53 E State St Albion, PA 16401 Phone: (814) 756-4138
19 Public Square PO Box 1300 Andover, OH 44003 Phone: (440) 293-7605
1630 West 19th Street Ashtabula, OH 44004 Phone: (440) 964-8999
1853 Route 45 PO Box 273 Austinburg, OH 44010 Phone: (440) 275-3333
339 State Street Conneaut, OH 44030 Phone: (440) 593-6595
600 East Main Street PO Box 1300 Andover, OH 44003 Phone: (440) 293-7256
212 Plum St Edinboro, PA 16412 Phone: (814) 734-1655
665 South Broadway Geneva, OH 44041 Phone: (440) 466-3040
150 North Chestnut Street Jefferson, OH 44047 Phone: (440) 576-2265
6611 North Ridge Road Madison, OH 44057 Phone: (440) 417-0200
2420 Zimmerly Rd Erie, PA 16506 Phone: (814) 833-4550
3924 Clock Pointe Trail, Ste. 101 Stow, OH 44224 Phone: (844) 259-5473
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Tuesday, February 15, 2022/Categories: Andover Bancorp Press Releases, Bank News
Stock Repurchase Program Details Announced
On December 28, 2021, Andover Bancorp, Inc. (the Company), the parent holding company of Andover Bank (the Bank), announced that its board of directors had approved a stock buyback plan in which the Company may spend up to $3 million to repurchase shares of its common stock. The Company remains committed to building franchise value through strong earnings, an acceptable return on capital, cash dividends, and liquidity created by the repurchase of its common stock. "We are excited about our future and believe our stock is a good value," stated Stephen E. Varckette, President and Chief Executive Officer of Andover Bank. “Repurchasing shares underscores the board of directors' commitment to enhancing shareholder value and demonstrates confidence in our business model and the Company's intrinsic value." The board's authorization permits management to repurchase shares of common stock from time to time at management's discretion. The repurchase program is authorized through December 31, 2022, although it may be suspended or discontinued by the board at any time. Current shareholders interested in taking advantage of the stock repurchase program should contact:
Stephen E. Varckette, President & Chief Executive Officer Richard B. Kotila, Senior Vice President, General Counsel & Secretary 844.259.5473
About Andover Bancorp, Inc., and Andover Bank Andover Bancorp, Inc. operates as the bank holding company for Andover Bank, an independent community bank that provides commercial and retail banking products and services. Andover Bank serves Northeast Ohio and Northwest Pennsylvania and takes pride in serving all segments of the community, helping individuals and businesses achieve their financial goals. Andover Bank was founded in 1884 and is headquartered in Andover, Ohio.
Forward-Looking Statements This press release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates, and projections about the financial services industry, the economy, the Company, and the Bank. Forward-looking statements are identifiable by words or phrases such as "believe”, “cost-effective”, “enhance”, “intend”, and variations of such words and similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. The Company undertakes no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.