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DFS AUTHORIZES EXPANSION OF NYC STATE-CHARTERED BANK

DFS AUTHORIZES EXPANSION OF NYC STATE-CHARTERED BANK

Hanover Bancorp, Inc. to obtain Chinatown Federal Savings Bank

Acting Department of Financial Services (DFS) Superintendent Linda A. Lacewell today announced that the Department of Financial Services has authorized the use of Hanover Bancorp, Inc., the company that is holding of Community Bank, a fresh York State-chartered bank, to get Chinatown Federal Savings Bank (CFSB) and its own three new york places.

“DFS is happy to approve Hanover Community’s purchase of Chinatown Federal Savings Bank, a federally-chartered organization, which will now participate the growing nyc State-chartered banking system,” said Acting Department of Financial Services Superintendent Linda A. Lacewell. “With this purchase, Hanover is likely to be deepening its market penetration in ny and serving a wider client base with its expanded community. State-chartered banking institutions and credit unions are necessary to New York’s economy and offer local customers and smaller businesses with much access that is needed monetary solutions underneath the watchful eye of DFS.”

Hanover had total assets of $670 million, total loans of $584 million and total deposits of $473 million at the time of March 31, 2019, and runs through its banking offices in Mineola and Garden City Park, in Nassau County, ny, and Flushing and Forest Hills, in Queens, nyc. CFSB had total assets of $136 million, total loans of $92 million and total deposits of $105 million at the time of March 31, 2019, and operates two banking workplaces in Manhattan, nyc and something banking office in Brooklyn, nyc. Normal user services will stay in the combined bank.

“We are excited that people have obtained approval through the Department of Financial solutions and appearance forward to serving the requirements of the residents of Chinatown, Sunset Park therefore the surrounding communities through this purchase,” said Michael P. Puorro, Chairman, President and ceo of Hanover Bancorp loans like loanmart loans, Inc.

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