Hanover Bancorp, Inc. Announces Closing of IPO

MINEOLA, NY, May 13, 2022 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (Nasdaq: HNVR) (the “Company”), parent company of Hanover Community Bank, today announced the closing of its initial public offering of ‘ordinary actions . The Company sold 1,275,000 common shares at a public offering price of $21.00 per share. The Offering is expected to generate gross proceeds to the Company of approximately $26.8 million. Net proceeds to the Company, after deducting the estimated subscription discount and offering costs, are expected to be approximately $24.0 million.

The company’s common stock now trades on the Nasdaq Global Select Market under the symbol “HNVR”.

Stephens Inc. and Piper Sandler & Co. acted as joint bookrunners.

A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on May 10, 2022. The offering was made only at means of the written prospectus forming part of the actual registration statement. Copies of the final prospectus may be obtained from Stephens Inc., 111 Center Street, Little Rock, AR 72201, or by telephone at 1-800-643-9691 or Piper Sandler & Co., 1251 Avenue of the Americas, 6and Floor, New York, NY 10020, or by phone at 1-800-747-3924, or by email at [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of common stock, in any state or jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of such state or jurisdiction. Common stock purchased in the IPO will not be insured by the Federal Deposit Insurance Corporation or any other government agency.

About Hanover Bancorp, Inc.

Hanover Bancorp, Inc. (NASDAQ: HNVR), is the banking holding company of Hanover Community Bank, a community-based commercial bank focused on highly personalized and efficient services and products that meet customer needs. The management and board of directors are made up of a select group of successful local businessmen and women who are committed to the success of the Bank by knowing and understanding the financial needs and opportunities of the region. metropolitan New York. Backed by state-of-the-art technology, Hannover offers a full range of financial services. Hanover utilizes a full suite of personal and business banking products and services, including multifamily and commercial mortgages, residential loans, business loans and lines of credit. Hannover also offers its customers access to a 24-hour ATM service free of charge, free checking with interest, telephone banking, advanced technologies in mobile and Internet banking for our retail and business customers. , safes and much more. The company’s administrative headquarters are located in Mineola, New York, where it also operates a full-service branch as well as additional branches 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 and equal opportunity lender.

Caution Regarding Forward-Looking Statements

This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and can be identified by the use of words such as “may”, “believe”, “expect”, “anticipate ”, “should”, “plan”, “estimate”, “predict”, “continue” and “potential” or the negative form of these terms or any other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates regarding the financial condition, results of operations and businesses of Hanover Bancorp, Inc. Any or all of the forward-looking statements contained in this release and in any other public document statements made by Hanover Bancorp, Inc. may prove to be incorrect. They may be affected by inaccurate assumptions that Hanover Bancorp, Inc. may make or by known and unknown risks and uncertainties, including the risks detailed in the “Cautionary Note Regarding Forward-Looking Statements”, “Risk Factors” and other sections of the registration statement. filed with the SEC. Additionally, the adverse effect of the COVID-19 pandemic on the Company, its customers and the communities in which it operates may adversely affect the Company’s business, results of operations and financial condition for a period indeterminate. Therefore, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update forward-looking statements after the date of this release or to conform such statements to actual events.

Investor and press contacts:
Brian K. Finneran

Lance P. Burke
Financial director
(516) 548-8500

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