A bank rooted in the Ohio-Pennsylvania border region
This profile covers Andover Bank (Andover, Ohio). [1]
Andover Bank dates its history to 1884 and serves individuals, families and businesses in northeast Ohio and northwest Pennsylvania. Its corporate profile describes a full-service operation spanning deposits, loans, payments, digital access and investment-related services. That makes its identity broader than its namesake village, while its physical network remains concentrated in the border region. [3]
The legal institution is The Andover Bank, FDIC certificate 10663, a state-chartered Federal Reserve member bank. The FDIC records its headquarters at 19 Public Square, Andover, Ohio. The bank’s website separately lists corporate headquarters at 600 East Main Street in the same community. The Federal Reserve identifies Andover Bancorp, Inc. as the holding company; parent and bank financial figures are not interchangeable. [1][4][8]
Branches and loan-production offices do different work
The office directory includes Andover, Ashtabula Harbor, Austinburg, Conneaut, Geneva, Jefferson and Madison in Ohio, with Albion, Edinboro and Millcreek in Pennsylvania. It separately lists a loan-production office in Stow, Ohio. The Stow site is not presented as another full-service deposit branch. [8]
The Federal Reserve’s February 2025 examination records that the Stow office opened in 2022, outside the bank’s delineated CRA footprint. A loan-production office can expand borrower access without establishing the same deposit-service presence as a branch. This is particularly relevant to Andover’s strategy of adding commercial relationships to an established retail franchise. [4]
A business menu extending beyond conventional small firms
Andover’s commercial offering includes term loans, property finance, working-capital lines, equipment, investment property and land development. It also identifies business acquisitions and partnership buyouts as financing purposes. These uses require different repayment assessments: buying a partner’s interest in an established company is not the same economic exposure as developing land before it produces income. [6]
The menu separately lists nonprofit financing for churches and other agencies, and municipal financing for townships, villages, cities, counties and bond issues. It also links to Small Business Administration lending. The range shows the customers Andover seeks to serve, but it does not establish a current portfolio allocation or imply that every advertised financing purpose receives identical terms. [6]
Transaction services complement deposit gathering
Business services include remote deposit capture, Automated Clearing House payments, wires and automatic transfers. Andover also lists lockbox collection, night-deposit facilities and business debit-card controls. Such services can place the bank inside an organization’s recurring cash cycle, connecting deposit balances to collections and payments rather than only to a quoted savings rate. [7]
For merchant payments, Andover says it works with Clover, combining payment acceptance with business-management functions. It also lists health savings and SEP retirement accounts among employee-related services. These offerings involve different uses and, sometimes, outside providers; a bank-branded entry point does not mean every underlying product has the same legal structure or protection. [7]
Household banking remains part of the franchise
The consumer menu includes checking, savings, certificates of deposit, retirement deposit accounts, mortgages, construction and home-equity borrowing, vehicles and personal loans. Online and mobile access supplement the offices. These products connect the institution to ordinary household needs while the commercial operation seeks additional relationships. [8]
The corporate profile also includes investment advice and wealth management. Those activities must be distinguished from deposits when considering risk and protection: a customer’s securities or insurance products are not automatically covered by the rules applicable to an insured savings account. This profile describes the available service categories rather than endorsing any investment or drawing a conclusion about its suitability. [3]
The bank’s balance sheet and a separate parent report
At June 30, 2026, the insured bank reported $595.104 million in assets, $553.145 million in deposits and $280.000 million in net loans and leases. It reported $2.344 million in net income for January through June. Securities totaled $260.519 million, making the investment portfolio a substantial part of the balance sheet alongside lending. These are bank-level FDIC amounts, converted from thousands to millions. [2]
Andover Bancorp’s separate midyear report presents consolidated results, including first-half net income of $2.149 million, rounded. Management attributed improved earnings to balance-sheet growth and repricing, and described reinvesting maturing or called lower-yield securities at higher yields. Those are the company’s explanations, not an independent attribution of every change in profit. Differences from the bank-only figures should be preserved rather than treated as an arithmetic error. [5]
Commercial expansion and community-credit evidence
The 2026 midyear report said a second loan-production office in greater Pittsburgh remained on track for that fall. This is a stated expansion plan, not verification that an office had opened. The reported strategy builds on the Stow experience and broadens the geographic reach of business lending; the source does not announce a bank acquisition. [5]
The Federal Reserve’s February 24, 2025 evaluation rated Andover Outstanding overall, with Satisfactory lending and Outstanding community development. CRA concerns service to community credit needs, not the bank’s solvency. Separately, the sizeable securities book makes rates, investment valuation and reinvestment relevant financial questions, while commercial expansion creates additional underwriting and execution demands. Neither the CRA rating nor management’s growth plans eliminate those risks. [2][4]
Sources
- FDIC BankFind: legal institution and statusOfficial sourceBack to text: ↑1↑2
- FDIC bank financial reports, June 30, 2026; dollars in thousandsOfficial sourceBack to text: ↑1↑2
- Andover: corporate profile and established service areaSourceBack to text: ↑1↑2
- Federal Reserve: February 24, 2025 CRA evaluationOfficial sourceBack to text: ↑1↑2↑3
- Andover Bancorp: 2026 midyear reportSource · PDFBack to text: ↑1↑2
- Andover: business lending and lines of creditSourceBack to text: ↑1↑2
- Andover: cash management and business servicesSourceBack to text: ↑1↑2↑3
- Andover: consumer services and current office directorySourceBack to text: ↑1↑2↑3