LOWELL, MA—Enterprise Bancorp Inc (NASDAQ:EBTC) announced significant changes in its executive team, with the upcoming departure of Chief Operating Officer Stephen J. Irish and the appointment of Brian M. Collins as his successor, according to a recent 8-K filing with the Securities and Exchange Commission.
Stephen J. Irish, who has served the company since 1988, will resign as COO on October 7, 2024, and transition to the role of Technology and Operations Advisor until his retirement on March 31, 2025. The Bank's board accepted his resignation on Monday. Irish's decision to step down is not due to any disagreements with the company's operations, policies, practices, or financial controls.
Brian M. Collins, who has been with the Bank since 1999, will take over the COO position effective October 7, 2024. Collins has a history of leadership roles within the bank and holds a Master of Business Administration from Boston University. His prior roles include Chief Digital and Operations Officer and Director of Operations.
In conjunction with these executive moves, the board approved an amendment to the Supplemental Executive Retirement and Deferred Compensation Plan (SERP) 2024 Addendum to reflect the organizational changes.
This amendment includes service-based and performance-based contributions for the affected officers, with Irish set to receive a service-based contribution of $18,000 and Collins $7,000 for the plan year ending December 31, 2024. Additionally, they are eligible for performance-based contributions based on pre-tax income metrics.
The company expressed its deep appreciation for Irish's 36 years of service and his contributions to the organization. The amendment to the SERP and the executive transitions are part of the ongoing adjustments within Enterprise Bancorp as it continues to evolve its leadership structure.
In other recent news, Enterprise Bank has made significant strides in its operations. The bank has appointed David Lynch as the new Managing Director and Chief Investment Officer of Enterprise Wealth Management.
Lynch, who previously held the role of Chief Investment Officer at Cambridge Trust Company, brings extensive experience to his new position. His responsibilities include overseeing the wealth management division and guiding its strategic direction.
In addition, Enterprise Bancorp, the parent company of Enterprise Bank, has declared a quarterly dividend of $0.24 per share. The dividend is scheduled for payment to shareholders of record as of August 13, 2024.
These recent developments highlight the ongoing activities at Enterprise Bank and Enterprise Bancorp. The appointment of Lynch underscores the bank's commitment to strengthening its wealth management division. Meanwhile, the dividend declaration by Enterprise Bancorp demonstrates its continued dedication to providing returns to its shareholders.
InvestingPro Insights
As Enterprise Bancorp Inc (NASDAQ:EBTC) navigates through its executive transition, investors may find value in understanding the company's financial health and market performance. According to InvestingPro data, Enterprise Bancorp boasts a market capitalization of $378.41 million and a price-to-earnings (P/E) ratio of 10.67, reflecting the market's assessment of its earnings potential. Notably, the company has a track record of consistent dividend payments, with an impressive history of raising its dividend for 19 consecutive years, and maintaining those payments for 20 consecutive years, an aspect that may appeal to income-focused investors.
Despite a slight revenue decline of 3.52% over the last twelve months as of Q2 2024, the company has shown a stronger quarterly revenue growth of 7.78%. Additionally, the company's stock has experienced a robust return over the last three months, with a total return of 34.86%, and a large price uptick over the last six months, yielding a 27.75% return. These metrics suggest a positive short-term momentum for the stock, which could be of interest to potential investors or current shareholders looking to increase their positions.
For those seeking more in-depth analysis, there are additional InvestingPro Tips available, which include insights on the company's gross profit margins and other financial indicators. For more detailed guidance and metrics on Enterprise Bancorp, investors can visit InvestingPro.
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