Hanover Bancorp Announces Inclusion in Prestigious Piper Sandler Sm-All Star Class of 2022

Rhea-AI Summary

Hanover Bancorp, Inc. (Nasdaq: HNVR) has been recognized in the Piper Sandler Sm-All Stars: Class of 2022, highlighting its status among the top 35 small-cap banks in the U.S. Companies must meet strict criteria, including a market cap below $2.5 billion and demonstrating exceptional growth and profitability. CEO Michael P. Puorro praised the team's efforts in achieving this accolade. Hanover Bancorp offers a comprehensive range of banking services and operates multiple branches in New York and New Jersey, ensuring strong community-focused financial solutions.

Positive

• Recognition as part of Piper Sandler Sm-All Stars: Class of 2022, showcasing strong performance.
• Meets stringent criteria for growth, profitability, and capital strength.

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• None.

MINEOLA, N.Y., Sept. 23, 2022 (GLOBE NEWSWIRE) -- Hanover Bancorp, Inc. (Nasdaq: HNVR) (the "Company"), parent company of Hanover Community Bank, is thrilled to announce that they have been included in the prestigious Piper Sandler Sm-All Stars: Class of 2022.

The Piper Sandler Sm-All Stars Class of 2022 distinction is given to the top 35 performing small-cap banks and thrifts throughout the country. To earn the Sm-All Star status, companies need to have a market cap below $2.5 billion and clear numerous hurdles related to growth, profitability, credit quality, and capital strength.

Michael P. Puorro, Chairman and Chief Executive Officer, stated, “It is an incredible honor not only to receive this distinction but to be included in a class with so many other outstanding institutions. I applaud our amazing team whose tireless efforts allow us to be recognized with accolades such as this; they are our greatest resource.”

About Hanover Bancorp, Inc.
Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businessmen and women who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover employs a complete suite of consumer and commercial banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations 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/Equal Opportunity Lender.

Cautionary Note Regarding Forward-Looking Statements
This release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as "may," "believe," "expect," "anticipate," "should," "plan," "estimate," "predict," "continue," and "potential" or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties including the risks detailed in the "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors" and other sections of the Registration Statement filed with the SEC. Further, the adverse effect of the COVID-19 pandemic on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

Investor and Press Contacts:
Brian K. Finneran
President

Lance P. Burke
Chief Financial Officer
(516) 548-8500

FAQ

What is the significance of Hanover Bancorp being included in the Piper Sandler Sm-All Stars: Class of 2022?

Being included in the Piper Sandler Sm-All Stars: Class of 2022 signifies that Hanover Bancorp is recognized among the top 35 performing small-cap banks in the U.S., indicating strong performance and stability.

What criteria did Hanover Bancorp meet to earn the Sm-All Star status?

Hanover Bancorp had to meet criteria including a market cap below $2.5 billion, along with benchmarks related to growth, profitability, credit quality, and capital strength.

Who is the CEO of Hanover Bancorp?

The CEO of Hanover Bancorp is Michael P. Puorro.

What services does Hanover Bancorp offer?

Hanover Bancorp offers a full range of financial services, including multi-family and commercial mortgages, residential loans, business loans, and 24-hour ATM services with no fees.

How does Hanover Bancorp ensure community-focused services?

Hanover Bancorp employs a team of local business leaders to understand the financial needs and opportunities in the metro-New York area, ensuring tailored and responsive banking services.