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Enterprise Bancorp, Inc. Announces Its 92nd Consecutive Profitable Quarter With Third Quarter Net Income Of $3.1 Million

LOWELL, Mass., Oct. 18, 2012 (GLOBE NEWSWIRE) -- Enterprise Bancorp, Inc. (the "Company") (Nasdaq:EBTC), parent of Enterprise Bank, announces net income of $3.1 million for the three months ended September 30, 2012, an increase of $126 thousand, or 4%, compared to the three months ended September 30, 2011. Diluted earnings per share were $0.32 for the three months ended September 30, 2012, an increase of $0.01, or 3%, compared to the same period in 2011. Net income for the nine months ended September 30, 2012 amounted to $9.1 million, an increase of $1.1 million, or 13%, compared to the same nine-month period in 2011. Diluted earnings per share were $0.95 for the nine months ended September 30, 2012, an increase of $0.09, or 10%, compared to the same period in 2011.

As previously announced on October 16, 2012, the Company declared a quarterly dividend of $0.11 per share to be paid on December 3, 2012 to shareholders of record as of November 12, 2012. The quarterly dividend represents a 4.8% increase over the 2011 dividend rate.

Chief Executive Officer Jack Clancy commented, "Our strong 2012 financial results to date reflect our continued growth. Deposits and loans outstanding have increased by $137 million, or 10%, and $54 million, or 4%, respectively, since December 31, 2011, which are annualized growth rates of 14% and 6%, respectively. During the third quarter, deposits increased $17 million and loans outstanding increased $12 million. Additionally, investment assets under management increased $74 million, or 15%, since December 31, 2011, and $27 million, or 5%, since June 30, 2012, to $579 million at September 30, 2012."

Mr. Clancy further stated, "We believe our strong performance, coupled with plans for two new branch locations, well positions us for the future. We anticipate opening the Tyngsboro, MA branch in November and the Lawrence, MA branch in the first quarter of 2013. Strategically, our focus remains on organic growth and market expansion, while continually planning for our future by investing in our branch network, technology, progressive product capabilities, our communities and, most importantly, in our people."

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