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Andover Bank achieves Outstanding rating for its Community Reinvestment Act (CRA) performance

Andover Bank achieves Outstanding rating for its Community Reinvestment Act (CRA) performance

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 originated or renewed 99 community development loans totaling $12.7 million, which represents a 7.6% increase by dollar amount since the previous evaluation.
  • Andover increased its community development lending, qualified donations, and community development services, including financial literacy and community revitalization, in response to identified needs for assistance to small businesses and low- and moderate-income individuals and families.  
  • Andover originated 85 Paycheck Protection Program loans totaling $4.4 million that benefited area businesses located in low- and moderate-income geographies across the assessment area. 

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.