Hanover Bancorp, Inc. to get Chinatown Federal Savings Bank
Acting Department of Financial Services (DFS) Superintendent Linda A. Lacewell today announced that the Department of Financial Services has approved the use of Hanover Bancorp, Inc., the keeping company of Hanover Community Bank, a brand new York State-chartered bank, to get Chinatown Federal Savings Bank (CFSB) and its own three new york places.
вЂњDFS is happy to approve Hanover CommunityвЂ™s acquisition of Chinatown Federal Savings Bank, a federally-chartered organization, that may now engage in the growing ny State-chartered banking system,вЂќ said Acting Department of Financial solutions Superintendent Linda A. Lacewell. вЂњWith this purchase, Hanover are going to be deepening its market penetration in nyc and serving a broader client base in its expanded community. State-chartered banking institutions and credit unions are crucial to New YorkвЂ™s economy and supply local customers and smaller businesses with much access that is needed economic solutions underneath the watchful attention of DFS.вЂќ
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 workplaces in Mineola and Garden City Park, in Nassau County, nyc, 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 as of March 31, 2019, and operates two banking workplaces in Manhattan, nyc plus one banking workplace in Brooklyn, nyc. Normal member solutions will stay in the combined bank. MORE >