Hanover Bancorp, Inc. /NY Plans $30 Million IPO for May 11th (HNVR)

Hanover Bancorp, Inc. /NY (HNVR) expects to raise $30 million in an initial public offering on Wednesday, May 11th, IPO Scoop reports. The company plans to issue 1,363,636 shares at a price of $21.00-$23.00 per share.

In the last year, Hanover Bancorp, Inc. /NY generated $44.8 million in revenue and $10.9 million in net income. The company has a market cap of $158.2 million.

Hanover Bancorp, Inc./NY provided the following description of their company for its IPO: “In 2016, we became the holding company for Hanover Community Bank (“the Bank”), a New York-chartered community commercial bank. The bank was originally organized in 2009, with a focus on serving the South Asian community in Nassau County. After incurring financial and regulatory setbacks, the bank was recapitalized in 2012 by a group led by our current Chairman and CEO Michael Puorro and current members of our Board of Directors. Following the 2012 recapitalization and hiring of Michael Puorro, the bank adopted a strategic plan focused on providing differentiated consumer and commercial banking services to clients in the western Long Island markets and New York City boroughs, particularly the Queens and Brooklyn markets. As a result, the bank has grown its balance sheet significantly both through organic loan and deposit growth, as well as opportunistic acquisitions. The bank’s management team members have used their strong local community ties along with their experience with both federal and New York bank regulatory agencies to create a bank that we believe emphasizes strong credit quality, a solid balance sheet without the burden of the troubled legacy assets of other banks, and a robust capital base. Our acquisitions of Chinatown Federal Savings Bank (“CFSB”) in 2019 and Savoy Bank (“Savoy”) in 2021 were significant steps towards accomplishing our objectives of diversifying our niche lending activities and enhancing our funding channels.  Our corporate administrative office is located in Mineola, New York, where the Bank also operates a full-service branch office. Additional branches are located in Garden City Park, Forest Hills, Flushing, Sunset Park, Manhattan and Chinatown, New York. We also have an administrative office in Hauppauge, Suffolk County, New York, which helps service our municipal deposit customers. We are in the process of opening a branch office in Freehold, New Jersey. **Note: “Our assets have grown from $68.5 million at Dec. 31, 2012, to $1.46 billion at Dec. 31, 2021, representing a compound annual growth rate in excess of 40%.” As of Dec. 31, 2021, we had total assets of $1.5 billion, total deposits of $1.2 billion, and total stockholders’ equity of $129.4 million. During the fiscal year ended Sept. 30, 2021, we completed the acquisition of Savoy, which increased our total assets by approximately $650 million and expanded our SBA lending, commercial and consumer loan products. This acquisition was a core driver of growth in our key performance indicators and our financial results. **Note: Revenue and net income figures in this profile are for the fiscal year ended Sept. 30, 2021, according to the prospectus. “.

Hanover Bancorp, Inc./NY was founded in 2009 and has employees. The company is located at 80 East Jericho Turnpike Mineola, New York 11501 and can be reached via phone at (516) 548-8500 or on the web at http://www.hanoverbank.com/.

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