Content area
Full Text
The company's first-ever whole-bank acquisition and its increasing push into the social media space were two of the dominant themes to emerge during Andover Bancorp Inc.'s annual shareholder meeting April 14.
Chairman and CEO Martin Cole said it is not regulation but the technological evolution taking place in the banking industry that comprises the biggest challenge for Andover today. That would include the way the Andover, Ohio-based bank now must deliver products and services, and also communicate with its customers. "The cost of that along with just embracing it is a challenge," he said.
Regulation presents its own challenges but has always been a part of the banking landscape, Cole said. "It is an expense that sometimes we feel is unnecessary, but at the same time that's easier to deal with than keeping up with all the technological advances," he said.
Andover Bank President Stephen Varckette called 2015 the year of electronic and mobile banking for Andover as the bank rolled out its mobile app and an electronic checking account product. "And we're not done yet. Expect more products in 2016," he said. Chief executive...