October 30, 2009
Q3 Profit Up 32% At Enterprise Bank
By Christina Davis
The publicly traded holding company for Enterprise Bank, which has two branches in Central Massachusetts, reported nearly $2.3 million in net income for the three-months ended Sept. 30, a 32 percent increase over the same period a year earlier.
For the first three quarters of the year, the bank reported $5.2 million in net income, a 5.4 percent dip from last year.
In a letter to shareholders, the bank's executives noted that the third quarter increase in profits came despite an increase in FDIC insurance premiums charged to all banks.
Deposits during the quarter increased from $944.2 million to $1.1 billion.
Enterprise Bank is based in Lowell. It has nine branches, including one each in Acton and Leominster.
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