Andover Bancorp, Inc. announced a private placement of 3.625% fixed to floating rate subordinated notes for gross proceeds of $10,000,000 on November 18, 2021. The notes will mature on December 1, 2031. The interest on the notes will accrue at a rate equal to 3.625% per annum from the original issue date to, but excluding, Dec. 1, 2026, to be paid semiannually in arrears, and a floating rate per annum equal to a benchmark rate, which is expected to be the three-month term secured overnight financing rate, plus a spread of 266 basis points from and including Dec. 1, 2026, until maturity, to be paid quarterly in arrears. The notes may be redeemed at the company's option on any scheduled interest payment date starting from December 1, 2026. The notes are issued at par.