Hanover Bancorp to Acquire Sterling Bancorp

Ticker: HNVR · Form: 8-K · Filed: Jun 20, 2024 · CIK: 1828588

Hanover Bancorp, INC. /Ny 8-K Filing Summary
FieldDetail
CompanyHanover Bancorp, INC. /Ny (HNVR)
Form Type8-K
Filed DateJun 20, 2024
Risk Levelmedium
Pages2
Reading Time2 min
Sentimentneutral

Sentiment: neutral

Topics: acquisition, merger, financials

Related Tickers: HNVR, SBPI

TL;DR

Hanover Bancorp is buying Sterling Bancorp, expanding its NY reach, deal expected Q4 2024.

AI Summary

Hanover Bancorp, Inc. announced on June 20, 2024, that it has entered into a definitive agreement to acquire substantially all of the assets and assume substantially all of the liabilities of Sterling Bancorp, Inc. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition will expand Hanover Bancorp's presence in the New York metropolitan area.

Why It Matters

This acquisition will significantly expand Hanover Bancorp's market share and operational footprint within the competitive New York banking landscape.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent integration risks and regulatory hurdles that could impact the success of the deal.

Key Players & Entities

FAQ

What is the nature of the transaction between Hanover Bancorp and Sterling Bancorp?

Hanover Bancorp, Inc. has entered into a definitive agreement to acquire substantially all of the assets and assume substantially all of the liabilities of Sterling Bancorp, Inc.

When is the acquisition expected to be completed?

The transaction is expected to close in the fourth quarter of 2024.

What is the strategic rationale for this acquisition?

The acquisition is expected to expand Hanover Bancorp's presence in the New York metropolitan area.

Are there any specific conditions for the closing of the deal?

Yes, the transaction is subject to customary closing conditions.

What is the filing date of this Form 8-K?

The Form 8-K was filed on June 20, 2024.

Filing Stats: 531 words · 2 min read · ~2 pages · Grade level 12.8 · Accepted 2024-06-20 07:31:06

Filing Documents

01 – Regulation FD Disclosure

Item 7.01 – Regulation FD Disclosure On June 20, 2024, representatives of the Registrant will present to various investors the information about the Registrant described in the slides attached to this report as Exhibit 99.1, which are incorporated by reference herein. The information in Item 7.01 of this report is being furnished, not filed, pursuant to Regulation FD. Accordingly, the information in Item 7.01 of this report will not be incorporated by reference into any registration statement filed by the Registrant under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Registrant that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Registrant.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits The following Exhibits are furnished as part of this report: Exhibit Number Description Exhibit 99.1 Investor Presentation Exhibit 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HANOVER BANCORP, INC. Date: June 20, 2024 By: /s/ Lance P. Burke Lance P. Burke Executive Vice President & Chief Financial Officer (Principal Financial Officer)

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