MINEOLA, NY, May 05, 2022 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (the “Company”), parent company of Hanover Community Bank, today announced the launch of its initial public offering of common stock. The Company is offering 1,363,636 shares. The underwriters will have a 30-day option to purchase up to 204,545 additional common shares of the Company. The initial public offering price is currently expected to be between $21.00 and $23.00 per share. The common shares are expected to trade on the Nasdaq Global Select Market under the symbol “HNVR”.
The Company intends to use the net proceeds of the offering to enhance regulatory capital to support potential organic and future strategic growth. The Company currently has no plans, arrangements or agreements relating to any specific acquisition or similar transaction.
Stephens Inc. and Piper Sandler are acting as joint bookrunners.
The offering will be made only by means of a prospectus. Copies of the preliminary offering 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, 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, or by phone at 1-800-747-3924, or by email at [email protected]
A registration statement on Form S-1 (File Number: 333-262920) relating to the common stock has been filed with the United States Securities and Exchange Commission (the “SEC”) but has not yet entered into in force. Common stock may not be sold or offers to buy accepted prior to the effective date of the registration statement. 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. The common shares that will be offered in the initial public offering will not be insured by the Federal Deposit Insurance Corporation or any other governmental agency.
About Hanover Community Bank and Hanover Bancorp, Inc.
Hanover Bancorp, Inc., is a locally owned and operated private banking holding company for Hanover Community Bank, a community-based commercial bank focused on highly personalized and efficient services and products that meet local 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 toll-free ATM service, free checking with interest, telephone banking, advanced mobile and internet banking technologies for our retail and business customers, safety deposit boxes -forts 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.
Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an equal housing and equal opportunity lender.
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 “Caution Regarding Forward-Looking Statements”, “Risk Factors” and other sections of the registration statement. filed with the SEC. In addition, 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