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ANDOVER BANCORP, INC. is a Delaware corporation that was organized in 1987. Andover's primary activity is to act as the holding company for Andover Bank (the Bank).Andover Bank is a Massachusetts-chartered savings bank which was incorporated in 1834 and is headquartered in Andover, Massachusetts. On May 8, 1986, Andover Bank converted from mutual to stock form. Deposits at the Bank are insured by the Federal Deposit Insurance Corporation ("DIC) up to $100,000 and by the Depositors Insurance Fund, Inc. (DIF) for that portion of deposits in excess of $100,000. The Bank is engaged principally in the business of attracting deposits from the general public and investing in residential and commercial real estate loans, in construction, consumer, commercial loans and lease financing, and in various securities. Emphasis is placed on both retail and corporate banking. Retail activities, an important source of franchise value to the Bank, consist of branch operations, home mortgage and consumer lending, and mortgage banking. The Bank offers a variety of retail products through branch offices, automated teller machines (ATMs), its telephone call center with its expanded hours, online banking and product specialists. Other non-banking services available to its customers include the recently initiated insurance program in addition to the investment services provided by a third party. Corporate banking activities consist primarily of commercial real estate, construction, land and commercial lending and lease financing. These activities are conducted primarily by experienced loan officers and business development specialists. The Bank's market area is centered in Andover, Massachusetts, approximately 25 miles north of downtown Boston. The Bank operates banking offices in the towns of Andover, Lawrence, Methuen, North Andover and Tewksbury, (Massachusetts) and Salem and Londonderry (New Hampshire), which serve those towns as well as surrounding communities in northeastern Massachusetts and in southern New Hampshire. Andover Capital Group, Inc., a subsidiary of Andover Bank, offering commercial equipment loans and lease financing, is located in Westford with the entire Northeast as its primary market area. On January 26, 2000, the Company entered into a definitive agreement to acquire GBT Bancorp ("GBT") and its wholly-owned subsidiary, Gloucester Bank and Trust Company. This agreement is subject to customary closing conditions and a number of approvals from various regulatory agencies. |
