Hanover Bank to open Suffolk County, Long Island location

MINEOLA, NY, July 25 12, 2022 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (Nasdaq: HNVR) (the “Company”), parent company of Hanover Community Bank (the “Bank”), announced today that it is once expanding to new geographic footprint of the company 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, responding to demand for lending and commercial banking products, including Small Business Administration (“SBA”) financing, for small and medium-sized businesses. businesses in the attractive central New Jersey market. In the Hauppauge office, as in the Freehold office, Hannover will bolster its lending and support teams with local banking talent. The Bank has also received all necessary regulatory approvals to open a full-service, high-tech branch at this location. The Bank expects this site to be fully operational by the end of 2022.

The eastward move on Long Island strategically supports the growth of Hanover’s commercial, municipal, and retail banking sectors. It will also help develop many other business areas of the company, while simultaneously creating new opportunities for growth, profitability and development.

“This eastward move will support the vibrant businesses and residents of the Suffolk County area and has long been part of our strategic expansion plans,” said Michael P. Puorro, President and CEO. “Logistically, this location allows us to better serve the Long Island business community with commercial, municipal and retail banking products. This area is particularly devoid of institutional banking choices due to the continued and robust consolidation activity within our industry.

Hanover Community Bank is a leading financial institution that puts the needs of its customers first. 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 suit customer banking preferences. With a focus on the banking needs of small and medium businesses, Hanover Bank is confident in its ability to serve the region and improve its share of wallet in this region.

“Similar to our office in Freehold, New Jersey, the Hauppauge site will focus on commercial lending and banking products, paving the way for companies looking for banking and commercial solutions to grow their organization,” continued Mr. Puorro. . “We are continually looking for ways to strategically expand our geographic footprint, while simultaneously increasing profitability and market share to deliver greater value to our shareholders.”

“We look forward to being an integral part of this economic hub by recruiting from the vast pool of talent that exists in the region, contributing to the local economy, and working and doing business with many of the most important organizations and municipalities. prosperous people of Long Island. This location strengthens our presence on Long Island and allows us to leverage our existing relationships across all lines of business to provide unparalleled service to this region and the growth of our bank,” concluded Mr. Puorro.

The office is located in a newly constructed, state-of-the-art Class A commercial building located adjacent to Long Island Innovation Park in 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-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, business and municipal 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. For more information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

Investor and press contacts:
Brian K. Finneran
President

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

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