DFS AUTHORIZES EXPANSION OF NY STATE-CHARTERED BANK

DFS AUTHORIZES EXPANSION OF NY STATE-CHARTERED BANK

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.

“DFS is happy to approve Hanover Community’s acquisition of Chinatown Federal Savings Bank, a federally-chartered organization, that may now engage in the growing ny State-chartered banking system,” said Acting Department of Financial solutions Superintendent Linda A. Lacewell. “With 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 York’s economy and supply local customers and smaller businesses with much access that is needed economic solutions underneath the watchful attention 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 workplaces in Mineola and Garden City Park, in Nassau County, nyc, and Flushing and Forest Hills, in Queens, nyc.