Enterprise Bancorp CEO John Clancy retires, Larochelle steps in By Investing.com

LOWELL, Mass. – Enterprise Bancorp, Inc. (NASDAQ:EBTC), the parent company of Enterprise Bank, has announced the retirement of its long-serving CEO, John “Jack” P. Clancy Jr., effective immediately. Clancy, who has been at the helm since 2007 and with the bank since its inception in 1989, will transition to an honorary director role and serve as an executive advisor.

Steven R. Larochelle, previously the Chief Banking Officer, has been named the new CEO. Larochelle, a 40-year banking industry veteran, has spent over 27 years with Enterprise Bank, contributing to various sectors including commercial lending and wealth management.

Under Clancy’s leadership, Enterprise Bank expanded from 14 to 27 branches, and its assets grew from $980 million in 2006 to $4.6 billion as of March 2024. Clancy’s tenure was marked by the bank’s recognition as one of the best places to work for 12 consecutive years.

George L. Duncan, Executive Chairman of the Board and Founder of Enterprise Bank, praised Clancy’s contributions, stating that Clancy has been the “backbone of the Enterprise family” and that his guidance was instrumental in the bank’s growth and success.

Larochelle, praised for his deep commitment to the bank’s culture and community involvement, acknowledges the responsibility of his new role and expresses his commitment to a smooth transition for all stakeholders.

Enterprise Bancorp operates primarily through Enterprise Bank and Trust Company, known as Enterprise Bank, and has reported 138 consecutive profitable quarters. The bank offers a range of services including commercial and consumer loan products, deposit products, cash management, and wealth management services.

The company, headquartered in Lowell, Massachusetts, serves a primary market area that includes parts of Massachusetts and New Hampshire, with a total of 27 full-service branches.

This leadership change is based on a press release statement from Enterprise Bancorp, Inc.

In other recent news, Enterprise Bancorp has made significant strides in its financial operations. The company’s Board of Directors recently declared a quarterly dividend of $0.24 per share. This dividend is slated to be payable on June 3, 2024, to shareholders of record as of May 13, 2024.

These are some of the recent developments within Enterprise Bancorp.

InvestingPro Insights

As Enterprise Bancorp, Inc. (NASDAQ:EBTC) transitions to a new CEO, investors may be considering the financial stability and performance metrics of the company. According to InvestingPro data, Enterprise Bancorp has a market capitalization of $295 million and is trading at a P/E ratio of 8.24, indicating a potentially undervalued stock relative to earnings. Additionally, the company shows a strong operating income margin of 32.19% for the last twelve months as of Q1 2024, suggesting efficient management operations under the previous CEO’s leadership.

InvestingPro Tips reveal that Enterprise Bancorp has a commendable history of dividend reliability, raising its dividend for 19 consecutive years and maintaining dividend payments for 20 consecutive years. This consistency is a testament to the company’s commitment to shareholder returns, even as it experiences weak gross profit margins. Moreover, the stock is currently trading near its 52-week low, which could be an attractive entry point for value investors.

For those looking to delve deeper into Enterprise Bancorp’s financials and strategic outlook, InvestingPro offers additional tips and insights. Subscribers can access these valuable resources and can benefit from a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With the leadership change and the bank’s solid track record of profitability, these insights could prove crucial for informed investment decisions.

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