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Hanover Bancorp, Inc.
Hanover Bancorp was organized in 2008 by Chairman and CEO Michael P. Puorro, launching its wholly-owned subsidiary, Hanover Community Bank, in 2009.
Hanover Bancorp, Inc.
Hanover Bancorp was organized in 2008 by Chairman and CEO Michael P. Puorro, launching its wholly-owned subsidiary, Hanover Community Bank, in 2009. The institution was recapitalized and refocused after the financial crisis, deliberately targeting commercial and industrial (C&I) lending to small and mid-sized businesses across Nassau, Suffolk, Queens, Kings, and New York counties. Unlike many community banks of its size, Hanover built its C&I concentration to exceed 30% of total loans early in its trajectory, alongside a multi-family and mixed-use commercial real estate portfolio. The bank operates a parallel residential mortgage division, originating loans for sale into the secondary market, which provides a recurring non-interest income stream. Hanover's loan portfolio balances commercial real estate — primarily multi-family, retail, and industrial properties on Long Island and the outer boroughs — with C&I lines of credit, term loans, and SBA 7(a) lending. The residential mortgage operation is an origination-for-sale business that generates gains on sale and servicing income. Unlike a classic thrift, the bank has no meaningful consumer auto or credit card exposure. Deposit gathering runs through eight branches in Nassau, Queens, and Suffolk counties as of 2024, along with a digital channel. Funding consists of core deposits, FHLB advances, and brokered certificates of deposit, with a managed loan-to-deposit ratio that has historically hovered near 100%. As of year-end 2023, Hanover reported approximately $2.3 billion in total assets and 73 full-time equivalent employees across its branch network and Mineola headquarters. In May 2022, the company completed a standard conversion from a mutual holding company structure to a fully public stock form with an initial public offering on NASDAQ (per the firm, May 2022), raising capital that pushed its Tier 1 leverage ratio above 9%. It has not launched a foundation, operating company, or co-investment vehicle; its structure remains a simple consolidated bank holding company. Chief Financial Officer Lance P. Burke manages balance sheet risk, including a securities portfolio composed primarily of agency mortgage-backed securities and U.S. Treasuries. Hanover's structural distinction lies in its hybrid mandate as both a commercial lender and a residential mortgage bank under one holding company — a deliberately bifurcated earnings engine that pairs spread income from portfolio loans with fee income from mortgage banking. This dual-revenue model provides a natural hedge against rate cycles, since falling rates tend to accelerate mortgage origination volume, while the C&I and CRE portfolios generate stable net interest income across the cycle. The succession structure remains centered on Puorro, who has held the CEO role since the bank's chartering.
General information
Firm type
Asset Manager
Year founded
2008
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Mineola
Corporate office
Mineola, NY, United States
Principals
Michael P. Puorro
Chairman, President & Chief Executive Officer
Sector focus
Frequently asked questions
Who founded Hanover Bancorp and leads the bank today?
Michael P. Puorro founded Hanover Bancorp in 2008, a year before its subsidiary Hanover Community Bank received its charter, and has served as Chairman, President, and CEO since inception. Puorro navigated the bank through the post-financial-crisis period, its 2022 mutual-to-stock conversion and NASDAQ listing, and into its current phase as a commercial lender with a growing mortgage banking division. There is no public indication of a succession plan or co-CIO structure.
What is Hanover Bancorp's lending strategy?
Hanover runs a dual-lending strategy: a conventional commercial bank portfolio and a residential mortgage origination-for-sale business. On the commercial side, it concentrates on commercial and industrial loans to small and mid-sized businesses — one of the higher C&I mixes among Long Island community banks — along with multi-family and commercial real estate loans. The residential division originates conforming and jumbo mortgages primarily for sale to investors, generating fee income rather than holding the credit risk.
Is Hanover Bancorp a single-family office or a community bank?
Hanover Bancorp, Inc. is a publicly traded bank holding company, not a family office. Its shares trade on NASDAQ under the ticker HNVR. While it was founded by Michael Puorro and likely had concentrated early ownership, the May 2022 conversion from mutual holding company to full stock form and subsequent IPO distributed ownership broadly among public investors.
Does Hanover Bancorp invest in funds or only make direct loans?
Hanover is a direct lender, not a fund investor. It originates business loans, commercial mortgages, SBA loans, and residential home loans directly through its own banking operations. Its investment portfolio is a liquidity and interest-rate-risk management tool consisting of standard community-bank holdings: U.S. government agency mortgage-backed securities and Treasuries.
How does Hanover Bancorp make money outside of loan interest?
A significant portion of Hanover's non-interest income comes from its residential mortgage banking division, which originates loans and sells them into the secondary market, generating gains on sale. The bank also earns service charges on deposit accounts and fee income from SBA loan sales. Deliberately, it does not rely on wealth management or trust fees, keeping its revenue model concentrated on spread-lending and mortgage banking.
Where are Hanover Bancorp's branches and lending areas concentrated?
Hanover's eight retail branch locations, as of mid-2024, are concentrated in Nassau, Queens, and Suffolk counties on Long Island, New York. Its lending footprint extends across the New York metropolitan area, including Brooklyn and the broader downstate region, targeting multi-family landlords, small manufacturers, import/export businesses, and professional-service firms within a roughly 50-mile radius of its Mineola headquarters.
What was the significance of Hanover's 2022 mutual-to-stock conversion?
In May 2022, Hanover Bancorp converted from a mutual holding company structure to a fully public stock company and listed on NASDAQ, raising growth capital to expand its balance sheet. The conversion retired the mutual ownership model in which depositors had voting rights, in favor of a classic shareholder-governed structure. Post-IPO, the bank's Tier 1 capital ratios rose, providing capacity for loan growth and a quarterly dividend policy.
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