Enterprise Bancorp, Inc. announced that on June 5, 2024, Mr. John P. Clancy, Jr., a director and the Chief Executive Officer of Enterprise Bancorp, Inc. 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 the Boards of Directors 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 immediately. On June 5, 2024, the Boards of Directors of the Company and the Bank also appointed Mr. Steven R. Larochelle to serve as a director of both the Company and the Bank, effective immediately.

Mr. Larochelle will fill the vacancy on the Boards of Directors resulting from the resignation of Mr. Clancy and will serve for the remainder of the full term of the class of directors in which Mr. Clancy was elected, which is due to expire at the Company?s 2027 annual meeting of shareholders. Mr. Larochelle was also appointed to the Executive and Strategic Planning Committees of the Company?s Board of Directors and the Enterprise Wealth Management, Loan, and Technology and Information Security Committees of the Bank?s Board of Directors. 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.