Lead Placement Agent
Hanover Bancorp, Inc.
Debt Capital Markets
Subordinated Notes
Transaction Details
- On October 8, 2020, Hanover Bancorp, Inc. (“Hanover” or “the Company”), the parent company of Hanover Community Bank, announced the completion of its $25 million private placement of Fixed-to-Floating Rate Subordinated Notes (the “Notes”) due 2030
- The Notes will initially bear interest, payable semi-annually, at the rate of 5.00% per annum, until October 15, 2025. From and including October 15, 2025, the interest rate applicable to the outstanding principal amount due will reset quarterly to the then current three-month secured overnight financing rate (SOFR) plus 487.4 basis points
- Hanover intends to use the net proceeds for acquisition financing, to refinance an existing holding company note, and for general corporate purposes, including contributing equity capital to Hanover Community Bank, the Company’s wholly owned commercial bank subsidiary
- The Notes received a BBB+ rating from Egan-Jones Ratings Company
About the company
Hanover Bancorp, Inc., is a locally owned and operated privately held stock bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to local needs. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Forest Hills, Flushing, Sunset Park, and Chinatown, New York.
Source: Press release
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