Enterprise Bank has been acquired by Rockland Trust Bank in a cash and stock transaction worth $562-million.

The announcement was made in the Financial Times shortly after midnight and on their social media sites shortly before 9am. The news was also shared on Enterprise’s website.

Enterprise was founded in 1989, opening a Downtown Lowell branch on the corner of Merrimack and Shattuck Streets. The ensuing 35-years have seen the institution grow to encompass 27-full service locations in Massachusetts and Southern New Hampshire.

As of September 30, 2024, Enterprise Bank had $4.7 billion in total assets, $3.8 billion in net loans, $4.2 billion in deposits and $1.5 billion in wealth assets under management and administration.

“From the very start, Enterprise Bank has been dedicated to helping our communities succeed, said Enterprise Bankcorp CEO Steven Larochelle in a statement. “That vision has inspired our long-standing commitment to our customers’ success, product innovation and community service. We are excited to join an organization that lives these same values. Our customers will benefit from the additional products, services and technology Rockland Trust offers while continuing to experience the personal relationships they deserve.”

“Enterprise Bank is the perfect merger partner for Rockland Trust, consistent with all aspects of our outstanding long-term merger track record,” said Jeffrey Tengel, the President and Chief Executive Officer of Independent Bank Corp. “Rockland Trust and Enterprise Bank share a deep commitment to strengthening our local communities by putting people and relationships first. Both institutions believe that banking is about making a meaningful, positive difference in the lives of local families and businesses. We look forward to extending Rockland Trust’s footprint in northern Massachusetts, as well as entering the New Hampshire market. Together, our combined institution will bring expanded convenience and additional products and services to the communities we are proud to serve.”

The Financial Times news article reports Board Chair and Enterprise Bank founding member, George Duncan, will become an advisor to the Independent Bank Corp. Board. Independent is the parent company of Rockland Trust.

In addition, Larochelle will serve as a consultant for Rockland Trust for one year. Independent will also appoint two Enterprise directors to its board following the merger.

Tengel and Mark Ruggiero, Chief Financial Officer and Executive Vice President of Consumer Lending at Rockland Trust, will host a conference call to discuss the transaction at 10am this morning.

There is no information available yet on how the acquisition will affect local operations, if at all.