Enterprise Bancorp, Inc. provides various banking products and services primarily in the Merrimack Valley and North Central regions of Massachusetts and Southern New Hampshire. The company was founded in 1989 and is based in Lowell, Massachusetts.
Enterprise Bancorp, Inc. (the “Company”) (EBTC), the holding company for Enterprise Bank and Trust Company (the “Bank”), today announced the completion of its private placement with registration rights of $60.0 million in fixed-to-floating rate subordinated notes due 2030 (the “Notes”). The Notes bear a fixed rate of 5.25% for the first five years and will reset quarterly thereafter to the then current three-month Secured Overnight Financing Rate, as published by the Federal Reserve Bank of New York, plus 517.5 basis points. The Company is entitled to redeem the Notes, in whole or in part, on any interest payment date on or after July 15, 2025, or at any time, in whole but not in part, upon certain other specified events.
On April 20, 2020, the Board of Directors of Enterprise Bancorp, Inc. (the “Company”) (EBTC) announced that, in light of emergency legislation recently passed by the General Court of the Commonwealth of Massachusetts and signed into law by Governor Charlie Baker on April 3, 2020 temporarily permitting Massachusetts public corporations to hold meetings of stockholders solely by means of remote communication due to the ongoing public health impact of the coronavirus (COVID-19) pandemic, the Company’s 2020 Annual Meeting of Stockholders (the “Annual Meeting”) will be held solely through means of remote communication. Stockholders will not be able to attend the Annual Meeting in person.