Lowell’s Enterprise Bancorp Inc., parent of Enterprise Bank, reported net income of $7.9 million for 2009, compared to $5.5 million in 2008.

Deposits totaled $1.12 billion in 2009, an increase of $244.5 million, or 28 percent from 2008. Loans outstanding totaled $1.08 billion at Dec. 31, 2009, an increase of $134.2 million, or 14 percent since Dec. 31, 2008.

"We are very pleased with Enterprise’s performance in 2009. The 43 percent increase in net income in 2009 was achieved in spite of increased FDIC insurance premiums impacting all banks, and ongoing expenditures to seize current market opportunities while positioning Enterprise for long-term growth," said Chief Executive Officer Jack Clancy. "Enterprise is successfully growing deposits and loans, as indicated by our 2009 growth rates of 28 percent and 14 percent, respectively, while we continue to expand our branch network and invest in our infrastructure and in our employees."

"We believe that the need and desire of local businesses, professionals, nonprofits and individuals to do business with a stable, local community bank, like Enterprise, is stronger than ever," said Founder and Chairman of the Board George Duncan. "We anticipate that the current banking environment will continue to provide abundant opportunities for Enterprise to acquire new customers, increase market share and expand geographically over the coming years."