ANDOVER — A locally owned community bank not only exists, but also is thriving, even in today’s economic climate.

Andover Bank is Ashtabula County’s locally owned and independent community bank with seven full-service banking centers, located in Andover, Ashtabula Harbor, Austinburg, Conneaut, Geneva, Jefferson and Pierpont. The ab Financial Group is located in Jefferson.

The slogan says, “We’re Main Street people, not Wall Street people.”

“The stock market has no direct impact on Andover Bank. We have not done any subprime lending,” said Martin R. Cole, who has 33 years at Andover Bank and is the president and chief executive officer. “We are a plain-vanilla bank, and vanilla has never tasted so good.”

Subprime loans are defined as typically for persons with blemished or limited credit histories. The loans carry higher rates of interest than conventional loans, to compensate for increased credit risk, according to the U.S. Department of Housing and Urban Development’s Web site.

Even when it was tempting to jump on the subprime-lending bandwagon, Andover Bank stuck to its values and guidelines.

“I feel fortunate to work for a bank that has adhered to old-fashioned values,” said Nancy Cook, vice president and human resources and marketing director.

While other banks may be suffering, Andover Bank continues to prosper.

In fact, Andover Bank’s 2009 first-quarter earnings were the largest in 125 years, and first-quarter total lending production was 63 percent more than 2008’s first quarter, said Stephen Varckette, senior vice president and retail banking director.

“We are still lending with zero help from the government,” Varckette said. “There are a lot of opportunities here.”

In 1884, just one year after the founding of Andover, a group of individuals organized a private bank under a partnership association. The mission of the bank was to serve the financial needs of the local residents.

More than 100 years later, the role of the Andover Bank has remained basically unchanged. The commitment to deliver the best possible customer service and provide banking services at an affordable price remains the No. 1 priority.

Andover Bank provides a full range of personal and commercial banking products, including consumer, mortgage and commercial loans; checking, savings, certificates of deposit, individual retirement accounts and safe deposit boxes.

The keys to Andover Bank’s history of success are fourfold: superior customer service, dedicated staff, a philosophy that works and various marketing techniques.

“Our goal is to exceed all expectations of the customer, and our customers have responded through their wallets,” Cole said. “We have the largest market share of deposits in Ashtabula County.

“Our customers support us, and we appreciate them. This is a responsibility we do not take lightly,” he said.

The Andover Bank employees are highly trained and knowledgeable about what they present to the public.

“Our employees are people who truly care about their customers,” Cook said. “It is not a program; it is a way of life.”

Andover Bank has based its philosophy on the golden rule: Treat others as you would like to be treated.

“This may be simple, but it is not easy to do, day in and day out,” Cole said. “God has been very good to us, and we have always utilized Christian principles in how we conduct our business.”

The majority of Andover Bank’s commercial loans is to area churches.

“It is exciting to see new churches being built and the growth in our county,” Cole said.

Andover Bank takes full advantage of all marketing strategies, including newspapers, radio, direct mail and perhaps the most effective and meaningful: word of mouth.

Andover Bank recently was awarded BauerFinancial’s five-star rating for 62 consecutive quarters, exhibiting the best in safety and soundness, according to an award letter by BauerFinancial Inc., of Coral Gables, Fla.

“We could not be a community bank without being involved in the community, and we have forged relationships with many other community organizations,” Cole said.

These include the Ashtabula County Medical Center, Ashtabula Arts Center, Civic Development Corporation, Kent State University-Ashtabula and many other county organizations and associations.

“Together, we can build a better community and quality of life,” he said.

To learn more about Andover Bank, look online www.andoverbankohio.com.