Enterprise Bancorp, Inc. announced that on June 5, 2024, Mr. John P. Clancy, Jr., a director and the Chief Executive Officer of the Company and its wholly owned subsidiary, Enterprise Bank & Trust Company, notified the Boards of Directors of the Company and the Bank of his decision to retire from as Chief Executive Officer of the Company and the Bank and transition to an executive advisor role. On June 5, 2024, the Boards of Directors of the Company and the Bank voted to accept the voluntary resignation of Mr. Clancy, effective June 5, 2024. On June 5, 2024, the Boards of Directors of the Company and the Bank appointed Mr. Steven R. Larochelle to serve as the Chief Executive Officer of both the Company and the Bank, effective immediately.

Mr. Larochelle, age 60, has been serving as the Chief Banking Officer of the Bank since March 2009. Prior to that time, Mr. Larochelle also served as Chief Commercial Real Estate Lender of the Company and the Bank since 2003. Mr. Larochelle began his career in the banking industry and specialized in commercial lending for various community banks from 1985 until joining the Bank in 1996.

Mr. Larochelle has a Bachelor of Science in Marketing from the University of Massachusetts Lowell and a Masters of Business Administration from Rivier University.