Jack Clancy resigns as CEO of Enterprise Bank, Steven Larochelle becomes new CEO
Jack Clancy resigns as CEO of Enterprise Bank, Steven Larochelle becomes new CEO

The Enterprise Bank leadership team, from left: President Richard W. Main, Chairman George L. Duncan and new CEO Steven R. Larochelle. (Courtesy of Enterprise Bank)

LOWELL — After a distinguished 35-year career with Enterprise Bank, including more than 17 years as CEO, Jack Clancy retired on June 7. Enterprise Bank has announced the appointment of Steven R. Larochelle as CEO. Clancy will remain with the bank as a senior advisor and was elected by the board of directors as an honorary director of the company.

Clancy began his career at Enterprise Bank in 1988 as second employee, first chief financial officer, and was instrumental in the founding of the bank, which began operations on January 3, 1989. Along with Founder and Chairman George L. Duncan and President Richard W. Main, Clancy helped grow the bank from a single location in downtown Lowell to 27 branches in Massachusetts and New Hampshire. During his tenure as CEO, the bank’s assets grew from $980 million in 2006 to $4.6 billion in March 2024.

November 3, 2022 - Enterprise Bank kicks off its Santa fundraiser with a baked potato feast for employees at its Palmer Street building in Lowell. From left: Help Desk Manager Bob Frechette of Tyngsboro, CEO Jack Clancy and Help Desk Employee Colleen King of Manchester, NH (Julia Malakie/Lowell Sun)
Longtime Enterprise Bank CEO Jack Clancy (center) enjoys the bank’s annual Baked Potato Feast, a fundraiser for Sun Santa, with his employees on Nov. 3, 2022. After 35 years at Enterprise Bank, 17 of them as CEO, Clancy retired on June 7, 2024. (Sun archive photo/Julia Malakie)

“Since its founding, Jack has helped make Enterprise Bank the successful, respected institution it is today. It has been a privilege to work with Jack for so many years. He has been a wonderful mentor, coach and friend. I have learned a great deal from Jack and look forward to continuing his and Enterprise Bank’s mission of creating successful businesses, jobs, opportunity, prosperity and vibrant, prosperous communities,” said Larochelle.

Larochelle has been with Enterprise Bank for 27 years and brings nearly 40 years of banking experience to his new role. Larochelle began his banking career in 1984 as a teller at Union National Bank while attending the University of Lowell. In 1985, he moved into commercial lending at First Bank (with Clancy, Main and Duncan) and eventually became chief commercial real estate lender at Enterprise Bank until his promotion to chief banking officer in 2009.

As Chief Banking Officer, Larochelle remained involved in commercial lending operations and oversaw Enterprise Bank’s cash management, asset management, mortgage services, deposit strategies and branch operations. As a leader, Larochelle has continually helped foster an exceptional work culture – helping Enterprise Bank to be recognized as a Top Employer for 12 consecutive years – and embodied the bank’s core value of “community” by being a Rotarian for more than 30 years, a founder of Lowell General Hospital and a former board chair of D’Youville Life and Wellness Community.

“For nearly three decades, Steve has been an integral part of the Enterprise Bank team and a champion of its core values ​​and culture,” said Duncan. “His leadership and expertise have been instrumental in the bank’s continued success and I am confident he will lead the bank into the future as our new CEO.”

“Enterprise has always placed a high value on developing talent internally,” Main added. “Steve’s appointment as CEO is the result of that commitment and a product of our bank’s robust succession plan, which helps ensure smooth transitions, business continuity and skilled leadership that embodies the bank’s values.”

By Aurora