Form 4: Director Michael T. Putziger Reports Disposition of Enterprise Bancorp Shares Following Merger with Independent Bank Corp.

Enterprise Bancorp, Inc. Director Michael T. Putziger reported the disposition of over 209,000 shares of common stock on July 1, 2025, as a result of the previously announced merger with Independent Bank Corp.

Summary

• Michael T. Putziger, a Director of Enterprise Bancorp, Inc., reported changes in beneficial ownership of common stock.
• The transaction occurred on July 1, 2025, pursuant to the Agreement and Plan of Merger, dated December 8, 2024, by and among Enterprise Bancorp, Inc., Enterprise Bank and Trust Company, Independent Bank Corp., and Rockland Trust Company.
• Each outstanding share of Enterprise common stock was converted into the right to receive $2.00 in cash and 0.60 shares of Independent common stock, with cash paid in lieu of fractional shares.
• Putziger disposed of 208,701.8155 shares directly and 600.4119 shares indirectly through a trust for a granddaughter.
• All unvested shares of restricted stock automatically vested in full at the Effective Time of the merger and were considered outstanding shares of Enterprise common stock entitled to receive the merger consideration.

Sentiment

Score: 7

Explanation: The document reports the successful completion of a merger, which is a positive event for the shareholders of the acquired company, as it provides a defined exit and consideration. The automatic vesting of restricted stock is also a positive outcome for the reporting person.

Positives

• The completion of the merger provides liquidity and shares in the acquiring entity for Enterprise Bancorp shareholders.
• Automatic vesting of all unvested restricted stock at the Effective Time of the merger benefits the reporting person.

Future Outlook

NA

Industry Context

This transaction reflects ongoing consolidation within the regional banking sector, where smaller institutions are often acquired by larger ones to achieve economies of scale, expand market reach, and enhance competitive positioning. Such mergers typically aim to create stronger, more diversified financial entities.

Stakeholder Impact

• Shareholders of Enterprise Bancorp, Inc. received a combination of cash ($2.00 per share) and shares of Independent Bank Corp. (0.60 shares per Enterprise share) for their holdings, providing a clear exit and continued equity exposure in the combined entity.

Key Dates

Keywords

Enterprise Bancorp Inc., EBTC, Independent Bank Corp., Merger, Form 4, Insider Transaction, Beneficial Ownership, Stock Disposition, Financial Services, Banking