Andover Bancorp Inc. (ANDC)

Overview

Andover Bancorp, Inc. is the parent company of Andover Bank, a financial institution that has been serving the needs of both commercial and retail customers since 1884. Based in Andover, Ohio, the bank has a long history of community engagement and a strong commitment to providing a wide range of banking products and services tailored to meet the diverse needs of its customers. Andover Bank operates branches not only in Andover but also in surrounding communities, ensuring a broad geographic coverage and accessibility for its clientele.

Products and Services

Savings and Checking Accounts: Andover Bank offers a variety of deposit accounts including savings accounts, checking accounts, individual retirement accounts (IRAs), and certificates of deposit (CDs), catering to the different savings and transactional needs of its customers.

Loan Products: A comprehensive suite of loan products is available, including mortgage loans for homebuyers, construction loans for builders, home equity loans for home improvement projects, vehicle and personal loans for consumers, and commercial loans such as term loans, commercial real estate loans, and Small Business Administration (SBA) loans. Additionally, the bank provides financing services for investment properties, land development, acquisitions, partnership buyouts, equipment purchases, municipal entities, and non-profit organizations.

Lines of Credit: Andover Bank issues working capital lines of credit to businesses, supporting their operational needs and facilitating smooth cash flow management.

Cards: Customers are offered both debit and credit card options, enabling easy access to funds and credit facilities.

Remote Banking Services: To ensure convenience for its customers, the bank includes modern banking services such as remote deposit capture, online banking, mobile banking, and telephone banking. These services allow customers to manage their accounts and perform banking transactions from virtually anywhere.

Merchant and Payment Services: The bank provides a variety of services to support businesses in managing their cash flow and transactions. These include merchant card processing for customer payments, ACH and wire services for electronic transfers, and lock box services for managing receivables. Additionally, it offers cash management services, safe deposit boxes, night deposit services, and automatic account transfer and payment options.

Investment and Insurance Products: Beyond traditional banking products, Andover Bank also offers investment products and insurance options to help customers plan for the future and protect their assets.