Borrowings

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Borrowings

BORROWINGS

On March 25, 2025, the Company completed the issuance of $300.0 million of fixed-to-floating rate subordinated notes (“the Notes”). The Notes mature on April 1, 2035, however, with regulatory approval, the Company may redeem the Notes without penalty at any scheduled payment date on or after April 1, 2030. The Notes carry interest at a fixed rate of 7.25% through April 1, 2030, after which the Notes convert to a variable rate.

The Company intends to use the net proceeds for general corporate purposes, which may include redeeming Enterprise Bancorp, Inc.’s (“Enterprise”) fixed-to-floating rate subordinated notes due July 15, 2030 following the consummation of the Company’s merger with Enterprise.