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Enterprise Bancorp Inc (NASDAQ: EBTC) maintains this comprehensive news hub for stakeholders tracking developments at the Massachusetts-based community banking institution. Our curated collection features official press releases and verified financial updates directly from Enterprise Bancorp and trusted industry sources.
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Enterprise Bancorp, Inc. (NASDAQ: EBTC) reported its Q2 2024 financial results, with net income of $9.5 million, or $0.77 per diluted share. This represents an increase from Q1 2024 but a slight decrease from Q2 2023. Key highlights include:
- Net interest margin of 3.19%, down 1 basis point from Q1 2024
- Net interest income increased 2.8% quarter-over-quarter
- Total loans grew 3.1% and total deposits increased 3.5%
- Wealth assets under management reached $1.40 billion, up 1.7%
The bank maintained strong credit quality with nominal charge-offs year-to-date. CEO Steven Larochelle emphasized the bank's solid performance despite challenges from higher deposit costs and an inverted yield curve.
Enterprise Bank has appointed David Lynch as Managing Director and Chief Investment Officer of Enterprise Wealth Management. Lynch, an industry veteran with over 25 years of experience, will oversee the entire wealth management division and help set the team's strategic direction. He joins from Cambridge Trust Company, where he managed $4.5 billion in investment portfolios. Lynch's extensive background includes roles at Athena Capital Advisors, Colorado state pension fund (PERA), Eaton Vance Management, and Cahners Economics.
Lynch holds a BA in Economics from Dartmouth College and an MBA from Babson College. He is a CFA charterholder and a member of the Boston Economic Club. Enterprise Wealth Management currently manages over $1.3 billion in assets and is poised for continued growth under Lynch's leadership.
Enterprise Bancorp, Inc. (NASDAQ:EBTC) has announced a quarterly dividend of $0.24 per share, payable on September 3, 2024, to shareholders of record as of August 13, 2024. The company operates primarily through Enterprise Bank and Trust Company, offering a range of banking services including commercial loans, deposit products, and wealth management. Enterprise Bank has 27 full-service branches across Northern Massachusetts and Southern New Hampshire counties. The bank's main office is located in Lowell, Massachusetts, serving as the company's headquarters.
Enterprise Bancorp has announced the retirement of CEO John “Jack” P. Clancy after a 35-year tenure, including 17 years as CEO. Clancy will remain as an executive advisor. He will be succeeded by Steven R. Larochelle, the current Chief Banking Officer. Under Clancy's leadership, Enterprise Bank grew from 14 to 27 branches and saw its total assets increase from $980 million to $4.6 billion. Larochelle, a 27-year veteran of the bank, is praised for his extensive experience and community involvement. Enterprise Bank has reported 138 consecutive profitable quarters and operates 27 branches in Massachusetts and New Hampshire.
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