SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 24, 1999 (September 22, 1999)
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ENTERPRISE BANCORP, INC.
(exact name of registrant as specified in charter)
Massachusetts 0-21021 04-3308902
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
222 Merrimack Street 01852
Lowell, Massachusetts (Zip Code)
(address of principal office)
(978) 459-9000
(Registrant's telephone number, including area code)
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Item 2. Other Events.
On September 22, 1999, Enterprise Bancorp, Inc., a Massachusetts
corporation (the "Company"), and its wholly owned subsidiary, Enterprise Bank
and Trust Company, a Massachusetts trust company (the "Bank"), entered into a
Purchase and Assumption Agreement (the "Agreement") with Fleet Financial Group,
Inc. and its principal banking subsidiary, Fleet National Bank, pursuant to
which the Bank will purchase two branch offices of Fleet National Bank. The
Bank's acquisition of these branch offices is part of the overall sale of 306
branch offices of Fleet National Bank and BankBoston, N.A. to be completed in
accordance with a divestiture order of the United States Department of Justice
issued in connection with the pending merger of BankBoston Corporation with
Fleet Financial Group, Inc. The Bank's acquisition of the branches remains
subject to the parties' receipt of required federal and state regulatory
approvals and satisfaction of various other customary closing conditions
specified in the Agreement. A copy of the Company's press release pertaining to
this transaction, issued on September 23, 1999, is included as Exhibit 99.1 to
this Current Report.
Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits.
(a) Financial Statements
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
99.1 Press Release dated September 23, 1999.
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Signatures
Under the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
ENTERPRISE BANCORP, INC.
By: /s/ George L. Duncan
George L. Duncan
President
Date: September 24, 1999
EXHIBIT 99.1
PRESS RELEASE - IMMEDIATE RELEASE
CONTACT: Mary Ellen Fitzpatrick James E. Mahoney
Senior Vice President Senior Vice President
Corporate Communications Corporate Communications
Enterprise Bank Fleet Financial Group
(978) 459-9000 (617) 346-5472
DATE: September 23, 1999
ENTERPRISE BANK ACQUIRES TWO FLEET OFFICES
Enterprise Bank and Trust Company has entered into a purchase agreement with
Fleet Financial Group to acquire two Merrimack Valley banking offices totaling
$66 million in deposits. The acquisition, a result of the divestiture of Fleet
banking offices after its merger with BankBoston, was announced by Enterprise
Chairman and CEO George L. Duncan, and is contingent upon regulatory approvals.
The two former Fleet branches are located at 223 Boston Road in Billerica and 20
Drum Hill Road in Chelmsford. The offices will continue to operate as Fleet
branches until they are converted to Enterprise Bank offices in late spring of
2000. All current Fleet employees will be retained by Enterprise Bank and
special notifications will be sent to all customers prior to the conversion.
"The acquisition of these two strategically located offices is a very important
step for Enterprise Bank in solidifying our presence in the Greater Lowell
area," stated Duncan. Enterprise presently operates branches at 185 Littleton
Road in Chelmsford and 674 Boston Road in Billerica. (Both existing locations
exceeded growth projections during the past four years.) With the addition of
the two new locations, the bank will be able to service customers on both sides
of Billerica Center and likewise, on both Route 110 and Drum Hill, two of the
major commercial corridors in Chelmsford. the Drum Hill location is ideally
situated in the vibrant commercial area that connects the Highlands section of
Lowell, Pawtucketville via the Rourke Bridge, and is easily accessible to North
Chelmsford, and Tyngsboro.
Enterprise Bank is a $400 million bank servicing growing businesses,
professionals, and individuals in a region that extends from Lowell to
Leominster. The bank, with trust assets of $200,000,000 and mortgages serviced,
now exceeds $600 million under management. Enterprise Bank's services include
retail banking, full-service investment management, trust services, mortgage
banking, consumer lending, commercial lending, and leasing. With anticipated
growth and the addition of the two new branches, Enterprise Bancorp is expected
to approach 3/4 billion dollars in assets under management in the year 2000.
Duncan remarked that "We are pleased to have reached an agreement with Fleet
that fosters competition, further enhances our investment in communities we
serve, and ensures maximum resources and accessibility to growing businesses,
non-profits and individuals in our area. Today's
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announcement is a tremendous opportunity for Enterprise Bank to further its
franchise in the Greater Lowell market. Our present management team is uniquely
qualified to handle the full-service financial needs of the businesses and
individuals currently serviced at both offices. We are extremely pleased and
excited about the new addition to the Enterprise Bank family."
Headquartered in downtown Lowell, Enterprise Bank currently operates offices in
Billerica, Chelmsford, Dracut, Leominster, Tewksbury and is soon to open a new
branch at 237 Littleton Road, Westford. Upon completion of the proposed
acquisition, Enterprise Bank will operate 9 banking offices, a Trust Division
and a Mortgage Center.
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