Enterprise Bancorp, Inc. operates as the holding company for Enterprise Bank and Trust Company, which engages in the business of attracting deposits from the general public and investing in loans and investment securities. The company offers wealth management trust and insurance services. The bank’s wholly owned subsidiaries include Enterprise Insurance Services, LLC, which is organized for the purpose of engaging in insurance sales activities; and Enterprise Investment Services, LLC, which is organized for the purpose of offering non-deposit investment products and services, under the name of ‘Enterprise Investment Services’. Lending Products The company specializes in lending to business entities, non-profit organizations, professionals and individuals. Its primary lending focus is on the development of high quality commercial relationships achieved through active business development efforts, community involvement, long-term relationships with established commercial developers and focused marketing strategies. Loans made to businesses include commercial mortgage loans, construction and land development loans, secured and unsecured commercial loans and lines of credit, and standby letters of credit. The company also originates equipment lease financing for businesses. Loans made to individuals include conventional residential mortgage loans, home equity loans and lines, residential construction loans on primary and secondary residences, and secured and unsecured personal loans and lines of credit. Commercial Real Estate, Commercial and Industrial, and Commercial Construction Loans: Commercial real estate loans include loans secured by both owner-use and non-owner occupied real estate. These loans are typically secured by various commercial and industrial property types, including one-to-four family and multi-family apartment buildings, office or mixed-use facilities, strip shopping centers, or other commercial properties, and are generally guaranteed by the principals of the borrower. Commercial real estate loans generally have repayment periods of approximately 15 to 25 years. Variable interest rate loans have various adjustment terms and indices, and are generally fixed for an initial period before periodic rate adjustments begin. Commercial and industrial loans include seasonal revolving lines of credit, working capital loans, equipment financing (including equipment leases), and term loans. Also included in commercial and industrial loans are loans partially guaranteed by the U.S. Small Business Administration (SBA), and loans under various programs issued in conjunction with the Massachusetts Development Finance Agency and other agencies. Commercial and industrial credits may be unsecured loans and lines to financially strong borrowers, secured in whole or in part by real estate unrelated to the principal purpose of the loan, or secured by inventories, equipment, or receivables, and are generally guaranteed by the principals of the borrower. Commercial construction loans include the development of residential housing and condominium projects, the development of commercial and industrial use property, and loans for the purchase and improvement of raw land. These loans are secured in whole or in part by the underlying real estate collateral and are generally guaranteed by the principals of the borrowers. Residential Loans: The company originates conventional mortgage loans on one-to-four family residential properties. These properties may serve as the borrower’s primary residence, or be vacation homes or investment properties. Loan to value limits vary generally from 80% for adjustable rate and multi-family owner occupied properties, up to 97% for fixed rate loans on single family owner occupied properties, with mortgage insurance coverage required for loan-to-value ratios approximately 80% based on program parameters. In addition, financing is provided for the construction of owner occupied primary and secondary residences. Residential mortgage loans may have terms of up to 30 years at either fixed or adjustable rates of interest. Fixed and adjustable rate residential mortgage loans are generall
enterprise bancorp inc (EBTC:NASDAQ GS)
222 Merrimack Street
Lowell, MA 01852
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