Leader Bank executives celebrated the opening of its new Andover branch with a ribbon-cutting ceremony. Holding the oversized scissors at center are bank President Jay Tuli and CEO Sushil Tuli. Photo courtesy of Leader Bank

Leader Bank has officially opened a branch in Andover as the bank looks to increase its presence in the Merrimack Valley area.

The new branch is located at 2 Elm Square in downtown Andover and handles personal and business banking, residential lending and commercial financing. The bank said the branch compliments Leader’s existing loan office in Lawrence.

“We’ve always believed that banking is at its best when it’s personal,” Leader Bank President Jay Tuli said in a statement. “Opening our doors in Andover allows us to bring that philosophy to more individuals, families, and businesses throughout the Merrimack Valley. We look forward to becoming a trusted financial partner in the community for years to come.”

Along with a new branch opened in Falmouth in August, the bank will open a second branch in Boston’s Seaport District in October.

After opening in 2002, Arlington-based Leader has been able to grow rather fast compared to other local community banks its size.

At its founding, Leader Bank had $6.5 million in assets, but the bank now has more than $5 billion in assets.