Wednesday, October 20, 2021/Categories: Andover Bancorp Press Releases, Bank News
Andover Bank has earned the highest overall rating of Outstanding from the Federal Reserve Bank of Cleveland for its performance under the Community Reinvestment Act (CRA) to meet the credit needs of its entire community, including low- and moderate-income (LMI) neighborhoods. The Outstanding designation follows a broad evaluation of Andover Bank’s lending, investment, and service levels. Community development activities were reviewed from 2017 through February of 2021.
According to the Federal Reserve Bank of Cleveland, “Andover’s community development performance demonstrates an excellent responsiveness to community development needs of its assessment areas in Ohio through community development loans, qualified donations, and community development services.”
“We are so proud of earning this Outstanding rating for our performance related to the Community Reinvestment Act,” stated Steve Varckette, President and CEO of Andover Bank. “As a community bank, improving the communities we serve is an integral part of our mission. We are equally proud of our employees who strive to make a positive difference every day in our communities. It’s very rewarding to be recognized for those efforts.”
Only a small number of banks achieve an Outstanding rating. The Federal Reserve's evaluation cited numerous factors contributing to Andover’s top rating, including:
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.