Hanover Bancorp, a community bank with seven branches in New York City and western Long Island, filed on Wednesday with the SEC to raise up to $35 million in an initial public offering.
Hanover Bancorp is the holding company for Hanover Community Bank, a community commercial bank in New York serving customers through seven branches in the New York metro area and western Long Island. The bank also has an administrative office in Hauppauge, Suffolk County, New York, and is in the process of opening a branch office in Freehold, New Jersey. As of December 31, 2021, Hanover had total assets of $1.5 billion, total deposits of $1.2 billion, and total stockholders' equity of $129 million.
The Mineola, NY-based company was founded in 2009 and booked $45 million in revenue for the fiscal year ended September 30, 2021. It plans to list on the Nasdaq under the symbol HNVR. Hanover Bancorp filed confidentially on October 6, 2021. Stephens Inc. and Piper Sandler are the joint bookrunners on the deal. No pricing terms were disclosed.
