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7. 25. 2022

Hanover Bank to Open Suffolk County, Long Island Location

MINEOLA, N.Y., July 25, 2022 (GLOBE NEWSWIRE) -- Hanover Bancorp, Inc. (Nasdaq: HNVR) (the "Company"), parent company of Hanover Community Bank (the “Bank”), announced today that it is once again expanding the Company’s geographic footprint with the opening of an office at 410 Motor Parkway, Hauppauge, New York. Earlier this year Hanover Bank opened an office in Freehold, New Jersey, answering the demand for lending and commercial banking products, including Small Business Administration (“SBA”) financing, for small and medium sized businesses in the attractive Central New Jersey market. In the Hauppauge office, like in the Freehold office, Hanover will build its lending and support teams with local banking talent. The Bank has also received all the necessary regulatory approvals to open a full-service, high-tech branch at this location. The Bank expects this site to be fully operational by year-end 2022.

Moving eastward on Long Island strategically supports the growth of Hanover’s commercial, municipal, and retail banking verticals. It also will assist in scaling up many of the Company’s other business lines, while simultaneously creating new opportunities for growth, profitability, and development.

“This move east will support the vibrant businesses and residents of the Suffolk County area and has long been a part of our strategic expansion plans,” said Michael P. Puorro, Chairman & Chief Executive Officer. “Logistically, this location allows us to further service the Long Island business community with commercial, municipal, and retail banking products. This area is particularly void of institutional banking choices due to the ongoing, robust consolidation activity within our industry.”

Hanover Community Bank is a premier financial institution prioritizing its clients’ needs before all else. As a part of “The Bank of YOU®,” this office will offer a full range of business and personal banking solutions, both online and in person to address clients banking preferences. With a focus on the banking needs of small to medium sized businesses, Hanover Bank is confident in its ability to serve the area and improve its share of wallet in this region.

“Similar to our Freehold, New Jersey, office, the Hauppauge location will focus on commercial lending and banking products, paving the way for businesses seeking retail banking and commercial solutions to grow their organizations,” Mr. Puorro continued. “We are continually looking at ways to strategically expand our geographic footprint, while concurrently increasing profitability and market share to bring greater value to our shareholders.”

“We look forward to becoming an integral part of this economic hub by hiring from the vast talent pool that exists in the area, by contributing to the local economy, and by working and transacting business with many of Long Island’s most successful organizations and municipalities. This location strengthens our Long Island presence and allows us to leverage our existing relationships across business lines to deliver unparalleled service to this region and growth to our Bank,” concluded Mr. Puorro.

The office is located in a newly constructed state of the art, Class A, commercial building located next to the Long Island Innovation Park at Hauppauge, the largest industrial park in the Northeast.

About Hanover Community Bank and Hanover Bancorp, Inc.

Hanover Bancorp, Inc. (NASDAQ: HNVR), is a bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businessmen and women who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover employs a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. 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, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey.

Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

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