Lowell-based Enterprise Bancorp, parent of Enterprise Bank, reported net income of $5.5 million for 2008, compared to $9.9 million in 2007, a 44.4 percent drop.

Simon Property Group Inc., the largest U.S. mall owner and operator and owner of 16 shopping properties in Massachusetts, reported a 6.5 percent increase in quarterly funds from operations on Friday, citing cost controls and curtailed spending on development.

The U.S. economy shrank at its fastest pace in nearly 27 years in the fourth quarter, government data showed on Friday, sinking deeper into recession as consumers and businesses cut spending.