By Dan O'Brien, Sun Staff
CEO Jack Clancy and Executive Vice President of Administration Bob Gilman say Enterprise Bank's recent purchase of property on the corner of Palmer and Merrimack streets is a key step to ensuring that the bank continues to grow its employment base downtown. Enterprise currently employs almost 200 people at two downtown locations, with room for at least 30 to 40 more, executives say. SUN/BILL BRIDGEFORD
LOWELL -- Businesses come and go in downtown Lowell, but one local bank recently made clear that it plans to stay -- and grow.
Enterprise Bank, formed in 1989 and headquartered in the "Old City Hall" building on 222 Merrimack St., recently purchased a second property it has occupied since the early 1990s -- the corner of Palmer and Merrimack streets.
"We are committed to downtown Lowell," said Enterprise CEO Jack Clancy. "We will not only stay here, we intend to grow here."
The four-story property was previously owned by Merrimack Realty Trust of Lowell. Exact terms of the purchase were not disclosed.
Enterprise already occupies about 40,000 square feet of the 53,000-square-foot structure, built in the 1880s and renovated in 1984. The bank inherits two street-level tenants -- Sovereign Bank and the Coffee Mill.
Clancy said additional renovations have taken place over the years, an ongoing project that has Executive Vice President of Administration Bob Gilman's fingerprints all over it. Before coming to Enterprise, Gilman spent time as city planner under former City Manager James Kennedy.
"I picked a few things up from working with architects," Gilman said modestly.
Indeed, while the outside still gives off an old and classic look, the inside has been fully modernized. Carpeted floors extend from wall to freshly painted wall. Interior walls are paneled on the bottom half, and glassed off on the top half.
"It gives offices a more open look," Clancy explained. "It looks great, its more conducive to business, and Bob is responsible for all of it."
Enterprise employs 196 people between its two downtown Lowell locations. Within the Palmer-Merrimack Street property, it houses its executive management offices, commercial and mortgage lending, human resources, accounting and operations center, among other functions.
A 3,400-square-foot space on the second floor is being renovated, and will soon provide space for as many as 40 additional people. Once that's filled, Clancy said it wasn't out of the question that the bank would look to build on the 60-spot parking lot that divides its two properties.
"Every time we add an office, we need to add (workers) here," Clancy said.
Enterprise, which employs just over 300 people overall, has 14 branch offices throughout the Merrimack Valley and North Central Massachusetts regions. An office in downtown Methuen is expected to open in early 2008.
As of June 30, Enterprise had assets totaling more than $1 billion. Total assets, investment assets under management and mortgage loans serviced totaled $1.5 billion.
This article appeared in the Lowell Sun on Tuesday, October 9, 2007