Enterprise Bancorp, Inc. Redeems Outstanding Principal Amount of the Company's 6.00% Fixed-To-Floating Rate Subordinated Note Due January 30, 2030
April 02, 2021 at 11:10 pm IST
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Enterprise Bancorp, Inc. redeemed the entire $15,000,000 outstanding principal amount of the company's 6.00% fixed-to-floating rate subordinated note due January 30, 2030 evidenced by that certain Subordinated Note, dated January 30, 2015 (the Subordinated Note"). The Subordinated Note was redeemed at a price equal to 104.0% of the total principal amount of the Subordinated Note, plus accrued and unpaid interest through the Redemption Date, in accordance with the terms of that certain Subordinated Note Purchase Agreement, dated January 30, 2015.
Enterprise Bancorp, Inc. operates as the parent holding company of Enterprise Bank and Trust Company (the Bank). The Company is primarily engaged in the business of gathering deposits from the general public and investing primarily in loans and investment securities. It offers a range of commercial, residential and consumer loan products, deposit products and cash management services, as well as wealth management and wealth services. The Bank also offers various digital banking capabilities through online and mobile platforms. It specializes in lending to business entities, non-profit organizations, professional practices, and individuals. Its lending products include commercial real estate, commercial and industrial, and commercial construction loans; residential loans; home equity loans and lines of credit; consumer loans; and credit risk and allowance for credit losses. Its commercial real estate loans include loans secured by both owner and non-owner-occupied real estate.