Hanover Bancorp, a community bank with eight branches in New York and New Jersey, announced terms for its IPO on Wednesday.
The Mineola, NY-based company plans to raise $30 million by offering 1.4 million shares at a price range of $21 to $23. At the midpoint of the proposed range, Hanover Bancorp would command a market cap of $158 million.
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, and recently opened a branch in Freehold, New Jersey. The bank also has an administrative office in Hauppauge, Suffolk County, New York. 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.
Hanover Bancorp was founded in 2009 and booked $55 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol HNVR. Stephens Inc. and Piper Sandler are the joint bookrunners on the deal. It is expected to price on Tuesday, May 10, 2022.
