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NITY • COMMUNITY • COM M U N I T Y
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A D V OCACY • ADVOCACY •
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WTH • GROWTH • GROWTH •
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A D V O C A
ANNUAL REPORT 2023
THE VALUE OF A
RELATIONSHIP-CENTRIC BANK
At Enterprise Bank, the primary
barometer by which we measure our
success has always been the strength of our
relationships. United in our commitment to putting
people first, Enterprise Bankers serve from a place of
caring, compassion, and deep purpose, working tirelessly to
serve the needs of our customers, communities, and stakeholders
as we strive to live up to the trust they place in us.
In the following pages, our customers share—in their own words—how
Enterprise Bankers have supported them, their businesses, and their
communities as trusted advisors, volunteers, and friends. Their stories
are a testament to the bonds we’ve fostered and to the value of our
people-first philosophy. This commitment to building meaningful
relationships with all those we serve has been fundamental to who we
are as a bank since first opening our doors 35 years ago and has laid
the foundation for ongoing mutual growth and success.
The words on the cover of this report;
Trust, Caring, Growth, Purpose, Advocacy,
Commitment and Community represent just
a few of the many aspects of the strong and
long-lasting relationships we create with
our customers and our communities.
DEAR FRIENDS,
On January 3rd, Enterprise Bank celebrated our 35th anniversary, marking 35 years of
creating positive impacts in the lives of the individuals, businesses, and communities we
so passionately serve. This is entirely due to our collective Enterprise team.
The Enterprise Differentiation
and Value Proposition
Since Enterprise Bank’s founding, our strategy and
vision have been to provide to our customers the
best service, responsiveness, long-term trusting
relationships, and local market knowledge, while at
the same time delivering the technology, products,
and services found at many of the top leading
banks in the nation, including progressive digital
banking, wealth management, cash management,
residential lending, and commercial lending services.
This combination of progressive offerings and
prioritizing the human connection sets us apart
from other banks.
Trusting Relationships
with Our Customers
Enterprise Bank is built upon a people-first and
customer-centric culture, and our success has always
been measured, first and foremost, by the strength
of our relationships. As the customer testimonials in
the following pages of this report attest, our mission
as Enterprise Bankers involves more than simply
providing the products and services our customers
need; we serve as trusted and consultative advisors,
building lasting relationships through our genuine
desire to support our customers.
Our People, Purpose, and Culture
For 35 years, we have put people at the heart of
everything we do, acting out of a sincere desire to
serve the customers, non-profits, communities, team
members, and other stakeholders that put their trust
in us. It’s a mindset and purpose we all share as
Enterprise Bankers, and our level of commitment
to this distinguishes us from other banks.
At Enterprise Bank, our team members are our
greatest assets and the driving force behind our
success. We strive to attract talented individuals
who operate from a sense of purpose, and we
invest in their professional and personal growth
and development.
Our Bank is committed to encouraging and fostering
a culture of diversity, equity, inclusion, and belonging
(DEIB) where everyone feels valued, respected,
cared for and appreciated. Each year, we publish
our DEIB Annual Report on our website (www.
enterprisebanking.com/inclusion), highlighting our
efforts and accomplishments.
In 2023, Enterprise Bank was recognized for the
twelfth consecutive year by The Boston Globe as one
of The Top Places to Work in Massachusetts. We
were ranked #9 among 55 large-sized companies in
this category. Energage, the company that conducts
employee surveys and compiles statewide rankings of
“The Top Places to Work,” also recognized Enterprise
Bank with industry cultural excellence awards in
ENTERPRISE BANKERS FROM THE LOWELL
AND CHELMSFORD TEAMS ATTENDING A
COMPANY TEAM-BUILDING EVENT.
10 categories: Leadership, Innovation, Compensation
and Benefits, Work-Life Flexibility, Purpose and Values,
Employee Well-Being, Employee Appreciation,
Professional Development, and Financial Services.
Our Bank’s culture is a reflection of the leadership and
oversight of our board of directors. Strong leadership
and sound corporate governance are essential to the
long-term success of any organization. Our board is
comprised of accomplished leaders who bring unique
perspectives, skills, and experiences instrumental to
driving our continued success and making us a stronger
financial institution and community leader. Fiercely
dedicated and committed to the Bank’s core values,
vision, and principles, our board operates from a true
purpose-driven spirit.
1
Community
Enterprise Bank is a true community bank. We
dedicate ourselves to strengthening the economic
fabric of the communities in which we serve. As
both a core value of our organization and an intrinsic
part of our identity, community is something we
consistently strive to foster and support.
Remaining committed to our purpose of making a
positive difference in the lives of the individuals,
businesses, and communities we so passionately
serve, and playing an active role in making every
community in which we operate a better place
to live and work, we continually invest our time,
resources, and expertise. Last year, Enterprise Bank
extended support to more than 425 organizations
through donations, sponsorships, and volunteer
efforts. We also supported our non-profit organiza-
tions through our long running seminar series—
the Non-Profit Collaborative and our Business
Leadership Forum.
In 2023, the Bank was recognized once again by
the Boston Business Journal as a top philanthropic
company in Massachusetts, ranking #2 among
Massachusetts companies for the highest average
hours per team member (36.24 hours per team
member) in community service for the second
consecutive year. This special recognition is a
validation of all the wonderful work our team members
do in service of our communities. Enterprise was
also ranked #52 for charitable giving among the
largest corporate donors in Massachusetts.
Early last year, we published our second annual
Environmental, Social, and Governance (ESG) Report,
highlighting our efforts as a responsible corporate
partner to the communities and customers we serve,
and to all stakeholders who put their trust in us.
The ESG Report can be found on our website
(www.enterprisebanking.com/ESG); we will be
posting our 2023 report in the coming weeks.
2
Our Growth
We have now recorded 137 consecutive profitable
quarters and have increased our annual dividend for
32 consecutive years; our dividend has increased
every year since we began paying a dividend.
Financial results for 2023 include:
• Net income was $38.1 million;
• Total loans grew by 12% and amounted to
$3.57 billion at year end;
• Total customer deposits decreased by 1%
and ended 2023 at $3.98 billion;
• Total assets ended 2023 at $4.47 billion,
an increase of 1%;
• Wealth assets under management and
administration ended 2023 at $1.32 billion,
an increase of 21%;
• Loan quality continued to be strong at
December 31, 2023 with non-performing
loans at 0.32% of total loans and net
charge-offs for the year at only $105,000;
Additionally, the allowance for credit losses
was 1.65% of total loans.
Over the past five years we have experienced
the COVID-19 pandemic, inflation, an extremely
rapid decline in interest rates, more recently an
extremely rapid increase in interest rates, an
inverted yield curve, and many other headwinds
and challenges. We have navigated through
numerous economic cycles over our 35 years.
Even through the recent “headwinds”, our
financial results have been very strong, with
our average annual compounded growth rates
over the last five years ending December 31, 2023,
being as follows:
• Net income – 6%
• Annual dividend – 10%
• Total loans – 8%
• Total customer deposits – 10%
• Total assets – 9%
ENTERPRISE PROFILE Financial Data (as of 12/31/23)
$4.47
billion
ASSETS
$3.98
billion
DEPOSITS
$3.57
billion
LOANS
$1.32
billion
WEALTH ASSETS
UNDER MANANGEMENT
AND ADMINISTRATION
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HIPS • RELATIONSHI P S • R E L A T I O N
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ENTERPRISE BANK’S WESTFORD BRANCH
UNDERWENT EXTENSIVE RENOVATIONS
IN 2023 TO ENHANCE THE EXPERIENCE
FOR OUR CUSTOMERS SEEKING BANKING
AND LENDING SERVICES.
Technology
Since our founding, we have continually invested
in technology. We empower our customers to do
business with us in a way that is most convenient for
them. Accordingly, over the last few years, Enterprise
Bank has been focusing on a digital evolution initiative,
increasing the convenience with which customers
and prospects communicate and do business with
us and enhancing our operating efficiency. Last year,
we further adopted several technology services,
including DocuSign, which streamlines the way
that customers receive, sign, and return paperwork,
and Coconut, an appointment-booking tool which
enables customers to view team members’ calendar
availability in real-time and schedule appointments
at their convenience. We also launched Payee Match,
a service which adds an extra level of protection
against unauthorized disbursements and fraudulent
checks for our corporate Check Positive Pay clients,
and ZRent, a rent collection service. Furthermore,
this year, we augmented our Call Center with the
integration of SMS (text) chat capabilities. Our Call
Center Specialists can now transition customers
seamlessly between various digital channels—
voice, email, web chat, and SMS chat—and guide
customers towards the channels best suited to
resolving their issues. At 20 of our 28 ATMs, we also
added tap-reader functionality, enabling customers
to tap their debit cards for access instead of having
to insert their chip card.
Aside from customer-facing technology improve-
ments, there were also various enhancements
implemented behind the scenes. Our transition
to a cloud-based infrastructure, the digitization of
paper-intensive processes, and the automation of
time-consuming manual processes, all added to
the Bank’s operational efficiency.
These strategic investments in technology,
paired with our people-first philosophy, have been
enormously valuable, particularly during and after
the pandemic which so drastically transformed
customer expectations and how businesses
operate. As customer expectations evolve,
so does our Bank, leveraging technology to
strengthen the human connection.
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Looking Ahead
We would again like to thank our board of directors
for their counsel and advice, and for setting the
example of excellence, operating from a sense of
purpose, and laying an important foundation for
building relationships. In closing, we express our
deepest appreciation and gratitude to each of you—
our shareholders, customers, community members,
and team members—for the trust and confidence
you place in us and for your support. The growth of
Enterprise Bank stems from the trusting relationships
we have all built with each other.
With deep gratitude,
Richard W. Main
President
George L. Duncan
Chairman
Jack Clancy
Chief Executive Officer
3
2023 FINANCIAL HIGHLIGHTS
Operating Results
• Net income of $38.1 million, or $3.11 per
Capital
• Paid a dividend of $0.92 per share
diluted share for 2023, versus $42.7 million,
or $3.52 per diluted share for 2022
• ROA of 0.85%, and ROE of 12.48%
Loans
• Loans of $3.57 billion at December 31, 2023,
an increase of 12% versus December 31, 2022
• Loan to deposit ratio of 90%
• Loan to asset ratio of 80%
Asset Quality
• Nonperforming loans to total loans of 0.32%
at December 31, 2023
• Total capital to risk weighted assets ratio of
13.12% at December 31, 2023
• Net charge-offs of $105 thousand
Deposits
• Deposits of $3.98 billion at December 31, 2023,
a decrease of 1% versus December 31, 2022
Liquidity
• $57 million in cash and equivalents at year end
• Approximately $1.2 billion in available
borrowing capacity at the FHLB/FRB at
December 31, 2023
COMPOUND ANNUAL GROWTH RATES THROUGH 12/31/23
ITEM
Assets
Loans Outstanding
Customer Deposits
Net Income
LAST FIVE YEARS
LAST TEN YEARS
LAST FIFTEEN YEARS
LAST TWENTY YEARS
9%
8%
10%
6%
9%
9%
10%
11%
9%
9%
11%
14%
9%
10%
9%
9%
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
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
Net charge-offs
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)
2023
2022
2021
2020
2019
(dollars in thousands, except per share data)
$
56,592
668,171
3,567,631
58,995
4,466,034
3,977,521
59,498
329,117
4,466,034
$
$
$
$
$
$
$
$
$
1,077,761
242,338
26.82
0.92
13.12%
10.34%
8.74%
11,414
0.32%
0.26%
1.65%
105
153,084
9,249
17,609
110,199
51,245
13,187
38,058
3.11
0.85%
12.48%
3.51%
$
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
13.49%
10.56%
8.10%
6,122
0.19%
0.14%
1.66%
239
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
13.73%
10.62%
7.56%
26,522
0.91%
0.60%
1.63%
3,964
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
$
63,794
505,255
2,565,459
33,614
3,235,049
2,786,730
14,872
296,641
3,235,049
$
$
$
$
$
$
$
$
$
976,502
210,900
28.01
0.70
14.62%
10.77%
7.52%
38,050
1.24%
0.95%
1.45%
1,548
130,134
12,499
17,247
93,254
41,628
10,172
31,456
2.64
0.82%
9.95%
3.59%
$
$
$
$
$
$
$
$
$
914,301
187,501
25.09
0.64
11.88%
10.13%
8.86%
14,771
0.58%
0.46%
1.31%
1,415
115,857
1,180
16,319
86,415
44,581
10,381
34,200
2.89
1.10%
12.31%
3.95%
(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
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‘‘
HYDRA TECH, INC.
Years ago, I switched to Enterprise and I’ve never looked
back—the experience has been phenomenal! Enterprise
Bankers are quick, responsive, and accommodating.
Whenever I need them, they’re there for me; that was never
clearer than during the pandemic. While other businesses
in the area were struggling to reach their bankers and get
the help they needed, Enterprise was always just a quick
phone call away. That kind of DEPENDABILITY and
service, especially in times of crisis like the pandemic, is
very rare and truly showcases Enterprise’s commitment
to its customers.”
– DON SMITH, JR.
6
Since its founding as a hydrant maintenance company in 2002, Hydra
Tech, Inc. has successfully grown into a full water utility and repair
company. Owning over 20 trucks and a vast variety of excavation
equipment and specialty tools, we are dedicated to providing our
customers with exceptional service. We believe in empowering our
clients to operate at their best so that they can, in turn, deliver the
highest quality of service to their communities. We provide repairs,
maintenance, and workmanship that you can count on, putting safety
and dependability at the heart of everything we do. At Hydra Tech, Inc.
we are committed to serving the wide range of needs presented by
municipal and private water systems.
JON BULLOCK,
COMMERCIAL LENDING OFFICER
ERIN SMITH, CO-OWNER
DON SMITH, JR., FOUNDER & PRESIDENT
DEPENDABILITY • DEPENDABILITY • DEPENDABILITY • DEPENDABILITY • DEPENDABILITY • DEPENDABILITY • DEPENDABILITY • DEPENDABILITY • DE-
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GREATER LOWELL YMCA
‘‘
The team at Enterprise Bank is phenomenal—it’s what sets them apart
from any other bank out there. They’re patient, knowledgeable, and
hardworking, but most of all, they’re GENUINE, down-to-earth people. It’s
never a stuffy, generic exchange when I work with them; from the wealth
management team, to the branch employees, to the executive leadership
team, I have good relationships with team members all throughout the
bank. They’re people I trust and who I sincerely enjoy working with.
– KEVIN MORRISSEY
Guided by our core values of caring, honesty, respect and responsibility, the
YMCA is dedicated to giving people of all ages, backgrounds, and walks of life the
opportunity to reach their full potential with dignity. We are a leading nonprofit
committed to strengthening community by empowering young people, improving
the health and well-being of people of all ages, and inspiring
action in and across communities. The Greater Lowell
YMCA serves more than 5,000 members and owns two
properties: the Greater Lowell YMCA and Camp Massapoag.
We serve more than 15,000 community members a year
through programs and ancillary programs and we provide
annual financial assistance to those in need.
KEVIN MORRISSEY, CEO
PATRICK CONNERTY,
SENIOR FINANCIAL ADVISOR
7
GENUINE • GENUINE • GENUINE • GENUINE • GENUINE • GENUINE • GENUINE • GENUINE • GENUINE •
CAMBODIAN MUTUAL ASSISTANCE ASSOCIATION (CMAA)
‘‘
Enterprise Bank has been so good to the CMAA. We can always count on Enterprise bankers
to be there when we need them and to guide us through any issue with patience and
PROFESSIONALISM. What has impressed me most, however, is how active they are outside
the walls of their offices and how much they contribute to the community beyond the scope of
their roles as bankers. Over the years, Enterprise Bankers have given seminars to our CMAA
team, shared their financial expertise with our leadership and board, and supported community
events hosted by the CMAA and other nonprofits in the area. It feels like so much more than a
banking relationship to work with people who share our commitment to the community.
– SOTHEA CHIEMRUOM
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In the early 1980s, thousands of Cambodians
fled their homeland to escape a communist
regime and genocide, with many resettling in
the city of Lowell and other cities throughout
the U.S. In 1984, the Cambodian Mutual
Assistance Association (CMAA) was founded
to provide support to these Cambodian
communities, offering services ranging from
language translation, to assisting with food and
shelter resources, to organizing community
events that bring people together. Today,
CMAA is proud to be one of the leading
nonprofits serving the Cambodian-American
community, providing a wide range of programs
and services designed to help people over-
come the challenges they face, craft a brighter
tomorrow, and foster lasting positive change
within the communities we serve.
CHRIS DIAS, SENIOR CASH MANAGEMENT
ADVISOR
MARIA LOBAO, MARKET RELATIONSHIP
MANAGER
SOTHEA CHIEMRUOM, EXECUTIVE DIRECTOR
SIXTO DEJESUS, REGIONAL BUSINESS
ADVISOR
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O’Connor Hardware, a family-owned regional
hardware store founded in 1954 by Jerry’s father,
Jeremiah P. O’Connor, celebrates its 70th anniversary
in 2024. A “destination store” known for its excellent
customer service and wide selection of products and
services—from paints and seasonal items to outdoor
power equipment and maintenance services—our
store family stands at around 150 members strong.
MARIE TREMBLAY, MARKET
RELATIONSHIP MANAGER
JERRY O’CONNOR, OWNER
PAMELA DALTON, SENIOR
COMMERCIAL LENDING OFFICER
O’CONNOR
HARDWARE
‘‘
Enterprise Bank has been a locally-owned-
and-operated fixture in our community for
decades, and they have taken excellent care
of me throughout all the years I’ve banked with
them. From the top down, the entire team has
always been ACCESSIBLE and there when I
needed them. Whether it’s my bankers, Pamela
and Marie, the branch teams, the CEO, or the
president, everyone knows me and greets me
by name when I see them. You don’t get that
with every bank.
– JERRY O’CONNOR
9
PAUL THE PLUMBER
‘‘
In nearly 15 years of banking with Enterprise, they have always exceeded
my expectations and gone the extra mile to make sure I’m satisfied with
the service. At Paul the Plumber, we put customer satisfaction at the
forefront of everything we do, because, at the end of the day, our
responsibility is to the people we serve who TRUST us with their needs.
Doing business with Enterprise and visiting their branches, it’s clear that
they share that people-first philosophy—their team’s sincere commitment
to ensuring I have the best possible experience and their genuine desire
to see my business and me succeed comes through in every interaction
I have with them.
– PAUL BEARS
Paul The Plumber is here to help with all your plumbing,
heating, and air conditioning needs! From repairs, to
replacements, to proactive maintenance, we’ll always
provide honest, expert recommendations and personalized
solutions. Our goal is to ensure your safety and comfort,
no matter the season. Every contractor on our team is
trained, experienced, and makes quality customer service
a top priority. Whether you’re looking to lower your
heating bills, save on your water use, get cleaner water,
or improve your home’s indoor air quality, Paul the
Plumber is here to serve.
PETER RAYNO, NH COMMUNITY
BANKING & LENDING DIRECTOR,
LAURA FRASER, SENIOR COMMERCIAL
LENDING OFFICER,
MICHAEL BEARS, SALES AND
MARKETING MANAGER
DANNY BEARS, WAREHOUSE MANAGER,
LICENSED PLUMBER AND
LICENSED GAS SERVICE TECHNICIAN
PAUL BEARS, OWNER/PRESIDENT
TOM HOSEY, MARKET RELATIONSHIP
MANAGER
10
TRUST • TRUST • TRUST • TRUST • TRUST • TRUST • TRUST • TRUST • TRUST • TRUST • TRUST • TRUST • TRUST • TRUST • TRUST • TRUST • A
R
E
•
C
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C
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ARE • CARE • CAR E • C A R E • C
R
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•
C A R E • CARE • CARE • C
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‘‘
APPLEWILD
I’m an educator, not a banking and finance
expert, so when Applewild’s enrollment grew
to the point where we needed to invest in
dorm renovations and development, I called
my Enterprise bankers. They were wonderful
in helping me understand what my options
were and explaining the application process.
They made the process easy to understand
and were there to guide me every step of the
way, all the while demonstrating genuine
respect and appreciation for what we’re trying
to do for our students and our community.
It means a lot to work with people who
sincerely CARE about our mission and
truly want to see us succeed.”
– AMY JOLLY
DEBBIE AVERY, SENIOR
FINANCIAL ADVISOR
CHERYL GAUDREAU, SENIOR
REGIONAL BUSINESS ADVISOR
AMY JOLLY, HEAD OF SCHOOL
WITH ROSEMARY THE CORGI
At Applewild, we believe that the ages of three to fifteen are the
most important in a child’s education—the foundation upon which
all future success is built. We empower students to discover their
passion for learning and pursue excellence in academics, arts, and
athletics in our supportive environment, employing a metacognitive
approach where we help each child not only to develop skills, but also
to plan, monitor, and reflect on their efforts. The magic at Applewild
derives from a coherent, intentional plan in which our Core Values are
interwoven with our Core Competencies. These strengthen and guide
our developmental approach and unite us as a community of learners
who are actively involved in, and responsible for, healthy growth.
Students graduate from Applewild as accomplished young people
who know how they learn, who are poised to accept the challenges
of rigorous academic work, and who are confident that they can
make a difference in the world.
11
GROUNDWORK
LAWRENCE
‘‘
Enterprise is more than just a bank; they’re part of the fabric
of our community. When I walk into a branch, the team
knows who I am and greets me by name, not just because
I’m a customer, but because they’re actively engaged in our
community. I see Enterprise Bankers at local events, serving
on nonprofit boards, and giving back wherever there’s a
need. There’s just something so special about banking with
people who I know and trust, and who show up in the
COMMUNITY we share in so many different ways.”
– LESLY MELENDEZ
Groundwork Lawrence, Inc. (GWL), a 501(c)3 nonprofit organization,
has been making change happen in Massachusetts since 1999. We are
committed to “changing places, changing lives, and changing systems”
through on-the-ground projects that help to transform local communities,
focusing our efforts in four areas of work: environmental and open space
improvements, fresh food access programs, youth and adult education
and employment initiatives, and community programming and events.
Our mission, shared throughout the Groundwork USA Network, is to
bring about the sustained regeneration, improvement, and management
of the physical environment by developing community-based partnerships
which empower people, businesses, and organizations to promote
environmental, economic, and social well-being.
JESUS SURIEL, SENIOR BUSINESS ADVISOR
LESLY MELENDEZ, EXECUTIVE DIRECTOR
JESSICA PHILLIPS, SENIOR BRANCH
RELATIONSHIP MANAGER
12
COMMUNITY • COMMUNITY • COMMUNITY • COMMUNITY • COMMUNITY • COMMUNITY • COMMUNITY • COMMUNITY • COMM G. MELLO DISPOSAL CORP.
‘‘
Enterprise Bank is a pleasure to work with; I feel like my business truly
matters to them. Unlike other banks, which keep me waiting, bounce me
from one representative to the next, and offer me generic, cookie-cutter
solutions, working with Enterprise feels like I have my own personal
banker every time I interact with them. They take the time to talk through
my circumstances and UNDERSTAND my needs so that they can tailor
their recommendations to best address them. Whatever questions I have,
whatever concerns I raise, Enterprise Bankers are always right there with me.
– JASON MELLO
Incorporated by Jason’s grandfather, G. Mello Disposal Corp. is a family-owned-
and-operated waste management company specializing in residential,
commercial, and industrial waste management solutions that has served
the greater North Shore and Southern New Hampshire area for more than
45 years. Built upon a philosophy of excellence in customer service, our
company offers various waste and recycling solutions to
meet customers’ needs. G. Mello Disposal Corp. also owns
or manages a combined three transfer stations that offer
residents, non-residents, and commercial customers a safe,
clean, and environmentally friendly location to
dispose of all solid waste and recyclables.
JASON MELLO, PRESIDENT
DAVID TWISS, SENIOR COMMERCIAL
LENDING OFFICER
•
N D
A
T
S
U N D E R S TAND • UNDERSTAND • UNDE R S T A N D • U
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S
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ERST A N
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13
N
D • U
N
D E RSTA
GBQ HOMES, LLC
‘‘
When I first approached Enterprise Bank, my business was young and I was looking for funding to
grow. Other banks I reached out to quickly turned me away; some wouldn’t even sit down with me.
Then I called Mark. He worked with me to set smaller steps and goals that would get me to where
I needed to be so that the bank could take me on. As a startup, I really counted on his experience
and EXPERTISE. Thanks to his open mind, guidance, and genuine interest in helping me succeed,
I was eventually able to secure the loan through Enterprise which enabled me to take my business
to the next level.
– GERRY BEIQUE
T
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•
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At GBQ Homes, we take great pride in our
professional workmanship and ability to deliver
outstanding results. Since our founding, we’ve
worked tirelessly to build and maintain our
reputation as a leading Windham, NH building
and development company, providing clients
with a wide range of services to cover all their
needs. No matter what your project might be,
our contracting professionals are here to bring
your dreams to life.
T
I
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E • E
X
PERTISE • EXPERTISE • EXPERTISE • EX
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R
T
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14
AMY NYMAN, CONSTRUCTION
LENDING PORTFOLIO MANAGER
GERRY BEIQUE, FOUNDER
MARK OWEN, CONSTRUCTION
LENDING MANAGER
E
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VIC
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•
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S E R V I C E • S E R V ICE • SERVIC
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PERTISE • EXPERTISE • EXPERTISE • EX
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R-
‘‘
JOHN MOYNIHAN, SENIOR CASH
MANAGEMENT ADVISOR
BRENT DOW, PRESIDENT
DANA DOW, VICE PRESIDENT
TODD DOW, VICE PRESIDENT
DWIGHT FEENEY, COMMERCIAL
LENDING MANAGER
The Dow Company has been a family-owned and
-operated business since its founding in 1904 by
Robert Dow. Now under our 5th generation of Dow
leadership, we are a full-service site and highway
contractor offering a wide variety of services, including
land clearing, erosion control, fencing, cuts, fills, blasting,
utility installations, deep foundation excavation and
support systems, grading, paving, curb and sidewalk
placement, and landscaping.
THE DOW
COMPANY, INC.
For years, I worked with big banks. When I
needed a loan for new equipment, they made
me jump through endless hoops—it was
torture. I never felt like I had any rapport with
them; it was so impersonal. When I turned to
Enterprise Bank, the experience was night
and day. Dwight took the time to explain my
options, guide me through the loan process,
and answer all my questions. With Enterprise,
I always get the answers and SERVICE I’m
looking for, quickly and professionally.
Enterprise treats me like a person, not just
another account on their books, and their
longtime independence and stability reassures
me that they’re here to stay.
– BRENT DOW
15
222 Merrimack Street, Lowell, MA 01852 • 978-459-9000
27 branch locations serving 22 communities:
19 locations in Massachusetts
• 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
• 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 PLAISTOW
ATKINSON
ATKINSON 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”.
1216
Enterprise Bancorp, Inc. and Enterprise Bank
BOARD OF DIRECTORS
George L. Duncan
Founder and Chairman of the Board
John T. Grady, Jr.
Senior Advisor, G2 Capital Advisors
General Counsel
Gallagher & Cavanaugh LLP
James F. Conway III
Vice Chairman and Lead Director of the Board
Former President, Chief Executive Officer
and Chairman, Courier Corporation
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
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
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
Michael T. Putziger
Chairman, WinnCompanies
John R. Clementi
Chief Executive Officer, Longview Development, LLC
Former President, Plastican, Inc.
Carol L. Reid
Former Corporate Controller and
Chief Accounting Officer, Avid Technology, Inc.
Dr. Carole A. Cowan
Former President, Middlesex Community College
Nickolas Stavropoulos
Former President and Chief Operating Officer,
Pacific Gas and Electric Company
Normand E. Deschene
Former Chief Executive Officer,
Wellforce
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
M
O
G . C
K I N
N
A
B
E
R I S
E N T E R P
I F E V E R Y O N E
“
I S M O V I N G FORWARD TOGETHER, T
H
E
N S
U
C
C
E
S
S T
A
K
E
S C
A
R
E
O
F IT
S
E
L
F.” – H
E
N
RY FORD
002CSNE6B2