Printer Friendly

ANDOVER BANK REDUCES STAFF

 ANDOVER BANK REDUCES STAFF
 ANDOVER, Mass., Jan. 13 /PRNewswire/ -- Andover Bank announced


today that it has made reductions in both its officer and non-officer staff. A total of 16.5 or 8 percent of full time equivalent positions have been eliminated.
 Gerald T. Mulligan, president and chief executive officer, cites the bank's objectives to increase operating efficiencies and better position the bank for the future as the reason for the staff reductions. "Faced with the uncertain local economy, a high level of non-performing loans and the resultant financial losses in 1991, we have streamlined operations to reduce cost while at the same time time maintain our standards of customer service. Until now, we have succeeded in reducing the number of full time employee equivalents through attrition. Regrettably, we decided to take this difficult step of eliminating additional positions to reduce administrative costs. This move is consistent with what is happening in the banking industry generally and is necessary to remain competitive. Throughout our market area, banks are downsizing and otherwise streamlining to become more efficient. With the exception of personnel recently retained to work out problem assets, Andover Bank now has 10 percent fewer full time equivalent positions than it did at year end 1990. Our renewed focus on improving our financial condition, coupled with these expense reductions, position us more favorably to begin our 1992 fiscal year. The staff reductions announced today, combined with operational improvements, are expected to result in future annual expense reductions of over $500,00 for the bank."
 Andover Bancorp, Inc. (NASDAQ: ANDB) is the parent holding company of Andover Bank, a Massachusetts-chartered savings bank organized in 1834 and headquartered in Andover, Mass., approximately 25 miles north of downtown Boston. The bank operates branch banking offices in West Andover, Lawrence, Methuen, North Andover and Tewksbury, Mass.
 -0- 1/13/92
 /CONTACT: Ronni Longwell of Andover Bank, 508-475-6194/ CO: Andover Bancorp, Inc. ST: Massachusetts IN: FIN SU: PER


TM-SH -- NE011 -- 9090 01/13/92 12:25 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 13, 1992
Words:331
Previous Article:U.S. ROBOTICS ENTERS THE LAN MARKET WITH REMOTE LAN ACCESS PRODUCTS SHARED ACCESS MODEM SHARING KITS, THE FIRST PRODUCTS OF NEW LINE (Product...
Next Article:DAVID L. JORDAN ANNOUNCES FORMATION OF THE JORDAN GROUP, LTD.
Topics:


Related Articles
FIRST WESTERN BANK, F.S.B. ANNOUNCES SIGNING OF AGREEMENT TO ACQUIRE PEOPLES BANK, N.A. BRANCH OFFICE IN ANDOVER, OHIO
ANDOVER BANCORP, INC. PROPOSES TO ESTABLISH NEW COMMUNITY BANKING SUBSIDIARY
Andover Bancorp, Inc. Announces Record Earnings For 1998 Raises Cash Dividend 17%.
Andover Bancorp, Inc. Adopts Shareholder Rights Plan.
Andover Bancorp, Inc. Announces a 29% Increase in First Quarter Net Income; Declares Cash Dividend.
Andover Bancorp, Inc. Announces Record Earnings For 1999 Declares Cash Dividend.
Andover Bancorp, Inc. Announces Plans To Acquire Gloucester Bank And Trust Company.
Andover Bancorp, Inc. Completes Acquisition Of Gloucester Bank and Trust Company.
Andover Bancorp, Inc. Announces Record Earnings for 2000.
Andover Bancorp, Inc. Declares Third Quarter Dividend.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters