Form 4: Enterprise Bancorp Director's Shares Converted Following Merger with Independent Bank Corp.

Enterprise Bancorp Director Gino J. Baroni's beneficial ownership of common stock has been converted to zero following the completion of the merger with Independent Bank Corp. on July 1, 2025.

Summary

• Director Gino J. Baroni's direct and indirect beneficial ownership of Enterprise Bancorp, Inc. (EBTC) common stock became 0 shares as of July 1, 2025.
• This change resulted from 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.
• Under the merger terms, each issued and outstanding share of Enterprise common stock was converted into the right to receive $2.00 in cash and 0.60 shares of Independent Bank Corp. common stock (subject to cash in lieu of fractional shares).
• Prior to the merger, Mr. Baroni's holdings included shares acquired through dividend reinvestment: 82.881 shares on March 3, 2025, and 92.815 shares on June 2, 2025.
• 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: 6

Explanation: The document is a factual report of a completed corporate action (merger) which is generally a positive sign of strategic execution. The automatic vesting of restricted stock is a positive outcome for the insider.

Positives

• All unvested shares of restricted stock held by the reporting person automatically vested in full at the Effective Time of the merger, converting into the merger consideration.
• The completion of the merger provides Enterprise Bancorp shareholders with a defined cash and stock consideration for their shares.

Future Outlook

The completion of the merger signifies the finalization of a significant strategic transaction for Enterprise Bancorp, Inc., with its shares converted into cash and shares of Independent Bank Corp. common stock.

Industry Context

This transaction represents a consolidation within the U.S. banking sector, a common trend as financial institutions seek to achieve economies of scale, expand market reach, and enhance competitive positioning through mergers and acquisitions.

Stakeholder Impact

• Shareholders of Enterprise Bancorp, Inc. received a combination of cash and shares of Independent Bank Corp. common stock for their holdings.
• The merger's completion signifies a change in the corporate structure and ownership for Enterprise Bancorp's stakeholders.

Key Dates

Keywords

Enterprise Bancorp, EBTC, Independent Bank Corp, Rockland Trust Company, Merger, Acquisition, Director, Insider Transaction, Stock Conversion, Banking Sector