Lowell, Mass.-based Enterprise Bank has welcomed a new Chief Executive Officer, the company announced.
John “Jack” Clancy Jr. retired from the position, which he held since 2007, and has been succeeded as CEO by Steven Larochelle, the company’s chief banking officer.
Clancy was instrumental in the founding of Enterprise Bank in 1989, serving first as its chief financial officer. During his 17-year tenure as CEO, the institution grew from 14 branches to 27, with total bank assets growing from $980 million in 2006 to $4.6 billion as of March 2024, company officials said in a statement. Clancy will assist with the CEO transition in his role as executive advisor.
“Jack has been the backbone of the Enterprise family for 35 years and mere words cannot express how much we appreciate his dedicated service,” Executive Board Chairman and Enterprise Bank founder George Duncan said. “He is highly respected within the bank, our community, and the banking industry in New England. It’s to Jack’s credit that Enterprise Bank was named one of the best places to work for 12 consecutive years under his leadership. Jack has more than earned retirement and time with his family, but we appreciate that he has agreed to ease the transition to a new CEO leadership by offering his advice and counsel.”
Larochelle has been with Enterprise Bank for the last 27 years, and in the banking industry for more than four decades.
“I am honored and grateful to the Board of Directors to be afforded this opportunity to serve and am committed to a smooth transition for our team members, customers, community partners and shareholders,” said Larochelle.
Enterprise Bank is invested in the local community in Lowell, Mass., located 25 miles northwest of Boston. Larochelle is currently serving as the Chairman of the Board of Directors for D’Youville Life & Wellness Community.
“We have developed a deep, talented leadership team and have worked hard to ensure succession across the organization to plan for leadership members’ retirements,” Duncan pointed out. “It is our pleasure to appoint Steven Larochelle as CEO. He steps into the role with a wealth of experience. He has earned the respect and admiration of his Enterprise colleagues and banking peers. He is the right person to lead us forward."
