| Business Summary | | Andover
Bancorp,
Inc.
is
a
multi-bank
holding
company
parent
that
conducts
its
business
through
Andover
Bank
and
Gloucester
Bank
&
Trust
Co.
(collectively,
the
Banks).
The
Banks
are
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.
Andover
Bank
has
four
wholly
owned
subsidiaries
(AB
Insurance
Services
LLC,
Andover
Preferred
Capital
Corp.
and
two
security
corporations)
and
one
majority-owned
subsidiary,
Andover
Capital
Group
Inc.
Gloucester
has
one
wholly
owned
subsidiary,
GBT
Securities
Corp. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Andover
Bancorp,
Inc.,
is
a
holding
Company
for
Andover
Bank
and
Andover
Bank
NH.
For
the
six
months
ended
6/30/01,
interest
income
rose
17%
to
$64.5
million.
Net
interest
income
after
loan
loss
provision
rose
23%
to
$30.4
million.
Net
income
rose
9%
to
$10.2
million.
Net
interest
income
reflects
growth
in
interest
earning
assets
as
well
as
an
improved
net
interest
margin.
Net
income
was
partially
offset
by
increased
salaries
and
amortization
of
goodwill
charges. | More
from
Market Guide: Significant
Developments |
| | | | FY2000
Compensation | | Pay | Exer | |
| Gerald Mulligan, 55 Director,
Pres and CEO | $513K | $31K | Joseph Casey, 40 CFO
and Treasurer | 206K | -- | Octavio Bolivar, 57 Sr.
VP of Systems and Operations | -- | -- | Michael Ecker, 49 Sr.
VP - Construction Lending | 219K | 38K | John Heerwagen, 55 Sr.
VP | 231K | -- | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.; "Exer" is the value of options excercised during the fiscal year. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|