You have most likely seen in the news the last several days articles about the closure of two large institutions: Silicon Valley Bank in California and Signature Bank in New York. Rightfully so, you may question the stability of other financial institutions across the country.

First and foremost, let me assure you that Andover Bank remains financially strong, secure and stable. Your money is safe at Andover Bank.

More news and investigations will come out over the next several weeks and months regarding these institutions. Please understand that Andover Bank stands in stark contrast to those financial institutions. They operated in concentrated, high-risk industries such as technology start-ups and cryptocurrency.

Andover Bank, on the other hand, is a local, independent community bank focused on serving the diverse needs of individuals, families and businesses right here in the communities we serve. We have always practiced conservative, prudent risk management. We are very well-capitalized with a strong liquidity position. In fact, it is one of the reasons why we were ranked one of the top 200 publicly-traded community banks in the country by American Banker. We are also extremely proud to have earned the 5-Star superior rating from BauerFinancial for 29 consecutive years. As a whole, the nation’s banks are strong and resilient.

If you have any questions, we are here for you. Please call us or stop by a nearby branch for assistance. To learn more about FDIC insurance and how it works, please use the following resources:

• Deposit & Insurance FAQs
• Understanding Deposit Insurance
• FDIC Calculators

Thank you for your continued confidence in Andover Bank. We pride ourselves on supporting the communities we serve with the financial tools and advice that truly make a positive impact. We look forward to serving our community for generations to come.

Sincerely,

Stephen E. Varckette
President & CEO