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.