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Enterprise Bancorp, Inc. Announces Rights and Community-Based Common Stock Offerings

LOWELL, Mass., Apr 21, 2016 (GLOBE NEWSWIRE via COMTEX) --

Enterprise Bancorp, Inc. (the "Company") EBTC, +0.16% parent company of Enterprise Bank, announced today that it intends to raise up to $10 million in capital to support future growth through a rights offering to its existing stockholders (the "Rights Offering") partnered with a supplemental community offering to new investors (the "Community Offering" and, together with the Rights Offering, the "Offerings").

The Offerings will commence on April 21, 2016, with the Rights Offering scheduled to expire on May 27, 2016 and the Community Offering scheduled to expire on June 10, 2016, subject in each case to early termination or extension by the Company, in its sole discretion.

Under the terms of the Rights Offering, all record holders of the Company's common stock as of 5:00 p.m., Eastern Daylight Time, on April 19, 2016, the record date for the Rights Offering, will receive, at no charge, one non-transferable subscription right for each share held as of the record date ("basic subscription privilege"). Each subscription right will entitle the holder of the right to purchase 0.0444 of a share of the Company's common stock at a purchase price of $21.50 per share.

Stockholders may exercise their basic subscription privilege for some or all of their subscription rights, or stockholders may choose not to exercise any basic subscription rights. Stockholders who exercise their basic subscription privilege in full will be entitled to subscribe to purchase additional shares, subject to certain conditions and limitations and proration in the event that over-subscription requests exceed the number of shares of common stock available.

If shares of common stock remain available for sale after the expiration of the Rights Offering, the Company will offer the remaining shares to the public at the purchase price of $21.50 per share. The Company anticipates that, if it offers shares in the Community Offering, it will offer the shares to individual investors who reside or operate businesses in...