Core Viewpoint - Hanover Bancorp, Inc. has successfully completed a private placement of $35 million in fixed-to-floating rate subordinated notes, enhancing its financial flexibility and supporting its strategic goals [1][4]. Financial Details - The subordinated notes will initially carry an interest rate of 7.25% per annum, payable semi-annually until March 15, 2031, after which the rate will reset quarterly to the three-month secured overnight financing rate (SOFR) plus 386 basis points [2]. - The notes received a BBB+ rating from Egan-Jones Ratings Company and are intended to qualify as Tier 2 capital for regulatory purposes [2]. Use of Proceeds - The net proceeds from the notes will be used to redeem $25 million of the Company's existing subordinated notes and for general corporate purposes, including contributing equity capital to Hanover Community Bank [3]. Management Commentary - The Chairman and CEO of Hanover expressed satisfaction with the transaction, stating it enhances financial flexibility, allows for the retirement of existing subordinated notes at a lower interest rate, and supports balance sheet growth [4]. Company Overview - Hanover Bancorp, Inc. is the parent company of Hanover Community Bank, focusing on personalized banking services in the metro-New York area, offering a full range of financial services including consumer, commercial, and municipal banking products [5].

Core Viewpoint - Hanover Bancorp, Inc. has appointed Mr. William J. Newham, III as Executive Vice President and Chief Commercial Real Estate Lending Officer, aiming to enhance its commercial real estate lending capabilities in response to industry consolidation [1][2]. Company Overview - Hanover Bancorp, Inc. is the bank holding company for Hanover Community Bank, focusing on personalized banking services and products tailored to client needs [5]. - The bank operates in the metro-New York area, with a commitment to understanding local financial needs and opportunities [5]. Appointment of Mr. Newham - Mr. Newham brings over 20 years of commercial real estate banking experience, particularly in the Long Island and New York metro area, which positions Hanover Bank to better address the CRE lending gap [2][4]. - His relationship-focused approach is seen as a key differentiator in a consolidating banking industry, enhancing Hanover's client-focused banking model [2][3]. Strategic Goals - The appointment reflects Hanover's commitment to disciplined growth and relationship-based banking, aiming to strengthen its commercial real estate lending platform [3]. - The bank's strategy includes managing concentration levels while pursuing attractive opportunities in Suffolk County and Long Island [3]. Mr. Newham's Background - Prior to joining Hanover Bank, Mr. Newham held senior leadership roles at Dime Community Bank and other Long Island financial institutions, where he expanded CRE platforms and gained insights into the Suffolk County market [4]. - His experience is expected to support Hanover's strategy of growing CRE loans and core deposits [3][4]. Client Commitment - Mr. Newham expressed enthusiasm for joining Hanover Bank, emphasizing the organization's values of relationships, local expertise, and thoughtful growth [5]. - The bank aims to provide consistent access to commercial lending and relationship-focused banking solutions for clients in Suffolk County and across Long Island [5].