Ohio–based Andover Bancorp, Inc. Board of Directors Approves Stock Buyback Plan

ANDOVER, Ohio, December 28, 2021 - Andover Bancorp, Inc. (OTCPK:ANDC) (the "Company"), the parent holding company of The Andover Bank (the "Bank"), today announced that its board of directors approved a stock buyback plan under which the Ohio-based company may spend up to $3 million to repurchase shares of its common stock.

Stephen E. Varckette, President, Chief Executive Officer and Director of Andover Bancorp, Inc., stated, "This share repurchase program demonstrates our confidence in the strength of our business and our continued commitment to delivering value to our shareholders."

The authorization permits management to repurchase shares of the Company's common stock from time to time at management's discretion. The repurchases may be made from time to time in either open market transactions or in privately negotiated transactions. No assurance can be given as to the times when the common stock will be repurchased or to whether and to what extent the common stock repurchase will be consummated. The actual means and timing of any shares purchased under the program will depend on a variety of factors, including the market price of the Company's common stock, general market and economic conditions, and applicable legal and regulatory requirements. The repurchase program is authorized through December 31, 2022, although it may be suspended or discontinued by the Board at any time. The repurchase program does not obligate the Company to purchase any particular number of shares.

About Andover Bancorp, Inc., and The Andover Bank

Andover Bancorp, Inc. operates as the bank holding company for The Andover Bank, an independent community bank that provides commercial and retail banking products and services. The 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. The 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.

Contacts

Stephen E. Varckette, President, Chief Executive Officer and Director
Richard B. Kotila, Senior Vice President, General Counsel, and Secretary
440.293.7256