Enterprise Bancorp Inc., parent of Enterprise Bank, has completed its combined shareholder subscription rights offering and supplemental community offering and has raised $8.9 million in new capital.

The terms of the combined offering were to raise up to $7.5 million, with Enterprise having the discretion to increase the offering up to a maximum amount of $8.9 million. To satisfy investor demand which was in excess of $8.9 million, Enterprise made the decision to increase the offering to the maximum amount, according to a statement.

"We are extremely pleased with the results of the shareholder subscription rights offering and the supplemental community offering, which due to strong investor demand have exceeded our initial goal of $7.5 million," Chief Executive Officer Jack Clancy said. "We are extremely gratified with the community’s response and support. The current banking environment is providing well-positioned community banks with what we believe are unprecedented growth and market share opportunities."

Enterprise Bank has experienced significant growth: deposits, excluding brokered deposits, increased 19 percent from Dec. 31, 2008 to Sept. 30, 2009, and loans increased 12 percent from Dec. 31, 2008 to Sept. 30, 2009, Clancy said.

All shares offered in the shareholder subscription rights offering and the supplemental community offering were issued at $10.85 per share. The shareholder subscription rights offering and the supplemental community offering each commenced Oct. 22, with the shareholder subscription rights offering closing Nov. 19 and the supplemental community offering closing Dec. 1.