitment to community includes philanthropic dollars, as well
as Enterprise Bank’s Non-Profit CollaborativeSM, a free seminar series offered to
non-profits every spring and fall . Enterprise Bank is consistently recognized by civic
and professional organizations for our leadership and commitment to community .
In 2019, Enterprise Bank was recognized at the Boston Business Journal’s “Corporate
Citizenship Summit” as #2 for the highest average hours in community service, as
well as among the largest corporate donors in Massachusetts .
All of this is our way of giving back and giving thanks to all those who make our
region such a special place . Our reward comes in knowing that the lives of our
neighbors are enriched by the non-profit organizations and community initiatives
we support, as well as the lives of our team members who take pride in making
such a meaningful impact in the communities where they work and live . We give
back because it’s who we are and it’s the right thing to do .
Alison
Alison Burns
Community Relations and Customer Experience Officer
9
D I G I TA L E V O L U T I O N
•••••
Enhancing the digital channel for superior customer experience
Enterprise Bank provides exceptional customer service; big banks can not
Online transactions continue to
combine the warmth, personal delivery, and technology that we provide .
Today, with our commitment to innovation, we are offering digital technology
comparable to that of the big banks—marrying that technology with the
grow, with a 58% increase in digital
wallet transactions in 2019
attentive, personal relationships that differentiate Enterprise from every
versus 2018 .
other bank .
At Enterprise, while technology enhances our relationship we have with
our customers, it will never replace it . Although digital capabilities have
changed the way people bank, our banking will always focus on strong,
personal relationships . Our 550 dedicated Enterprise bankers will always
be here, in the bank and in the community, where we are vested and visible
and responsive to the unique needs of our customers .
Technology enables us to build relationships based on the evolving needs of
our customers, who wish to bank through various channels, whenever and
wherever they want, including on the phone or through an electronic device .
10
We continually invest and innovate because we want every experience—
regardless of the channel—to be a rewarding one .
77,545 Mobile App Deposits
In 2019, 47% of all
check deposits were via
Remote Deposit
Our innovation process begins with questioning everything we do and
getting input from our customers and our team members to answer:
“How can we create an even better customer experience?”
We are continually focused on giving our customers a faster,
easier, more intuitive, and rewarding online banking experience .
We have enhanced our fraud protection capabilities to make banking
even more secure . We are continually launching new digital banking
applications, including Zelle®, which allows customers to send and
receive money within minutes . We will continue to analyze every
aspect of our technology and processes—from wealth management
to commercial lending to new deposit accounts —to further optimize
technology and enhance the customer experience .
At Enterprise Bank, we are not just responding or reacting to
customers’ current needs; we are piloting innovation to anticipate
their future needs . As a growth company, this is what we do . We
constantly and continuously evolve over time, operating ahead
of the curve and creating solutions for the needs of the future—
while never losing sight of the human interaction and personal
relationships at the core of our Enterprise .
162,100 deposits via
Express Deposit
Scanner
Brian
Brian Collins
Director of Operations
11
B R A N C H A D M I N I S T R AT I O N
•••••
Utilizing high-tech to enhance high-touch
Enterprise Bank is built on deep, trusting, consultative, and personal
relationships with our customers . As banking technology has rapidly advanced,
so have our customers’ expectations and needs regarding their banking
experience in a branch, which includes increasing demand for advice and
consultation .
Our commitment to our bank branches is as strong as ever . We are continuing to
expand and open new branches—we are very excited to have recently opened
our 25th branch in Lexington and our 26th branch in North Andover will open
mid-year . To meet our customers’ changing needs, the layout and design of
our branches is being systematically redesigned, and, most importantly, our
branch Relationship Bankers have elevated their competencies and skillsets
through increased training .
Susan Covey
Susan Covey
Director of Branch Administration
12
Most banking customers today are increasingly conducting the simple
recurring transactions—such as deposits, payments, transfers, and
payroll direct deposit— electronically . At the same time, customers are
increasingly coming to bank branches for more complex transactions
such as financial counseling, advice on technology, and to consult with
their trusted banking advisors . Instead of performing principally simple
“operational” tasks—the focus of banking of yesteryear—our branch
teams are now focused on providing expert advice and guidance .
In addition to handling routine transactions, our branch Relationship
Bankers have become increasingly skilled and well-versed in all of
Enterprise Bank’s products, technology, and services, operating as
skilled consultative bankers to efficiently assess our customers’ needs
and coordinate with our Wealth Management, Residential Mortgage,
Cash Management, Commercial Lending, Digital Banking, Insurance,
and other areas where needed .
The physical layout in our redesigned branches supports our Relationship
Bankers’ ability to assist customers with their needs in private offices
or at convenient pods, which have replaced the traditional teller lines .
These modern branches are more efficient for the customer, removing
physical barriers and promoting a more engaging and consultative
experience .
We feel we have been much more progressive than most banks in
evolving the design of our branches and—most important—the skillsets
and customer experience provided by our Relationship Bankers .
Cash recyclers introduced in our new and renovated
branches assist with accuracy and allow our team
members to have more consultative
interactions with our customers .
Branch #25
Lexington
opened March 2, 2020
Branch #26
North Andover
scheduled to open
Summer of 2020
13
W E A LT H M A N A G E M E N T
•••••
A holistic view supporting full financial wellness
At Enterprise Bank, our Wealth Management* team focuses
We are here to help clients navigate through uncertain
not just on what our clients want from their money, but
financial times . With a long-term view, we have the
what they want from life . We understand that wealth
experience and expertise to look beyond the day-to-day
management is far more than investing; it is planning,
movements in the financial markets to stay focused on
growing, and protecting clients’ full financial
supporting clients in achieving their long-term goals . We
condition and wellness, now and
are small enough to know our clients, but large enough
in the future .
14
to provide the most sophisticated and comprehensive
strategies and solutions to meet the evolving and often
complex needs of clients, including individuals, families,
businesses, and not-for-profit organizations .
As part of Enterprise Bank’s digital evolution, our
wealth clients will soon enjoy major enhancements
to their online and digital experience, making it
easier and faster to access and engage with
their accounts and other financial information
by computer, tablet, or phone . Through our
innovation and digitalization, clients will have a more streamlined and
efficient online and mobile experience, giving them more time to live
their lives, run their businesses and enjoy their loved ones, pastimes,
and passions .
With these technology advancements, what has not changed—and
what will never change—is the way we work with our clients as trusted
financial advisors and partners . It is a very special and meaningful
relationship, working together to help clients accomplish what’s most
important to them . Clients value the many ways we proactively support
them in navigating through both the best and most challenging times
and, always, acting in their best interest .
Enterprise Wealth Management will further evolve as we continue to
meet the needs of our clients, offering comprehensive financial services
with the highest level of fiduciary oversight and transparency, supported
by the strength, stability, and authenticity of Enterprise Bank .
Steve
Stephen J . Irish, CFP®, CPA
Managing Director, Enterprise Wealth Management
Chief Operating Officer, Enterprise Bank
* Investment products are not a Deposit, not FDIC Insured, not guaranteed by Enterprise Bank,
not Insured by any government agency, and may lose value .
Our team members
are disciplined and smart,
but operate with heart
and compassion,
never losing sight of your
values and priorities .
15
C O M M E R C I A L L E N D I N G
•••••
Advanced capabilities to help our customers grow
In 1989, Enterprise Bank opened for business as a local commercial bank with a
sense of purpose to “create successful businesses, jobs, opportunities, wealth, and
vibrant, prosperous communities .” Along with a focus on our team members,
customers, and communities, our primary focus has been on commercial lending .
We can say with the deepest conviction that we feel we are the most experienced
and capable commercial lending bank in our footprint . And we are always expanding
our capabilities, niches, and abilities .
Over the past 31 years, we have made nearly $10 billion in loans, fueling the
economic growth in the markets we serve through customized financing for local
businesses, professionals, non-profit agencies, and individuals . The loans we have
provided have served to help local businesses—from startup companies to
existing firms—grow, expand and prosper, resulting in the creation of new jobs
and construction of new homes and commercial buildings .
Brian
Brian Bullock
Chief Commercial Lending Officer
16
Our commercial customers range from small to large organizations, whether they are a retailer;
local or international manufacturer; real estate developer of single-family homes, condominiums,
apartments, or affordable housing projects; professional firm; non-profit organization; medical
firm; or most any industry .
Our customers choose to work with Enterprise for many reasons . We are a local, independent,
community bank that provides exceptional customer service that supports the communities
within our market . We look beyond just the numbers and focus on the people; Our local
decision-making provides for a quick, easy, and streamlined lending process . And
we take the time to understand our customers, do what is right for them, and
structure financing to meet their unique and specific needs .
Nearly
$10 Billion
in loans made
to help fuel local
economic growth
People always make the difference, and this is so true about our lending team .
Our lenders truly care about our customers and their success . And, regardless
of the size of their business or loan, whether small or large, we value each
customer and relationship we have built . Our experienced lending team serves
as trusted advisors and is constantly adapting to changing market conditions .
Enterprise Bank has had the privilege and honor to serve our markets for the
last 31 years . We have grown and expanded into a full-service bank, offering
a full line of business and personal banking products and services, including
Wealth, Cash Management and Insurance services . From day one, at our
heart, Enterprise Bank has been a commercial lending-focused bank committed
to fostering the economic growth and stability of our local communities .
We thank you for the trust you have placed in your Enterprise lending team .
We appreciate and truly value the relationships we have established with our
customers and recognize that we need to earn your business each and every day .
17
“Enterprise Bank is local, with a local
feel and great customer service, but
they’re able to deliver on even the most
complex international transactions . They
are the best of both: a local bank with
national bank capabilities .”
Chris White
CHRIS WHITE, Chief Financial Officer
18
E C O L O G I C A L F I B E R S , I N C .
•••••
Small bank feel, big bank capabilities
Ecological Fibers is the world leader in manufacturing premier,
“ At Enterprise Bank, it all comes down to
environmentally sound, cover and bindery materials for the book,
the relationship, delivering on our promise
stationery, packaging, and security documents industries . With
to be there for our customers,
a large volume of business overseas, Ecological Fibers needed a
to look out for them, and to
bank with international banking expertise . But they also wanted
help them succeed .”
a service-focused bank that shares the company’s values of
relationships, accessibility, and accountability . They found all
that in Enterprise Bank . For that small bank feel and big bank
capabilities, Enterprise has it covered .
STEVE COCHRANE
Senior Cash Management
Advisor
19
B A M B O O A N D M A N D A R I N R E S TA U R A N T S
•••••
Customized solutions to meet our needs
The Bamboo and Mandarin restaurants serve gourmet
“ At Enterprise, we treat every customer as our most
Asian cuisine in an intimate and relaxed setting, featuring
important customer, anticipating their needs,
daily lunch and Sunday buffets and function halls . This
customizing solutions, and being
family of locally owned Asian eateries has banked with
accessible and available on their
Enterprise for more than 20 years, trusting Enterprise
time, not ours . That’s what we
for everyday cash management, financing for major
promise, and that’s what we deliver .”
renovations and improvements, and expert financial
guidance . In Enterprise, they have found a level of service
that really suits their taste .
DAVID BROWN
Commercial Lending
Officer
20
“Enterprise is more than a bank .
They are a friend we can rely on .
They’re very efficient; they are easy to
reach, they get answers right away, and
they get deals done quickly . We are a
small business, but at Enterprise, we
are treated like a big business .”
Jeff Huang
JEFF HUANG, General Manager, Bamboo, Westford
21
“Enterprise Bank does so
much more than provide financing .
They sit down with us and brainstorm
ideas and give advice and guidance . They
are a helpful partner and support system
we can rely on, and they genuinely care
and want us to succeed . What else
could you ask for in a bank?”
Rajia Abdelaziz
22
RAJIA ABDELAZIZ, Chief Executive Officer
RAY HAMILTON, Chief Technical Officer
I N V I S A W E A R
•••••
True entrepreneurial spirit
A startup founded by two recent University of Massachusetts
“ Enterprise Bank understands the demands
Lowell graduates, invisaWear produces “smart” necklaces,
and challenges of young companies and
bracelets, and keychains designed to keep wearers safe by
entrepreneurs, because we are
texting alerts to contacts and police when activated . To
entrepreneurs . We understand
launch this school project-turned-business, co-founders
how businesses work and how
Rajia Abdelaziz and Ray Hamilton turned to Enterprise Bank
to help them succeed .”
for financing to build inventory and meet growing demand .
With Enterprise believing in and supporting their vision,
invisaWear is now a thriving young company, making the
world safer and blazing a trail for other entrepreneurs .
TIM HIRBOUR
Commercial Lending
Officer
23
U N I T E D T O O L & M A C H I N E C O R P .
•••••
Valued, long-term relationships
United Tool & Machine specializes in the design,
“ At Enterprise, we make the financing
development, and fabrication of metal and plastic
process as simple and effortless as
components, from prototype to production and from
possible for our customers .”
design to manufacture . When President Scott Fallavollita
was preparing to acquire another manufacturer, he wanted
to partner with a locally owned commercial bank that
focuses on personal relationships, offering a small-bank
feel, but big-bank resources . He found that with
Enterprise Bank . With Enterprise by his side, business
is running like a well-oiled machine .
SANDRA BRINQUINHO
Commercial Lending
Officer
24
“With Enterprise, I have found
a strong, long-term relationship
with a bank that knows my business,
cares about me and my success, and has
the ability and desire to help me grow .
You can’t do better than that .”
Scott Fallavollita
SCOTT FALLAVOLLITA, President and Owner
25
G R E AT E R L O W E L L C O M M U N I T Y F O U N D AT I O N
•••••
A dedicated community partner
The Greater Lowell Community Foundation (GLCF) is the
“ Enterprise Bank’s commitment to non-profit
leading philanthropic organization in Northern Middlesex
organizations reflects our deep sense
County, dedicated to improving the quality of life of individuals
of purpose as a community bank,
and communities . With over $42 .5 million in assets, the
supporting them in their mission and
foundation has distributed millions of dollars in scholarships
standing beside them in service .”
and grants since its inception in 1997 . It is important for GLCF
to work with a bank that understands, supports, and believes
in its mission . Enterprise Wealth Management* serves as a
trusted advisor for their investments, helping GLCF build on
a strong financial foundation for future generations .
PATRICK CONNERTY
Director of Institutional
Services & Operations
* Investment products are not a Deposit, not FDIC Insured, not guaranteed by Enterprise Bank,
not Insured by any government agency, and may lose value .
27
O P T I L I N E E N T E R P R I S E S
•••••
They know us and believe in us
A construction company experienced in high-volume building
“ Enterprise Bank partners with our clients
and retail exteriors, Optiline Enterprises of Nashua specializes
every step of the way . We operate as a
in interior and exterior steel framing, drywall framing insulation,
team, built on mutual respect
soundproofing, and gypsum floor underlayment . As one of
and trust .”
New England’s fastest-growing companies—with nearly 6,000
percent growth since 2012—owners Tommy and Mick Bolduc
have needed a nimble and responsive bank to grow with them .
They credit Enterprise Bank with fueling their success, providing
the guidance, strategic vision, and personal attention to achieve
their dreams . Now that’s a strong foundation on which to build .
LORI PIPER
Senior Commercial
Lending Officer
28
“We would not have the
success we have today without
Enterprise Bank . Enterprise knows
how to grow a business . We are the
race car, and Enterprise is the fuel
that keeps us moving .”
Tommy & Mick Bolduc
TOMMY BOLDUC AND MICK BOLDUC, Owners/Operators
29
“The Enterprise Bank
relationship is more of an
extension of our company, with an
answer or solution just a phone call or
email away . They have made our expansion
process much easier for us to manage . With
Enterprise, we feel we are working with
colleagues and friends, not just a bank .”
Brian Gangemi
BRIAN GANGEMI, President & Chief Executive Officer
30
G O U R M E T S P E C I A LT Y F O O D S
•••••
Exceptional customer service
Gourmet Specialty Foods, a USDA ready-to-cook manufacturing
“ Enterprise Bank works closely with our
facility, supplies food service and retail operations across the
customers throughout the entire construction
country with fresh made-to-order prepared foods, meats, and
process, helping to keep the
home meal solutions, available locally under the Winchester
project on time and on budget .
Farms brand . When the company was looking to invest in their
It’s a partnership, and we’re
new state-of-the-art facility in North Andover, they relied
here every step of the way .”
on Enterprise Bank to finance their expansion, thrilled to find
a bank with the same philosophy and focus as their own:
JONATHAN MACHADO
Commercial Lending
delivering quality products and service that save their customers
Officer
time and effort .
31
M A C L E L L A N O I L
•••••
Responsive and flexible
J .G . MacLellan Oil Co . in Tewksbury is a conservation-
“ At Enterprise Bank, this is very personal to us . We
minded provider of comfort services for homes and
are here for our clients 24/7, and we go that extra
businesses since 1927 . Owned by brothers Louie and
mile and do whatever it takes to
Garrett Berube, MacLellan takes care of every detail,
be responsive to their needs .
including fuel delivery, preventive maintenance, emergency
Our success is a reflection
service, and installation of advanced equipment for heating,
of theirs .”
cooling, and air purification . As a growing business, they
turned to Enterprise Bank for commercial lending expertise
and personal service they didn’t find at their previous bank .
With Enterprise, they’ve found all the comforts of home .
WILLIAM J . COLLINS, JR .
Senior Commercial
Lending Officer
32
“For a small, growing business,
Enterprise allows us financial flexibility
you don’t find at other banks . Sometimes
we have to move quickly, and Enterprise
moves just as quickly . They make
everything so easy for us . And as we’ve
grown, Enterprise Bank has grown
with us, every step of the way .”
Garrett Berube
33
GARRETT BERUBE, Vice President
LOUIE BERUBE, President
“Enterprise Bank simply
makes our job easier . We see the
growing pains other businesses are
dealing with, and we just don’t have
that with Enterprise . They’re fast,
they’re responsive, and they grow
and adapt with us .”
Brian Benson
34
BRIAN BENSON, President
B O S S S T E E L , I N C .
•••••
They make our job easier
Boss Steel, Inc ., built from the ground up by a union
“ At Enterprise, our role is to understand
ironworker family, erects steel structures and serves as a
our customers’ vision and challenges
subcontractor to steel fabricators and general contractors
so we can identify the solutions
on major construction projects throughout the region and
to get them where they want
Boston . A rapidly growing company, Boss Steel needs a
to be . We look beyond the
nimble and flexible bank to provide financial solutions to
immediate and see their future .”
keep this business moving . That’s why they choose to
work with Enterprise Bank . With Enterprise by their side,
the sky is the limit .
SEAN MORIARTY
Commercial Lending Officer
35
S C R E E N P R I N T/ D O W , I N C .
•••••
Trusted advisors
As a leader in the graphics printing and membrane switch
“ At Enterprise Insurance Services, we take the time
industries for more than fifty years, Screenprint/Dow of
to get to know our clients’ business so we can create
Wilmington has built a reputation of developing creative
customized and cost-effective insurance
and innovative solutions for customer programs . Owner
packages to maximize their resources
Walter Dowgiallo looks for the same values in an insurance
while protecting their valuable
relationship as he delivers to his customers: personal
assets—and their future .”
attention, loyalty, and a quality product . That’s why
Screenprint/Dow relies on Enterprise Insurance Services*
and HUB International New England for all their employee
JIM MORIARTY
Senior Insurance
Services Advisor
benefits and insurance services .
* Insurance products are not a Deposit, not FDIC Insured, not guaranteed by
Enterprise Bank, not Insured by any government agency, and may lose value .
Enterprise Insurance Services
HUB International NE
36
“Our work is not possible
without community partners, and
Enterprise Bank has been a dedicated
financial partner to the Community
Foundation from day one, providing
world-class investment advice . Enterprise is
so much more than a bank to the non-profits
in our communities . They are a supporter,
a friend, and an advocate .”
Jay Linnehan
JAY LINNEHAN, President and Chief Executive Officer
26
“I have complete trust
in Enterprise Bank and
Hub International . They are
honest, deliver on their promises,
and make me feel valued as
a customer .”
Walter Dowgiallo
WALTER DOWGIALLO, Chief Executive Officer
37
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
Carol L. Reid
Former Corporate Controller
and Chief Accounting Officer
Avid Technology, Inc .
John T. Grady, Jr.
Managing Partner, JTG Partners, LLC
General Counsel
Philip S . Nyman, Esquire
Mary Jane King
President, Conway Management Company
SEC & Regulatory Counsel
Hunton Andrews Kurth LLP
Joseph C. Lerner
Managing Partner, 819 Energy, LLC
Financial Consultant
Raymond L . Anstiss, Jr ., CPA
Shelagh E. Mahoney
Owner and Chief Executive Officer
Eastern Salt Company, Inc .
Advisor to the
Enterprise Wealth Management Committee
Marcia S . Wagner, Esquire
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
Honorary Board Members
Kathleen M . Bradley
Nancy L . Donahue
Lucy A . Flynn
Eric W . Hanson
John P . Harrington
Arnold S . Lerner
Michael A . Spinelli
Nickolas Stavropoulos
38
222 Merrimack Street, Lowell, MA 01852 • 978-459-9000
26 CONVENIENT LOCATIONS IN:
Massachusetts: Acton • Andover • Billerica • Chelmsford • Dracut
Fitchburg • Lawrence • Leominster • Lexington • Lowell • Methuen
North Andover • 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
MANCHESTER
MANCHESTER
AUBURN
AUBURN
CHESTER
CHESTER
SANDOWN
SANDOWN
Communities with
branch locations
are shown in gold.
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
O
O
B
B
S
S
G
G
N
N
Y
Y
T
T
PELHAM
PELHAM
METHUEN
METHUEN
GEORGETOWN
GEORGETOWN
LAWRENCE
LAWRENCE
H
H
G
G
U
U
O
O
R
R
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
info@ebtc.com • EnterpriseBanking.com
The common stock of Enterprise Bancorp, Inc . is traded on the NASDAQ Stock Market under the symbol “EBTC .”
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