Press Release

June 12, 2019

DFS AUTHORIZES EXPANSION OF NEW YORK STATE-CHARTERED BANK

Hanover Bancorp, Inc. to Acquire Chinatown Federal Savings Bank

Acting Department of Financial Services (DFS) Superintendent Linda A. Lacewell today announced that the Department of Financial Services has approved the application of Hanover Bancorp, Inc., the holding company of Hanover Community Bank, a New York State-chartered bank, to acquire Chinatown Federal Savings Bank (CFSB) and its three New York City locations.

“DFS is pleased to approve Hanover Community’s acquisition of Chinatown Federal Savings Bank, a federally-chartered institution, that will now be part of the growing New York State-chartered banking system,” said Acting Department of Financial Services Superintendent Linda A. Lacewell. “With this acquisition, Hanover will be deepening its market penetration in New York and serving a broader customer base in its expanded community.  State-chartered banks and credit unions are essential to New York’s economy and provide local consumers and small businesses with much needed access to financial services under the watchful eye of DFS.”

Hanover had total assets of $670 million, total loans of $584 million and total deposits of $473 million as of March 31, 2019, and operates through its banking offices in Mineola and Garden City Park, in Nassau County, New York, and Flushing and Forest Hills, in Queens, New York.  CFSB had total assets of $136 million, total loans of $92 million and total deposits of $105 million as of March 31, 2019, and operates two banking offices in Manhattan, New York and one banking office in Brooklyn, New York. Normal member services will continue at the combined bank.

“We are excited that we have received approval from the Department of Financial Services and look forward to serving the needs of the residents of Chinatown, Sunset Park and the surrounding communities through this acquisition,” said Michael P. Puorro, Chairman, President and Chief Executive Officer of Hanover Bancorp, Inc.

The Department of Financial Services supervises and regulates the activities of approximately 1,500 banking and other financial institutions with assets totaling more than $2.6 trillion and more than 1,400 insurance companies with assets of more than $4.7 trillion. They include more than 130  life insurance companies, 1,300 property/casualty insurance companies, about 100 health insurers and managed care organizations, and 300,000 individual insurance licensees, 122 state-chartered banks, 80 foreign branches, 10 foreign agencies, 15 credit unions, 13 credit rating agencies, nearly 400 licensed financial services companies, and more than 9,600 mortgage loan originators and servicers. 

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