DFS Approves New York State-Chartered Hanover Community Bank’s Acquisition of Savoy Bank
May 27, 2021
DFS APPROVES NEW YORK STATE-CHARTERED HANOVER COMMUNITY BANK’S ACQUISITION OF SAVOY BANK
Approval Will Diversify Bank Operations and Will Build on DFS' Commitment to Enhance Access to Financial Services
The Department of Financial Services (DFS) announced today it has approved Hanover Community Bank to acquire Savoy Bank. Prior to the merger, Hanover Community Bank and Savoy Bank were both New York State-chartered banks. Savoy Bank merged with and into Hanover Community Bank under the name Hanover Community Bank maintaining its New York State charter.
“DFS’s commitment to responsible growth of New York State-chartered banks is our priority as New York continues to reopen and expand banking products and services,” said Superintendent Lacewell. “This merger will strengthen and diversify bank operations and will assist in meeting the credit needs of the communities in which the bank operates.”
“We are excited to have Savoy, its employees and customers join the Hanover family,” said Michael Puorro, Chairman and CEO of Hanover. “This acquisition strengthens our position in New York City, and allows us to offer a full line of SBA loan products to all of our customers, while allowing us to offer a full range of commercial and personal loan and deposit products to Savoy’s customers, as well as the convenience of banking at our seven existing locations.”
The combined company will have $1.6 billion in total assets, $1.4 billion in loans and $1.1 billion in deposits. It will also provide Hanover with a new location in Midtown, Manhattan.