Hanover Bancorp, the holding company for Hanover Community Bank, announced that its proposed acquisition of Chinatown Federal Savings Bank (CFSB) had received the necessary approval of the New York State Department of Financial Services, Hanover Community Bank’s primary state regulator.

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Image: Hanover Bancorp received necessary approval of the New York State Department of Financial Services for the acquisition. Photo: Courtesy of Tumisu from Pixabay.

The Office of the Comptroller of the Currency, Chinatown’s primary regulator, and the Federal Deposit Insurance Corporation, had previously approved the transaction, and the Board of Governors of the Federal Reserve System has issued the necessary waiver. Accordingly, all required regulatory approvals for the acquisition have now been received.

“We are excited that we have received approval from the Department of Financial Services and look forward to serving the needs of the residents of Chinatown, Sunset Park and the surrounding communities through this acquisition. We anticipate the acquisition to close during the first week of July,” said Michael P. Puorro, Chairman, President and Chief Executive Officer of Hanover Bancorp, Inc. CFSB is a community savings bank that operates three branches, two in Manhattan and one in Sunset Park, Brooklyn. At March 31, 2019, CFSB had total assets of $136 million, total loans of $92 million and total deposits of $104 million.

At March 31, 2019, Hanover had total assets of $670 million, total loans of $584 million and total deposits of $473 million. Hanover operates through banking offices in Mineola and Garden City Park in Nassau County, New York, and Flushing and Forest Hills, in Queens, New York.

Source: Company Press Release.