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Home > Company Index > Banking > Banking - Northeast > Andover Bancorp, Inc.

Andover Bancorp, Inc.
Nasdaq: ANDB
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 PROFILE
Andover Bancorp is the holding company for Andover Bank (founded in 1834) and Gloucester Bank and Trust. Through about 20 branches north of Boston, the banks offer retail and corporate customers such products and services as savings, NOW, and money market accounts as well as CDs, loans, and Internet banking. Nearly 60% of the loan portfolio consists of residential mortgages, some of which are sold on the secondary market. The remainder of the portfolio consists of consumer, commercial real estate, construction, and land loans. Bank subsidiaries offer insurance and equipment lease financing. Maine-based Banknorth Group is buying Andover Bancorp.

 COMPETITION
First Essex Bancorp, Inc. (FESX)
Ipswich Bancshares, Inc. (IPSW)
LSB Corporation (LSBX)

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 FINANCIAL OVERVIEW
Fiscal Year-End: December
2000 Sales (mil.): 124.10
1-Yr. Sales Growth: 19.1%
Employees: 306
Revenue per employee: $405,555.56

 KEY PEOPLE
• Gerald T. Mulligan
    CEO
• Joseph F. Casey
    CFO

 CONTACT INFO
61 Main St.
Andover, MA 01810
US
Phone: 978-749-2000
Fax: 978-749-2230
Online: Web Site

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