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PIVOT
Love
SERVICE
CommunityCaring
Resiliency
Teamwork
Excellence
Equality
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2020 Annual Report
About the cover: The power of
words can spark emotion, inspire
change, shape our beliefs, break
us down, and build us up. For the
cover of this annual report, we
have chosen just a few words to
represent the spirit and energy and
heart that fueled Enterprise Bank
and our team members during the
extraordinary events of 2020.
e
s
o
p
r
u
p
In times of crisis, you
‘‘
find out what you’re made
of. When the pandemic hit,
our team at Enterprise Bank
responded with passion and
determination to reinvent
the way we do business in
our branches and bank wide.
Through connection,
communication, and a passion
for our work, we have come
together and overcome the
obstacles to become stronger
for each other, our customers,
and our community.”
Veronica Caira,
Senior Branch Relationship
Manager, VP
Dear Friends,
Founded on a deep sense of
purpose as a genuine community
bank, it has been both a privilege
and a responsibility for Enterprise
Bank to step up and serve our
communities and customers
during the extraordinary pandemic,
economic, and social justice
challenges and crises of this
past year.
It is this deep sense of purpose
that has inspired and enabled us
to adjust how we have delivered
banking services to our customers
during the pandemic, while
prioritizing an intense focus on
keeping our team members and
customers safe and connected. It
is what motivated us to successfully
process more than 2,700 Small
Business Administration Paycheck
Protection Program (PPP) loans,
totaling over $510 million in 2020—
being a nationwide leader in PPP
lending in relationship to our asset
size. It is what has inspired us to
create the Series for Racial Equity
& Inclusion, establishing a safe
space for important conversations
and meaningful action surrounding
systemic racism and injustice in
our communities. And it is what
has driven us to support, through
financial donations and volun-
teerism, the many non-profit and
charitable organizations serving
those most in need and at risk in
our communities, as well as the
heroic healthcare and essential
workers on the front lines of the
pandemic.
This is all the result of the tremen-
dous efforts of our remarkable
Enterprise Bank team members
and Board of Directors: their
tireless dedication, resiliency,
genuine humanity, and—above all
else—their spirit. Demonstrated
and ingrained in our core values,
operating from a true purpose-
driven spirit is who we are and
why we do what we do here at
Enterprise Bank.
Richard W. Main, President
Jack Clancy, Chief Executive Officer
George L. Duncan, Chairman
1
‘‘
In 44 years of banking,
I have never experienced
anything like what we
have done at Enterprise Bank
Our Team:
Pivoting and Persevering
persever
during this pandemic, working
to give our customers the
same great service at our
branches, but in a very
different way, whether inside,
in the drive-thru, or in the
parking lot while they sat
in their car. Whatever it took
for our customers to feel
comfortable and safe, our
team members were up to
the task.”
Tom Hosey,
Senior Branch Relationship
Manager, VP
Our Drum Hill and North Billerica branches celebrated their
20th Anniversaries in 2020.
2
Team Members donated food
and winter supplies as part of
a day of service.
ance
While our Enterprise Bank team
members go above and beyond
every day to provide exceptional
service, what they have accom-
plished during the COVID-19
pandemic is nothing short of
extraordinary. With every obstacle
this pandemic has thrown at them,
they have had the strength and
spirit to pivot and persevere with
flexibility, resiliency, and passion to
care for one another, our customers,
and our communities.
Over the last several years, our
branch team members have
focused on becoming increasingly
skilled and cross-trained in all of
our products, technology, and
services to better serve our valued
customers. When the COVID-19
pandemic struck, this extensive
cross-training enabled team
members to pivot quickly in
response, breaking
into smaller teams and taking on
additional duties to protect the
health of our Enterprise family,
while ensuring that our branches
remained open and able to provide
excellent service to our customers.
Trained and ready for the new
responsibilities, our branch teams
embraced the challenges of a
“new normal,” including social
distancing, monitoring the number
of customers and team members
in our branches at any given time,
and delivering services principally
through drive-ups, by appoint-
ment, in vestibules, at newly built
walk-up windows, and through
increased use of digital banking.
Our facilities team worked tirelessly
to develop and implement adap-
tations to keep team members
and customers safe with personal
protective equipment.
Every action we took was rooted
in the health and well-being of our
team members and customers.
We made it a priority to support
our team members throughout
this pandemic with wellness
screenings, flexible schedules,
expanded sick and quarantine
pay, paid family and medical leave
for team members to care for
themselves or a family member
ill with COVID-19, childcare
assistance, and the Enterprise
Bank team member qualified
disaster relief program.
We are truly a family—united
by our core values of integrity,
community, excellence, teamwork,
and professionalism. We have
never been more grateful for
and proud of our Enterprise
Bankers than we are today.
They truly make the difference
in our Enterprise, and in our
communities.
3
Enterprise Bank: #1 Top Place to Work
e
r
u
t
l
u
c
From day one, Enterprise Bank has
believed in the value of a culture
where we respect and care for
each other, take great pride in the
work we do, and provide a positive
and rewarding workplace where
our team members can grow and
prosper. We work hard to create
that culture every day.
Our beliefs and hard work were
recognized in November 2020
when Enterprise Bank was once
again named the number one
place to work among large-sized
companies in the employee-based
“Top Places to Work” survey from
The Boston Globe. Enterprise Bank
has been recognized as a top
employer for nine consecutive years,
and three times as number one.
In January of 2021, our Enterprise
was named among the top
workplaces in the entire country
by Energage, the company that
conducts the Globe’s Top Places
to Work survey. Our Enterprise
ranked number two among
employers with 500-999 team
members in the National Top
Workplaces USA 2021 category.
Our team is our greatest asset and
is what sets us apart from other
companies. This recognition is an
accumulation of the contributions,
thoughtfulness, dedication, spirit,
and pursuit of excellence from all of
our team members and is nothing
short of amazing in this year of
pivots and change. Despite the
myriad of obstacles and challenges
our team members have faced
during this pandemic, they have
stepped up and embraced every
opportunity to overcome their
difficulties and persevere, standing
strong and standing together.
We believe that team members
who feel valued and appreciated
make our customers feel the
same way. This is a tremendous
differentiator for us in this
competitive environment. There
is nothing more important to
us than our Enterprise family,
who have made Enterprise what
it is today.
4
‘‘
I was not surprised that
Enterprise Bank was again
named the Top Place to Work
in Massachusetts, because I
#
have never worked for a
company that cares about
their team members the way
Enterprise does. In an
extremely challenging year
that forced us to reinvent
how we serve each other and
our customers, leadership
was committed to making
sure our team members
still felt connected and
deeply valued, which has
just strengthened the close
family culture that makes
our Bank so special.”
Allison Sullivan,
Senior Human Resources
Business Partner, AVP
5
strength &
stability
Our Growth: Resiliency
Our Enterprise experienced another
strong year of growth and progress,
including posting our 125th
consecutive profitable quarter
and increasing the shareholder
dividend for the 29th consecutive
year. From day one, Enterprise
Bank has been committed to
strong, consistent, purposeful,
relationship-driven organic
growth.
125
CONSECUTIVE
PROFITABLE
QUARTERS AS OF
DEC. 31, 2020
We are proud to share with
you some of Enterprise Bank’s
financial highlights for 2020. It is
important to note that our 2020
asset, loan and deposit growth
are significantly impacted by
outstanding PPP loan balances.
As of December 31, 2020, there
were $443.1 million of PPP loans
outstanding, which were net of
$10.0 million in unearned SBA
fees, on our balance sheet. Such
PPP loans also positively impact
deposit and asset balances,
although we believe at an amount
less than $443.1 million.
It is expected that the majority
of PPP loan balances will be
paid off during 2021 which will
contract our asset, loan and
deposit figures. Assets, loan and
deposit growth rates are shown
in the table to the right at both
their actual December 31, 2020
amounts and net of the $443.1
million.
Some key financial figures
are as follows:
• Net income was $31.5 million;
or $2.64 per diluted share,
• Total assets ended 2020 at
$4.01 billion ($3.57 billion,
net of the $443.1 million),
• Total customer deposits
amounted to $3.48 billion ($3.03
billion, net of the $443.1 million),
• Total loans amounted to $3.07
billion ($2.63 billion, net of the
$443.1 million),
• Total investment assets under
management amounted to $1.00
billion, and
• As announced January 19, 2021,
a quarterly dividend of $0.185
per share was declared.
In July, we added capital by issuing
$60 million in subordinated notes
to provide the Bank with additional
financial strength in uncertain
times, to fund growth over the
long-term, and to take advantage
of market opportunities that may
occur in the years ahead.
6
With historically low
‘‘
interest rates, Enterprise Bank
experienced a record year
for mortgage loans. Through
it all, our entire team came
together to make the process
smooth, effortless, and
personal for the customer.
I am so proud to work for
a community bank that truly
puts its customers first.”
Cheryl Adams,
Mortgage Officer, Bank Officer
Team Members showing love for their community #Lawrencestrong
Our average annual compounded growth rates for each of the last five,
ten, fifteen, and twenty-year time periods are as follows:
AVERAGE ANNUAL COMPOUNDED GROWTH RATES
ITEM
Bank Assets
Investment Assets
Under Management
Loans Outstanding
Customer Deposits
Net Income
LAST 5 YEARS
LAST 10 YEARS
LAST 15 YEARS
LAST 20 YEARS
12%
8%
11%
13%
14%
11%
7%
10%
11%
11%
10%
6%
10%
11%
9%
10%
6%
12%
11%
11%
AVERAGE ANNUAL COMPOUNDED GROWTH RATES, EXCLUDING PPP*
ITEM
Bank Assets
Loans Outstanding
Customer Deposits
LAST 5 YEARS
LAST 10 YEARS
LAST 15 YEARS
LAST 20 YEARS
9%
7%
10%
10%
9%
9%
9%
9%
10%
10%
11%
10%
* In calculating these growth rates, 2020 Loan, Asset and Deposit balances have been reduced by PPP loans outstanding, net of unearned
SBA fees, of $443.1 million at December 31, 2020.
7
SELECTED FINANCIAL DATA
Year Ended December 31
2020
2019
2018
2017
2016
EARNINGS DATA
Net interest income
Provision for loan losses
Net interest income after provision
for loan loss
Non-interest income
Net gains (losses) on sales
of available for sale securities
Non-interest expense
Income before income taxes
Provision for income taxes
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
$
130,134
$
115,857
(dollars in thousands, except per share data)
108,835
$
$
97,522
12,499
117,635
17,020
227
93,254
41,628
10,172
1,180
114,677
16,173
146
86,415
44,581
10,381
2,250
106,585
14,940
(2,950)
80,878
37,697
8,816
$
$
2.64
2.64
28.01
0.70
$
$
2.90
2.89
25.09
0.64
$
$
2.47
2.46
21.80
0.58
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
$
$
1.7 1
1.70
18.72
0.52
11,897,813
11,789,570
11,679,520
11,568,430
10,966,333
11,919,508
11,829,818
11,750,462
11,651,763
11,039,511
Net income
$
31,456
$
34,200
$
28,881
YEAR END BALANCE SHEET AND OTHER DATA
Total assets(1)
$ 3,571,254
$ 3,235,049
$ 2,964,358
$ 2,817,564
$ 2,526,269
Loans serviced for others (2)
78,991
Investment assets under management(2)
1,003,841
95,905
916,623
89,232
800,751
89,059
844,977
80,996
725,338
Total assets under management(1)
$ 4,654,086
$ 4,247,577
$ 3,854,341
$ 3,751,600
$ 3,332,603
Interest-earning deposits
$
213,146
$
23,867
$
19,255
$
14,496
$
17,428
Investment securities
Total loans(1)
Allowance for loan losses
Customer deposits(1)
Total deposits
(including brokered deposits)(1)
Borrowed funds
Subordinated debt(3)
Total stockholders’ equity
RATIOS
Return on average total assets
Return on average stockholders’ equity
Allowance for loan losses to total loans(4)
Stockholders’ equity to total assets(4)
Dividend payout ratio
0.82%
9.95%
1.69%
9.36%
26.52%
583,049
2,630,790
44,565
505,255
2,565,459
33,614
432,921
2,387,506
33,849
405,206
2,269,904
32,915
374,790
2,022,729
31,342
3,033,198
2,786,730
2,507,999
2,293,872
2,209,559
3,108,193
4,774
73,744
334,426
2,786,730
2,564,782
2,441,362
2,268,921
96,173
14,872
296,641
1.10%
12.31%
1.31%
9.17%
22.07%
100,492
14,860
255,297
1.00%
12.15%
1.42%
8.61%
23.48%
89,000
14,847
231,810
0.73%
8.58%
1.45%
8.23%
32.14%
10,671
14,834
214,786
0.78%
9.33%
1.55%
8.50%
30.41%
(1) Balance has been adjusted to exclude $443.1 million in PPP loans outstanding, which were net of $10.0 million in unearned SBA fees, at December 31, 2020. The actual balances
of total assets, total loans and total deposits were $4.01 billion, $3.07 billion, and $3.55 billion, respectively, at December 31, 2020.
(2) Loans serviced for others and investment assets under management are not carried as assets on the Company’s Consolidated Balance Sheet. Please refer to the Company’s Form
10-K for more information.
(3) In July 2020, we added capital by issuing $60.0 million in subordinated notes. Please refer to the Company’s Form 10-K for more information.
(4) Ratio has been adjusted to exclude PPP loans outstanding net of unearned SBA fees, of $443.1 million at December 31, 2020. The actual allowance for loan losses to total loans
and stockholders’ equity to total assets ratios were 1.45% and 8.33%, respectively, at December 31, 2020.
8
‘‘
As the pandemic created
additional hardship and
challenges for our community
non-profits, we were
Our ongoing commitment to
community includes Enterprise
Bank’s Non-Profit CollaborativeSM,
which for thirteen years has
provided our region’s non-profit
organizations with critically
needed support, including a free
Educational Seminar Series that
we were able to continue in 2020
by shifting to a virtual platform.
committed to continuing to
offer the expertise and
resources of Enterprise
Bank’s Non-Profit
Collaborative series.
support
By shifting to a virtual
platform, we were able to
provide our community
non-profit leaders the same
level of support in an
engaging and interactive
forum, while safely socially
distancing.”
Andrew Duncan,
Community and Cultural Liaison
9
‘‘
Enterprise Bank not only
made me aware of the
PPP, but also sent the
application and guided us in
filling out the complicated
forms. They made the
process simple and
seamless during a very
difficult time, proving once
again what I already knew:
comm
Enterprise is a bank that
cares about the success of
its clients.”
Scott Hayward, Owner,
Tupelo Music Hall &
Tupelo Venue Management,
Derry, NH
ENTERPRISE BANK
GENERATED OVER
2,700 PPP LOANS
AMOUNTING TO
OVER $510 MILLION
10
Paycheck Protection Program (PPP):
A Commitment to our
Community’s Businesses
When our community’s businesses
were hard hit by the COVID-19
shutdown, they turned to Enterprise
Bank. We served as a conduit
for federal financial relief to
impacted businesses and non-profit
organizations, large and small,
In 2020, we were the number one
provider of PPP loans among all
banks in seventeen of the twenty
communities in which we operate,
generating over 2,700 PPP loans
amounting to over $510 million.
Twelve hundred of those loans
itment
through the provision of the SBA’s
Paycheck Protection Program (PPP).
The tremendous volume of PPP
loans processed by Enterprise Bank
over a remarkably short timeframe
was accomplished through the
teamwork and dedication of
Enterprise Bankers from all
departments, working tirelessly—
sometimes around the clock—
to ensure that these PPP funds
were distributed to our affected
businesses and non-profit
organization customers, resulting
in thousands of jobs being saved
in Massachusetts and New
Hampshire.
were for $50,000 or less, giving
needed relief to the smallest and
most adversely impacted of our
customers.
The PPP effort was truly bank wide.
We understood from day one that
we are all in this crisis together.
With this sense of purpose to
our customers, community, and
our country, our lending team and
hundreds of other Enterprise Bankers
worked to deliver these PPP funds
and support our customers during
this time of financial uncertainty.
‘‘
When this pandemic
descended upon our
business, it brought
confusion and uncertainty.
We made one phone call
to Enterprise Bank and
were guided through
the PPP process. The
information, assistance,
and attention we received
completely erased the
confusion and uncertainty
we were experiencing.
We will be forever grateful
to Enterprise Bank.”
Attorney Socrates De La Cruz,
DLC Law Group,
Lawrence, MA
11
‘‘
Team members from areas
across the Bank went above and
beyond to collaborate and do
whatever it took to successfully
process thousands of PPP loans
for our small and large business
customers. Working together, we
were united by a common goal: to
be there for our customers when
they needed us most.”
Jennifer Tanguay,
Learning & Development Specialist
12
‘‘
As a commercial bank, we felt
a responsibility to step up as a
lifeline for our customers
desperately in need of PPP loans.
We leaned on each other, found
ways to streamline the process,
and adapted and changed to turn
these loans around as quickly as
possible before the funds dried up.
And because of that, businesses
stayed open and their employees
got paid. It was a true team effort
for our customers.”
Dwight Feeney,
Senior Commercial Lending Officer, SVP
We knew our customers’
survival depended on these PPP
loans, so team members from
‘‘
across the Bank, from the executive
team to front-line staff, stepped
up to work nights, weekends—
whatever it took—to make it
happen and get these done.
Our customers needed us, and
we were there for them. That’s the
Enterprise Bank way.”
Jon Bullock,
Commercial Lending Officer II, AVP
13
Growth and Evolution
hEnterprise Branches:
t
w
o
r
g
14
Our North Andover Branch, located at 247 Chickering Road, was
decorated for the holiday season prior to its opening on January 4, 2021.
We opened our 25th branch
location in Lexington in March
2020 and have exceeded our
growth expectations despite the
pandemic hitting simultaneously
to the branch opening. We opened
our 26th location in North Andover
in January 2021 and have secured
a location for our 27th location
in Londonderry, NH, expected to
open in late 2021 or early 2022.
While we adapt and advance to
meet the need for the latest in
banking technology, we never
lose sight that Enterprise Bank is
built on personal, meaningful
relationships with our customers.
We are continually expanding
and enhancing our services and
capabilities to offer a more
rewarding and accessible banking
experience beyond the role of
typical “bankers.” In addition to
handling routine transactions, our
Branch Relationship Bankers serve
as skilled consultative bankers to
efficiently assess our customers’
needs and coordinate with our
Wealth Management, Residential
Lending, 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.
Even as in-person consultations
have been limited by the pandemic’s
social distancing precautions, we
are increasingly serving as trusted
advisors, working closely and
personally with each customer
to solve problems, plan for the
future, and grow financially.
Enterprise Bankers and community leaders officially opened our
Lexington Branch on March 6, 2020.
15
Our Community:
Unwavering Commitment
In 2020—a year like no other in
our history—our commitment to
our community was at our forefront.
As a bank deeply invested in our
community, we stepped up to
provide emergency COVID-19 relief
donations to many non-profit
organizations adversely affected by
the pandemic, supporting those at
risk as well as the heroic healthcare
and essential workers on the front
lines. We assisted more than 40
organizations with COVID-19
related relief efforts and supported
more than 350 non-profit organi-
zations with our annual charitable
giving and ongoing community
involvement.
In 2020 Enterprise Bank was
recognized once again for its
commitment to our communities
at the Boston Business Journal’s
Corporate Citizenship Summit
virtual event held on September
10, 2020. The Bank was ranked
#2 for the highest average hours
(53.12 per employee) in community
service, tying our rank from last
year. The Bank was also recog-
nized in the Top 50 listing of the
largest corporate donors in
Massachusetts with a ranking of
#48, up from #55 the previous
year.
commu
Team Members supported
hundreds of non-profit
organizations in 2020,
including Habitat for Humanity.
16
‘‘
With non-profit
organizations facing
additional expenses and
fundraising challenges
Team Members weathered the elements to support the
Salvation Army’s Kettle Bell Drive in Derry, NH.
nity
Our Enterprise Bankers are rooted
and invested in the communities
we serve, giving back generously
to the charitable and non-profit
organizations that contribute so
much to our region’s quality of
life, through volunteerism as well
as a commitment to a high level
of charitable giving.
Enterprise Bank’s stated purpose
is ‘to make a positive difference
in the lives of the individuals,
businesses, and communities we
so passionately serve, and to play
an active role in making every
community in which we operate
a better place to live and work.’
It is gratifying to see our team
members embrace this purpose
year after year.
due to the pandemic,
Enterprise Bank recognized
last year that our support
was needed more
than ever. We made
community donations a
priority and stepped
up to provide additional
emergency COVID-19
relief donations. In good
times and in bad, our
message to the community
is, ‘We’re here for you.’”
Roselyn Scales,
Community Relations
Coordinator
17
Our Capabilities: Digital Evolution
Over the past thirty-two years,
we have continuously evolved and
adapted to meet the needs of our
customers, offering a depth and
breadth of services not found
in most banks our size. Our
expertise in commercial lending,
residential lending, cash manage-
ment, digital banking, investment
and wealth management, and
ENTERPRISE IS
CONTINUOUSLY
INVESTING IN
TECHNOLOGY TO
ENHANCE THE
CUSTOMER
EXPERIENCE
insurance* differentiates us in the
market, especially when coupled
with our exceptional customer
service.
Enterprise Bank is continuously
investing in technology and process
improvements to enhance the
customer experience, making
interactions faster, easier, and
secure. Through our increasing
focus on digitalization, we are
positioning Enterprise as a bank
with progressive digital banking
capabilities, providing advanced
technology and delivering our
leading-edge digital and online
banking services through a human
customer experience that is
highly responsive, warm, trusting,
and knowledgeable.
Enterprise Bank has embarked
on a digital evolution, constantly
challenging ourselves to utilize
innovation and technology to
create an even better online and
mobile customer experience. In
2020 we rolled out a new and
robust Business Online Banking
system, featuring enhanced
security, self-administration tools,
advanced reporting capabilities,
and a more intuitive user experience
and responsive design.
Enterprise Wealth Management
recently launched Wealth Access,
a new online and mobile portal
that allows its clients to aggregate
outside accounts with their
Enterprise Wealth account.
*Investment and insurance products are not a Deposit, not FDIC Insured, not guaranteed by Enterprise Bank, not insured by any government agency and may lose value.
18
technology
transactions using Amazon Alexa
compatible devices. We continue
to add enhancements to our
cash management capabilities
and business banking products
to offer more flexibility and value
for business customers, and for
increased security, expanded real
time alerts allowing both business
and personal customers to
monitor accounts and be alerted
to changes as they happen.
At Enterprise Bank, technology
enables us to enhance and
strengthen relationships with
our valued customers as we
create solutions for tomorrow.
The new portal provides clients
with a single sign-on to access
a current and comprehensive
view of their total wealth picture.
Additionally, they can add invest-
ment portfolios, deposit accounts,
mortgages, credit cards, real
estate, and other assets and loans,
from multiple institutions to easily
create and customize reports.
With the need to process thousands
of Paycheck Protection Program
(PPP) applications in a remarkably
short window of time, we were
able to implement electronic
signature capability through our
business customer portal, allowing
businesses to sign loan packages
electronically, instead of printing
and mailing paper documents.
We are working to roll out this
electronic signing capability bank
wide over the coming year.
We launched Voice Banking with
Alexa, a new voice channel for our
customers to access account and
transaction history and conduct
19
inclusion
Taking Action: Diversity, Equity and Inclusion
Events over the past year, including
communities of color being hit the
hardest by COVID-19 and job losses,
have brought to the forefront the
deep-rooted inequities that our
diverse communities face.
We believe that we all need to be
part of the solution. Change starts
from every individual, organization,
and community listening, under-
standing better, and acting. We
join the passionate calls for an end
to the racism, inequality, injustice,
and discrimination that have
long afflicted our communities
and country.
Enterprise Bank was founded in
1988 in downtown Lowell with
the purpose of helping to create
successful businesses, jobs,
opportunities, wealth, and vibrant,
prosperous communities. We
have intentionally located and
expanded our headquarters in
the heart of downtown Lowell
amongst the diverse population
of this city, and we have mindfully
expanded to the gateway cities
of Lawrence, Nashua, Leominster,
and Fitchburg. Our deep immersion
in the culture, diversity, ideals,
and traditions of these cities
makes us better and stronger
as an organization.
We are proud of the culture of
diversity, equality, and inclusion
that we have created here at
Enterprise Bank. Our company
was founded on the core principles
of fairness, equality, respect,
inclusion, and love. But we
understand that our responsibility
is turning those principles into
action. As our country continues
to struggle with the racism,
discrimination, inequality, and
injustice that have long stained
our history, we know we can and
must do better.
Honoring our International Culture, team members
celebrate Diwali Festival of Lights, on November 14, 2020.
20
‘‘
Some companies take on
issues of inclusion and racial
equity when it’s trendy
or in the public eye, but
Part 1
Exploration and Awareness
September 29, 2020
Keynote Speaker, Deo Mwano
Part 2
How to Cultivate an
Inclusion Mindset
November 17, 2020
Keynote Speaker, Kisha Dixon
Enterprise Bank leadership
is continuous in our
organization’s commitment
as part of our shared values.
Enterprise has taken on these
uncomfortable conversations
from a place of humility,
empathy, and compassion,
eager to learn and grow and
affect positive change in the
Bank and in the community.”
Kira Morehouse,
Senior Digital Marketing
Specialist, AVP
21
equality
OUR ACTIONS TO DATE
Training and Education
In 2018 we conducted focus
groups with our team members
to gather perspectives and
perform a gap analysis to
determine our training and
education needs. From that we
conducted microinequities and
unconscious bias training for
managers and unconscious bias
training for team members. Our
Multicultural Alliance employee
resource group has also hosted
bi-monthly educational work-
shops to share information
with team members on ethnic
heritage, further enhancing our
understanding of each other. We
will significantly increase this
training and education.
22
Diversity and Inclusion
In March 2018 we created the
role of Diversity and Inclusion
Specialist to further strengthen
our progress in hiring, advancing,
and promoting people of color. A
key program we initiated was the
Bank Career Exploration Program,
with the mission to outreach to
organizations that primarily
serve students of color to provide
information on careers in banking,
conduct workshops on financial
habits, basics of banking, applying,
and interviewing for banking
positions, shadowing bankers
during the workday, and providing
internships to students. We will
be continually reviewing our
Talent Management Plan, to
further enhance our hiring,
mentoring, advancing, and
promoting people of color.
Inclusion Council
In February of 2020, we announced
the creation of Enterprise Bank’s
Inclusion Council to celebrate and
promote awareness of personal
identity in the workplace, identify
equity gaps to help resolve them,
and strengthen everyone’s sense
of belonging within our Enterprise
Bank family. The Inclusion Council
is committed to helping influence
and impact positive change towards
social justice and inclusivity within
the communities we serve.
WE ARE
COMMITTED TO
HELPING TO
CREATE POSITIVE
CHANGE IN OUR
COMMUNITIES.
The Series on Racial Equity
and Inclusion
Enterprise Bank and our Inclusion
Council have taken a leadership
role in presenting “The Series on
Racial Equity and Inclusion,” a
community series with the goal
to create a safe space to promote
constructive engagement and
broaden our perspectives, in
partnership with the Greater
Lowell Community Foundation,
Lowell Development & Financial
Corporation, Greater Lowell
Chamber of Commerce, The
Lowell Plan, Lawrence Partnership,
Essex County Community
Foundation, Non-Profit Alliance
of Greater Lowell, and The
Theodore Edson Parker Foundation.
Our first seminar, “Exploration and
Awareness,” was held in September
and featured keynote speaker Deo
Mwano, a community advocate
skilled in creating space for difficult
conversations about racial bias
and its systemic impact. Our
second seminar, “How to Cultivate
an Inclusion Mindset,” was held in
November and featured keynote
speaker Kisha Dixon, a training
leader and culture change agent
who specializes in guiding large
groups through difficult conversations
about the impact of race, culture,
and diversity centered around
the ideals of equity and inclusion.
Takeaways from both seminars
can be found on our website. This
series will continue in the months
and years ahead.
Branches and Charitable
Contributions
Our immersion, involvement,
and philanthropy in communities
grows from where we locate our
branches. We have intentionally
sought to open branches in gateway
and diverse communities and most
of our charitable contributions
are allocated to organizations in
these communities. We recently
increased our charitable con-
tribution budget to provide for
additional financial contributions
to organizations that specifically
promote racial justice and equality.
Juneteenth
We credited vacation time to all
team members to commemorate
last year’s Juneteenth holiday.
Affordable Housing
We have very actively supported
the funding of affordable housing
and our team members have
played dynamic and significant
roles in fostering increased afford-
able housing in our communities.
We are committed to helping
to create positive change in our
communities. Our hope is that
each one of us and all of us—as
individuals, families, businesses,
communities, and a nation—can
join together to overcome a history
of injustice and work toward a
more inclusive and equitable
future for all.
Inclusion and
‘‘
belonging are priorities
at Enterprise Bank, and
the Inclusion Council is
a visible and intentional
commitment by the
Bank to recognize and
address the challenges
facing people of all
protected classes. We
want everyone to feel
included and valued.”
Sophy Theam,
Diversity & Inclusion
and Leadership Program
Specialist, VP
23
Looking ahead:
Confidence and Optimism
All of us at Enterprise Bank have
an overwhelming sense of pride
and accomplishment in what
we have achieved during a year
of unprecedented challenges.
Although this is a cautious time
for banks, as we brace for the
long-term impact of the pandemic,
we look to the future with
confidence and optimism.
While the near-term economic
outlook remains uncertain,
we remain committed to our
long-term focus of serving our
customers, building relationships,
investing in our future, cultivating
our digital evolution, expanding
geographically, further developing
our services and products, and
remaining independent.
m
s
i
m
i
t
p
o
‘‘
Although the pandemic
has changed the way we
interact at our branches—
adhering to the highest
standards of social
distancing and personal
protective equipment for
our team members and
customers—we haven’t
allowed it to affect our ability
to meaningfully connect
with our customers and
deliver exceptional personal
service. We may be wearing
masks, but they see us smile
with our eyes.”
Nachele Logan-Clifford,
Branch Service Manager, AVP
24
‘‘
It has been so important
to me to know that during
this pandemic, Enterprise
Bank has always put our
safety first. They care not
just about me, but about
my family. With everything
they do—having us work
remotely, providing PPE and
safeguards—they show us
how much they really care
about us as team members
and as people.”
Francis Gonzalez,
Senior Loan Servicing Set Up
& Reporting Supervisor, AVP
Our gratitude: United by
a Deep Sense of Purpose
Enterprise is the bank it is today –
and will be tomorrow – because
of the collective contributions
from every member of our
Enterprise Bank family: our team
members, customers, community
members, Board of Directors,
Advisory Councils, and shareholders.
We extend our deepest appreciation
to each of you for the trust and
confidence you have placed in
us and in this Enterprise that we
have created.
United by our deep sense of
purpose, we look forward to
2021 as an opportunity to make
a profound difference and create
better lives for the families,
businesses, and communities
we are honored to serve.
gratitude
George L. Duncan
Chairman
Jack Clancy
Chief Executive Officer
Richard W. Main
President
25
General Counsel
Gallagher & Cavanaugh, LLP
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
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
Gino J. Baroni
Owner and Managing Principal,
Trident Project Advisors and
Development Group
John P. Clancy, Jr.
Chief Executive Officer,
Enterprise Bank
John R. Clementi
Chief Executive Officer
Longview Development, LLC
Former President, Plastican, Inc.
Dr. Carole A. Cowan
Former President
Middlesex Community College
Normand E. Deschene
Former Chief Executive Officer,
Wellforce
John T. Grady, Jr.
Managing Partner, JTG Partners, LLC
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.
Richard W. Main
President, Enterprise Bank
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.
Nickolas Stavropoulos
Former President and
Chief Operating Officer,
Pacific Gas and Electric Company
Anita R. Worden
Former Co-Founder,
Chief Executive Officer and Director,
Yaskawa Solectria Solar
26
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
MANCHESTER
MANCHESTER
AUBURN
AUBURN
CHESTER
CHESTER
SANDOWN
SANDOWN
Communities with
branch locations
are shown in gold.
Our 27th branch will be
in Londonderry, NH.
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
R
R
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
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
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
info@ebtc.com • EnterpriseBanking.com
The common stock of Enterprise Bancorp, Inc. is traded on the NASDAQ Stock Market under the symbol “EBTC.”
y
t
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u
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m
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c
EnterpriseBanking.com
002CSNB837
‘‘
When I couldn’t hold my
annual in-person fundraisers
last year due to the pandemic,
my fellow team members at
Enterprise Bank stepped up
and said, ‘Just tell us what you
need.’ Thanks to their amazing
support, I met or exceeded my
fundraising goals. No matter
what the challenge, when it
comes to giving back to the
community, we make it
happen at Enterprise Bank.”
Angela Veloso,
Human Resources IS Analyst, AVP