2 0 2 2 A N N U A L R E P O R T
esopurpLeading with
We are pleased to share with you our 2022 Annual Report, which focuses on our
commitment to our founding purpose statement:
To make a positive difference in the lives
of the individuals, businesses, and
communities we so passionately serve.
To play an active role in making every
community in which we operate a better
place to live and work.
Throughout this report, you will hear from our team members, customers, and
community members, sharing in their own words how this purpose statement
is at the heart of who we are and how we operate here at Enterprise Bank.
We live and breathe this purpose
statement every day at Enterprise
Bank and are able to fulfill our
purpose by differentiating ourselves
as a bank that is growth oriented,
highly responsive, relationship
driven, and highly commercially
focused, founded on a strong
people-first culture.
Dear friends,
Enterprise Bank was founded thirty-four years ago
on the purpose of making a positive difference for
the individuals, businesses, communities, and
shareholders whom we passionately serve. We live
and breathe our sense of purpose. We are able to
fulfill our purpose by differentiating ourselves as
a bank that is growth oriented, has progressive
services and business lines, and is highly responsive
and relationship driven.
Our Growth: Strong and Consistent
We have now recorded 133 consecutive profitable
quarters and have increased our dividend for 31
consecutive years.
Since the start of the COVID-19 pandemic three
years ago, annual growth rates for assets, loans,
and deposits for banks have significantly ebbed
and flowed from year to year. These ebbs and flows
are principally related to the impact of stimulus
monies, PPP loans, and significantly fluctuating
interest rates, equity returns, and bond returns.
As a result of these economic and market forces,
most banks in 2022 experienced low or negative
deposit and asset growth, after strong growth
years in 2020 and 2021. For this reason, we feel it
is important and relevant to share with you both
our growth results for 2022 and our average annual
growth rates over the last three years from the end
of 2019 (just before COVID) through 2022.
Growth results for 2022 were as follows:
n Net income was $42.7 million for 2022, an
increase of 1%;
n Total loans grew by 9% and amounted to
$3.18 billion at year end. Core loan growth
(non-GAAP), which excludes PPP loans, was
12% for 2022;
n Total customer deposits grew by 1% and ended
2022 at $4.04 billion;
n Total assets ended 2022 at $4.44 billion, which
is essentially flat compared to $4.45 billion at
the end of 2021 (asset growth is most closely
correlated to deposit growth).
Average annual compounded growth rates over
the last three years ending December 31, 2022
were as follows:
n Net income – 8%
n Total loans – 7%
n Total customer deposits – 13%
n Total assets – 11%
Over the past thirty-four years, we have continuously
evolved and adapted to meet and exceed the needs
of our customers, and we offer a depth and breadth
of services not often found in banks our size. Our
expertise in commercial lending, residential lending,
cash management, digital banking, and wealth
management differentiates us in the market. Our
growth is accomplished from fostering relationships,
exceptional customer service, continual enhancement
and expansion of the sophistication of our banking
services and technology, and expansion of our
branch system.
Londonderry grand opening, June 14, 2022
In May of 2022 we opened our 27th branch location—
our eighth branch in New Hampshire—at 8 Michels
Way in Londonderry. We also continually invest
in our existing branch facilities, and in 2022 this
included a significant renovation of our Westford
branch and a relocation of our Lexington branch,
moving from Bedford Street to 1666 Massachusetts
Avenue in the heart of downtown. Our branches
are such a vital part of our growth because we do
far more than just open a building: we immerse
ourselves into the fabric of a community, nurture
and develop new relationships, and become a
driving force in the community. And our relationship
bankers, who are well-versed in all of Enterprise
Bank’s services, operate as trusted advisors and
skilled consultative bankers for our customers.
For several years now, we have been executing on
our digital evolution with the focus and intent of
enhancing how we do business with our customers
and the way customers do business with us. Digital
advancement is far more than implementing process
efficiencies, as it primarily entails meeting our
customers where and how they want to do business
with us, and ensuring an exceptional customer
experience. Utilization of technology enables
1
us to strengthen the human connection and the
relationships we have with our valued customers,
and is synergistic with providing attentive, personal
customer service. With our customers top of mind,
we are executing on delivering newly enhanced
customer journeys such as our online deposit account
opening solution, and in our Customer Service Center
we have implemented a new cloud-based service
offering that is enabling customers to be routed faster
to subject matter experts to service their questions
and requests. We are continually adding to our
digital and mobile capabilities including the ability to
create travel rules on debit cards for travel outside
the U.S. and the ability to access debit card spending
reports and account statements. We will continue to
expand and enhance our digital capabilities so that
customer interactions — whether in person at one
of our branches, over the phone, by video, online,
or through a mobile app — are faster, easier, secure
and meet our customers’ needs in how they wish to
do business with us.
Setting Us Apart: Our People,
Operating with Purpose, and Culture
We were founded upon a people-first culture which
guides us today. At Enterprise Bank, we are truly a
family, made up of people of integrity who embrace
leading from a sense of purpose by genuinely caring
about each other, our customers, our communities,
and our bank as a whole.
Leading with purpose means everything to us and is
an important mindset in establishing a competitive
advantage. When we speak of our sense of purpose
and culture at Enterprise Bank, we express words such
as excellence, community, integrity, professionalism,
teamwork, caring, diversity, equity, inclusion,
belonging, relationships, service, and people-first.
2
Enterprise Profile
Financial Data (as of 12/31/22)
$4.44
billion
ASSETS
$3.18
billion
LOANS
$4.04
billion
DEPOSITS
$1.09
billion
WEALTH ASSETS
UNDER MANANGEMENT
AND ADMINISTRATION
Our culture is a reflection of the expertise, vision,
and leadership provided by our outstanding Board
of Directors, comprised of professionals of the
highest integrity who share a strong fiduciary duty
to corporate governance, and who exemplify the
values upon which Enterprise Bank was founded
and operates today. We are deeply grateful to
each director.
The Board of Directors expresses its deep appreci-
ation to Luis M. Pedroso for his dedicated service
as a director to Enterprise Bank. Mr. Pedroso retired
from service as a director in October, 2022. Mr.
Pedroso served Enterprise Bank with the utmost
sense of fiduciary duty, leadership, community
insight, and strategic direction. His entrepreneurial
and philanthropic spirit and extensive community
involvement have been a positive driving force in our
Bank communities in many ways. His unwavering
commitment to helping others — particularly those
most in need — will always remain a hallmark of our
sense of purpose and service to our communities.
Celebrating our teams and our culture
Our team is truly our most valuable asset, and we
continually invest in our team members’ futures and
strive to reward and recognize them in meaningful
ways. We are committed to creating an environment
where our team members feel a strong sense of
belonging and are valued for their individual diverse
perspectives. We publish our DEI Annual Report,
which highlights our efforts and accomplishments
and can be found in the “Diversity Equity Inclusion”
section of our website (enterprisebanking.com).
Enterprise Bank was once again named among the top
workplaces in the nation by Energage, the company
that conducts The Boston Globe’s Top Places to Work
annual survey. Our Enterprise ranked #9 among
employers with 500-999 team members in the
National Top Workplaces USA award. Enterprise
Bank was additionally recognized by Energage in
three National Top Workplaces Culture Excellence
Awards: Professional Development, Employee
Appreciation, and Employee Well Being. Additionally,
Enterprise Bank was named by The Boston Globe as
one of the Top Places to Work among large-sized
companies—the 11th consecutive year that Enterprise
has earned this distinction. Of the 45 companies
recognized in this category, our Enterprise was
ranked #7.
We would like to express our deepest appreciation
and gratitude to each of you—our shareholders, team
members, customers, and community members—
for the trust and confidence you have placed in
us. The growth of Enterprise Bank stems from the
relationships we have built with each of you, and
we are grateful for your continued support.
Working together, we can accomplish anything.
With deep gratitude,
Richard W. Main
President
George L. Duncan
Chairman
Jack Clancy
Chief Executive Officer
Our Customers: Meaningful,
Trusting, Consultative Relationships
Enterprise Bank is built on meaningful, trusting
relationships with our customers. Our customers
look to us as trusted advisors for guidance and
expertise to help them achieve their goals and fulfill
their dreams.
In 2022, we launched several new initiatives to
enhance the customer experience, including a new
Call Center phone solution, online appointment-
scheduling software, a new Wealth Management
platform and client portal, new escrow and sub-
accounting services, and a new CardHub digital
dashboard. These are just a few of the technological
and digital enhancements we have implemented to
provide our customers the best possible banking
experience.
The security and privacy of our customer data is
critical. As both the volume and sophistication of
cyber-related attacks continue to escalate worldwide,
Enterprise is increasingly investing in cybersecurity
technology, working to identify and mitigate potential
risks to our customers.
Our Community:
Unwavering Commitment
A true passion for and commitment to our commu-
nities is deeply entrenched in the Enterprise Bank
culture and reflects our deep sense of purpose as a
community bank. In 2022, Enterprise Bank extended
support to more than 350 non-profit organizations
through our charitable giving and community
involvement. Our team members embrace the
spirit of volunteerism, participating in countless
charity events and fundraisers as well as serving
on non-profit and charitable boards. In 2022, we
hosted multiple virtual public forums to support our
communities through our Non-Profit CollaborativeSM,
Business Leadership Forum, and Series for Racial
Equity and Inclusion.
In recognition of our commitment to community,
Enterprise Bank was once again recognized by
the Boston Business Journal as a top philanthropic
company in Massachusetts. At the “Corporate
Citizenship Summit” held in September of 2022,
we ranked #2 among Massachusetts companies for
the highest average hours (36 per team member)
in community service, up from #3 last year. This
special recognition is a tribute to our team members
who consistently embrace the Bank’s stated purpose
to make a positive difference in our community.
We published our first Environmental, Social, and
Governance (ESG) Report, which can be found in the
“About” section on our website (enterprisebanking.
com). Our 2022 report will be posted on our website
in April 2023. Our ESG Report highlights our efforts
as a responsible corporate partner to the communities
and customers we serve, and to all stakeholders who
put their trust in us.
Looking Ahead: Strong and
Well Positioned
In our 35th year in business, we stand strong and
well positioned.
We will continue to build on our strong reputation
as a leading locally owned and locally managed
financial institution. Strategically, our focus remains
on organic growth and expansion, while continuing
to invest in technology, progressive product
capabilities, and, most importantly, our people
and people-first culture.
3
2022 Financial Highlights
Operating Results
n Net income of $42.7 million, or $3.52 per
Capital
n Paid a dividend of $0.82 per share
diluted share for 2022, versus $42.2 million
or $3.50 per diluted share for 2021
n ROA of 0.96%, and ROE of 14.47%
n Total capital to risk weighted assets of
13.49% ratio at December 31, 2022
Deposits
n Deposits of $4.04 billion at December 31, 2022,
an increase of 1% versus December 31, 2021
Loans
n Loans of $3.18 billion at December 31, 2022,
an increase of 12% versus December 31, 2021
(excluding PPP loans)
n Loan to deposit ratio of 79%
n Loan to asset ratio of 72%
Asset Quality
n Nonperforming loans to total loans of 0.19%
at December 31, 2022
n Net charge-offs of $239 thousand
n Allowance for loan losses of $52.6 million or
1.66% of total loans at December 31, 2022
Liquidity
n $268 million in cash and equivalents at
year end
n Approximately $1.1 billion in available
borrowing capacity at the FHLB/FRB at
year end
Compound Annual Growth Rates through 12/31/22
ITEM
Net Income
Assets
Customer Deposits
Loans Outstanding
LAST FIVE YEARS
LAST TEN YEARS
LAST FIFTEEN YEARS
LAST TWENTY YEARS
17%
10%
12%
7%
13%
10%
11%
9%
10%
10%
11%
9%
10%
10%
10%
11%
This growth has been entirely organic.
4
Selected Financial Data and Ratios
Year Ended December 31
BALANCE SHEET DATA
Total cash and cash equivalents
Total investment securities at fair value
Total loans (1)
Allowance for credit losses
Total assets
Total deposits
Subordinated debt
Total shareholders’ equity
Total liabilities and shareholders’ equity
WEALTH MANAGEMENT
Wealth assets under management (2)
Wealth assets under administration (2)
SHAREHOLDERS’ EQUITY RATIOS
Book value per common share
Dividends paid per common share
Dividend payout ratio
REGULATORY CAPITAL RATIOS
Total capital to risk weighted assets
Tier 1 capital to risk weighted assets (3)
Tier 1 capital to average assets
CREDIT QUALITY DATA
Non-performing loans
Non-performing loans to total loans
Non-performing assets to total assets
ACL for loans to total loans
INCOME STATEMENT DATA
Net interest income
Provision for credit losses
Total non-interest income
Total non-interest expense
Income before income taxes
Provision for income taxes
Net income
INCOME STATEMENT RATIOS
Diluted earnings per common share
Return on average total assets
Return on average shareholders’ equity
Net interest margin (tax-equivalent) (4)
2022
2021
2020
2019
2018
(dollars in thousands, except per share data)
$
267,589
820,371
3,180,518
52,640
4,438,333
4,035,806
59,182
282,267
4,438,333
$
$
$
$
$
$
$
$
891,451
198,586
23.26
0.82
23.23%
13.49%
10.56%
8.10%
6,122
0.19%
0.14%
1.66%
151,798
5,800
18,462
108,314
56,146
13,430
42,716
3.52
0.96%
14.47%
3.54%
$
436,576
958,215
2,920,684
47,704
4,447,819
3,980,239
58,979
346,895
4,447,819
$
$
$
$
$
$
$
$
1,041,409
257,867
28.82
0.74
21.08%
13.73%
10.62%
7.56%
26,522
0.91%
0.60%
1.63%
141,556
1,770
18,107
102,135
55,758
13,587
42,171
3.50
0.98%
12.49%
3.44%
$
253,782
583,049
3,073,860
44,565
4,014,324
3,551,263
73,744
334,426
4,014,324
$
$
$
$
$
$
$
$
976,502
210,900
28.01
0.70
26.52%
14.62%
10.77%
7.52%
38,050
1.24%
0.95%
1.45%
130,134
12,499
17,247
93,254
41,628
10,172
31,456
2.64
0.82%
9.95%
3.59%
$
63,794
505,255
2,565,459
33,614
3,235,049
2,786,730
14,872
296,641
3,235,049
$
63,120
432,921
2,387,506
33,849
2,964,358
2,564,782
14,860
255,297
2,964,358
$
$
$
$
$
$
$
$
914,301
187,501
25.09
0.64
22.07%
11.88%
10.13%
8.86%
14,771
0.58%
0.46%
1.31%
115,857
1,180
16,319
86,415
44,581
10,381
34,200
2.89
1.10%
12.31%
3.95%
$
$
$
$
$
$
$
$
797,895
121,440
21.80
0.58
23.48%
11.77%
9.93%
8.56%
11,784
0.49%
0.40%
1.42%
108,835
2,250
11,990
80,878
37,697
8,816
28,881
2.46
1.00%
12.15%
3.97%
(1) Balance includes PPP loans of $2.2 million, $71.5 million and $443.1 million at December 31,2022, 2021 and 2020, respectively.
(2) Wealth assets under management and wealth assets under administration 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) Ratio also represents common equity tier 1 capital to risk weighted assets as of the periods presented.
(4) Tax-equivalent net interest margin is net interest income adjusted for the tax-equivalent effect associated with tax-exempt loan and investment income, expressed as a percentage of average interest-earning assets.
5
Leading
with
purpose
ENTERPRISE BANK WAS FOUNDED
ON THE PURPOSE TO MAKE A
POSITIVE DIFFERENCE IN THE
LIVES OF THOSE WE SO
PASSIONATELY SERVE. ON THE
FOLLOWING PAGES, SOME OF
THOSE INDIVIDUALS, BUSINESSES,
AND COMMUNITY MEMBERS
SHARE IN THEIR OWN WORDS
HOW THIS PURPOSE STATEMENT
IS AT THE HEART OF WHO WE
ARE AND HOW WE OPERATE
HERE AT ENTERPRISE BANK.
6
Individuals: Service Above
because we know that employees who feel valued
and appreciated make their customers feel the
same way.
For those individuals we serve, we seek to make
every experience—whether in person, on the phone,
or through an electronic device—a positive and
rewarding one.
Our team members are the heart and soul of who
we are and what we do at Enterprise Bank to make a
positive difference in the lives of the individuals we so
passionately serve. Our Enterprise Bankers go above
and beyond to provide personal, attentive service for
customers throughout their lives, from opening their
first savings account, taking out a car or college loan,
securing a mortgage, or preparing for retirement.
Team members in our branches, loan and mortgage
services, and Wealth Management are a reflection
of our Bank culture, which measures our success not
by numbers and transactions, but by long-lasting
relationships, the lives we influence, and the dreams
we help fulfill. That culture begins with creating a
workplace where we respect and care for each other
in a positive, rewarding, and inclusive environment—
‘‘
In my personal life and my business,
I THINK OF ENTERPRISE AS FRIENDS
AND PARTNERS, not just my bank.
I trust them and love the way they
operate – they know you, listen to you,
and bend over backwards to help you
FRED CIAMPA
and make your life easier.
Fred Ciampa
Owner, Frederick A. Ciampa, CPA, PC
’’
and Beyond
‘‘
ENTERPRISE BANK HAS EARNED
OUR TRUST – with our business finances
and with our wealth management.
With Enterprise, you have a bank large
enough to know what they’re doing and
get the job done, but small enough to
know you and give you the personal
attention and hand holding when
you need it.
’’
Leo G. Bishop, DVM
(retired)
‘‘
I know that, whether it’s me or anyone
else who walks through the door of
Enterprise Bank, they can be confident
that they will be greeted with friendly
and knowledgeable staff who will
immediately help with their needs.
The bank’s excellent customer service
along with their eagerness to help
makes the entire process pleasant,
seamless, and stress-free. I’M SO
HAPPY TO BE BANKING WITH
AJITA BHAT
ENTERPRISE BANK!
’’
Ajita Bhat
President, Chinmaya Mission Boston and
Co-Chair, The Akshaya Patra Foundation Boston
DR. LEO & SUSAN BISHOP
7
Businesses: A Trusted Partner
Over the past thirty-four years, Enterprise Bank
has grown and expanded into a full-service bank,
offering a full line of personal banking products and
services. But at its heart, Enterprise Bank remains
a commercial bank committed to making a positive
difference in the businesses we serve.
‘‘
Enterprise Bank does so much more
than provide financing. They are an
incredible partner that is there to
support us and guide us every step
of the way. THEY GENUINELY CARE
AND WANT US TO SUCCEED. What
else could you ask for in a bank?
’’
RAJIA ABDELAZIZ
Rajia Abdelaziz
CEO, InvisaWear
At Enterprise, we’ve created an innovative, forward-
thinking commercial bank that helps our customers
grow their money and their business. Enterprise
Bank understands entrepreneurs because we are
entrepreneurs; we understand what it means to have
a passion and a dream, and we know how to help
create a successful business.
Businesses choose Enterprise because we offer the
services and capabilities of the big banks, with all
the personal service, flexibility, and local decision-
making of a community bank. Our team members
are responsive and attentive, and we genuinely care
about our customers and their success, making
customers feel important and valued. Our customers
range from small local retailers and nonprofits to
large manufacturers and professionals. Regardless
of the size, our commitment to our business
customers is the same, as we take the time to
understand them, to do what is right for them, and
to work alongside them to assist in their growth,
expansion, and creation of new jobs.
8
‘‘
MIKE JENOSKI
With Enterprise Bank, IT’S ALL ABOUT
THE PERSONAL RELATIONSHIP WITH
A BANK THAT KNOWS ME and goes
the extra mile every day to help me
and my business succeed. It’s a great
partnership to have.
’’
Mike Jenoski
President, Goodway Group
AMY LABELLE
‘‘
Enterprise Bank understands the mind
of an entrepreneur because they are
entrepreneurs. THEY UNDERSTAND
WHAT IT MEANS TO HAVE A
PASSION AND A DREAM to create
a successful business.
’’
Amy LaBelle
Founder/Owner, LaBelle Winery
9
Communities: A Deep Commitment
As a genuine community bank, we consider it both
a privilege and responsibility to support and make
a positive difference in the lives of the communities
we are so honored to serve.
n Partnering with local organizations, the Series on
Racial Equity and Inclusion hosted three thought-
provoking presentations for the community: “Are
We There Yet? How to Define and Develop an
Inclusive Internal Organizational Culture that is
Relevant, Responsive, and Respected in a World
of Change,” “Leveling the Playing Field: Interrupting
Patterns of Power and Privilege” and “I’m a Good
Person! Isn’t That Enough?”
n The Business Leadership Forum hosted two well-
attended forums: “2022 Economic Outlook During
a Time of Transitions: The Pandemic Recedes
While Russia Advances,” and “Post-Election
Economic Outlook.”
At Enterprise Bank, we show our deep commitment
to these communities and non-profit organizations
through our philanthropic dollars, bank-wide
volunteerism, and ongoing initiatives. In 2022,
Enterprise Bank was once again honored by the
Boston Business Journal as a top philanthropic
company in Massachusetts, ranked #2 among
Massachusetts companies for the highest average
employee hours in community service.
Our 2022 initiatives included Enterprise Bank’s
Non-Profit CollaborativeSM, which provides
critically needed programs, resources, and guidance
to non-profits in our region; our 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; and
our Business Leadership Forum, created in 2021
as a resource for business community members
to help grow, protect, and simplify their business’
banking.
n The Non-Profit Collaborative hosted a spring and
fall seminar series, including “Discover the Art of
Engagement: Fundraising Bootcamp for Boards,
Staff, and Volunteers,” “How Can We Be Strategic
When We Are So Busy Firefighting?” “Gender
Identity & Expression at the Workplace,” and
“Asking in the Age of Zoom: How to Ask for a
Major Gift Online.”
‘‘
We love everything about Enterprise
Bank. They know us — our mission,
our vision, and values — and they go
above and beyond to support us, care
about us, advocate for us, and look
out for us. ENTERPRISE IS ALL ABOUT
RELATIONSHIPS, WITH US AND
WITH THE ENTIRE COMMUNITY.
’’
CAROL BALDWIN
10
Carol Baldwin
Executive Director,
Nashua Adult Learning Center
‘‘
The beauty of banking with Enterprise
is the quality and nature of personal
relationships with people who know us
and value what we do in the community,
because they are part of the community,
too. BANKING WITH ENTERPRISE
GIVES YOU NOT ONLY A PARTNER
IN YOUR ORGANIZATION, BUT
ALSO A PARTNER IN SERVING THE
COMMUNITY and contributing to this
region’s success.
’’
Neil Gordon
CEO, Discovery Museum
NEIL GORDON
‘‘
ENTERPRISE BANK IS TRULY A
PARTNER. They’ve been there to
support us through thick and thin in
whatever we do, offering solutions and
guidance, from daily operational issues
to mitigating risk to investment
opportunities to help us grow
strategically and with a purpose.
Joan Hatem-Roy, LICSW
CEO, AgeSpan
’’
JOAN HATEM-ROY
11
222 Merrimack Street, Lowell, MA 01852 • 978-459-9000
27 branch locations serving 22 communities:
19 locations in Massachusetts
n Acton, Andover, Billerica (2), Chelmsford (2), Dracut, Fitchburg,
Lawrence, Leominster, Lexington, Lowell (2), Methuen,
North Andover, Tewksbury (2), Tyngsboro, Westford
8 locations in New Hampshire
n Derry, Hudson, Londonderry, Nashua (2), Pelham,
Salem, Windham
MANCHESTER
MANCHESTER
MANCHESTER
AUBURN
AUBURN
AUBURN
CHESTER
CHESTER
CHESTER
BEDFORD
BEDFORD
BEDFORD
SANDOWN
SANDOWN
SANDOWN
MERRIMACK
MERRIMACK
MERRIMACK
LONDONDERRY
LONDONKERRY
LONDONKERRY
LITCHFIELD
LITCHFIELD
LITCHFIELD
DERRY
DERRY
DERRY
HAMPSTEAD
HAMPSTEAD
HAMPSTEAD
ATKINSON
ATKINSON
ATKINSON
PLAISTOW
PLAISTOW
PLAISTOW
Communities with
branch locations
are shown in gold.
HOLLIS
HOLLIS
HOLLIS
NASHUA
NASHUA
NASHUA
ASHBY
ASHBY
ASHBY
TOWNSEND
TOWNSEND
TOWNSEND
PEPPERELL
PEPPERELL
PEPPERELL
DUNSTABLE
DUNSTABLE
DUNSTABLE
B
B
B
S
S
S
G
G
G
N
N
N
Y
Y
Y
T
T
T
WINDHAM
WINDHAM
WINDHAM
SALEM
SALEM
SALEM
HUDSON
HUDSON
HUDSON
HAVERHILL
HAVERHILL
HAVERHILL
GROVELAND
GROVELAND
GROVELAND
PELHAM
PELHAM
PELHAM
METHUEN
METHUEN
METHUEN
GEORGETOWN
GEORGETOWN
GEORGETOWN
H
H
H
G
G
G
U
U
U
O
O
O
R
R
R
O
O
O
DRACUT
DRACUT
DRACUT
LAWRENCE
LAWRENCE
LAWRENCE
BOXFORD
BOXFORD
BOXFORD
NORTH
NORTH
NORTH
ANDOVER
ANDOVER
ANDOVER
LOWELL
LOWELL
LOWELL
ANDOVER
ANDOVER
ANDOVER
FITCHBURG
FITCHBURG
FITCHBURG
LUNENBURG
LUNENBURG
LUNENBURG
GROTON
GROTON
GROTON
WESTFORD
WESTFORD
WESTFORD
CHELMSFORD
CHELMSFORD
CHELMSFORD
TEWKSBURY
TEWKSBURY
TEWKSBURY
MIDDLETON
SHIRLEY
SHIRLEY
SHIRLEY
AYERAYER
AYER
BILLERICA
BILLERICA
BILLERICA
NORTH
NORTH
NORTH
READING
READING
READING
N
N
N
O
O
O
T
T
T
G
G
G
W I L M I N
W I L M I N
W I L M I N
READING
READING
READING
ASHBURNHAM
ASHBURNHAM
ASHBURNHAM
WESTMINSTER
WESTMINSTER
WESTMINSTER
HARVARD
HARVARD
HARVARD
LITTLETON
LITTLETON
LITTLETON
CARLISLE
CARLISLE
CARLISLE
LEOMINSTER
LEOMINSTER
LEOMINSTER
LANCASTER
LANCASTER
LANCASTER
BOXBOROUGH
BOXBOROUGH
BOXBOROUGH
ACTON
ACTON
ACTON
BEDFORD
BEDFORD
BEDFORD
PRINCETON
PRINCETON
PRINCETON
STERLING
STERLING
STERLING
BOLTON
BOLTON
BOLTON
STOW
STOWSTOW
CONCORD
CONCORD
CONCORD
MAYNARD
MAYNARD
MAYNARD
LINCOLN
LINCOLN
LINCOLN
N
N
N
O
O
O
T
T
T
G
G
G
L I N
L I N
L I N
R
R
R
U
U
U
B
B
B
WOBURN
LEXINGTON
LEXINGTON
LEXINGTON
WALTHAM
WALTHAM
WALTHAM
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 43006
Providence, RI 02940-3006
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.”
1212
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.
Kenneth S. Ansin
President, Ansin Consulting Group
Gino J. Baroni
Owner and Managing Principal,
Trident Project Advantage Group
Jack Clancy
Chief Executive Officer,
Enterprise Bank
Normand E. Deschene
Former Chief Executive Officer,
Wellforce
John T. Grady, Jr.
Senior Advisor, G2 Capital Advisors
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
Professor and Chancellor Emerita,
University of Massachusetts Lowell
John R. Clementi
Chief Executive Officer, Longview Development, LLC
Former President, Plastican, Inc.
Michael T. Putziger
Chairman, WinnCompanies
Dr. Carole A. Cowan
Former President, Middlesex Community College
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
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
Nancy L. Donahue
Lucy A. Flynn
Eric W. Hanson
John P. Harrington
Arnold S. Lerner
Luis M. Pedroso
pur·pose (pur-puhs) noun:
the reason for which something is done or created or for which something exists.
EnterpriseBanking.com
002CSND763