Turning a New Leaf
A New Horizon
By the late 70s, new laws passed by Congress deregulated the nation’s banking system. Originally designed to prevent irreparable losses from Savings and Loan associations, this era opened the door for holding companies to buy banks across state lines. It was the dawn of big banking.
The Rise of Industry
Banks in metropolitan areas began snatching up small or underperforming banks. These banks also eyed prosperous financial institutions, like Fourth National Bank in Wichita, Kansas. Boatmen’s Bancshares, a growing bank from Missouri, bought Bank IV — which became part of what is known today as Bank of America.
Good Enough to Eat
Amid bank mergers and acquisitions, Andover State Bank kept its focus on community. In 1984, four Andover Elementary School second grade teachers entered a contest that challenged teachers to create a lesson plan about economics. Students had to create a product, develop a marketing plan and sell it for a profit. The result was the Andover State Bank’s Popcorn Loan Program, which continues today.
Educating Our Youth
Also during the 1980s, Andover State Bank began offering tours to summer school students. Every summer, students from around the community tour the bank. They interact with ASB employees, who discuss their roles at ASB as well as the importance of community banking. Our younger students love the safe deposit box vault—almost every summer they ask if “this is where we keep the bad guys?” Each tour ends in a meeting with the bank president. We believe that smart, sound student financial education is the best way to grow our community.
Booming with Pride
Alongside our successful (and fun) Popcorn Loan program, we invested in our community through Greater Andover Days, which was started to unite Andover. In the early 90s, ASB began sponsoring the fireworks show on the final festival day — a tradition we continue today! Thousands gather in Andover Park to enjoy a display of pyrotechnic prowess.
