January 26, 2011
Profits Increase 34% At Enterprise
By Christina Davis
Lowell-based Enterprise Bank, which has branches in Acton and Leominster, reported that its annual profit increased 34 percent to $10.6 million in 2010.
The bank attributed the increase in profits to growth in loans, deposits and investment assets under management as well as an increase in the net interest margin.
Assets for the year totaled $1.4 billion at Dec. 31, up 7 percent from the total in 2009.
Loans increased to nearly $60.9 million, while allowances for loan losses also increased, totaling $5.1 million for the year.
Enterprise has 17 full-service branches and plans to add a new branch in Hudson, N.H., by the end of the first quarter.
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