Hanover Bancorp, Inc. | Stephens

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Financial Advisor And Fairness Opinion

Hanover Bancorp, Inc.

Value Not Disclosed 08/27/2020 Depository Complete
Private Companies
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Transaction Details

  • On August 27, 2020, Hanover Bancorp, Inc. (“Hanover”), parent company of Hanover Community Bank, and Savoy Bank (“Savoy”), announced the signing of a definitive agreement providing for the merger of Savoy with and into Hanover Community Bank
  • The combined company will have approximately $1.6 billion in total assets and $1.1 billion in total deposits
  • The combined company will have 8 branches including 6 branches in the New York City market and with the expectation that an additional branch in New Jersey will be opened prior to closing
  • The combination is designed to create one of the premier sub $5 billion asset sized community banks serving the greater New York City Metro market
  • The transaction is expected to close in the first half of 2021
Sources: Company Filings, S&P Global Market Intelligence and publicly available information.
  1. Note: Earnings release data and Bank-level Call Report data as of June 30, 2020.

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