DFS AUTHORIZES EXPANSION OF NYC STATE-CHARTERED BANK

DFS AUTHORIZES EXPANSION OF NYC STATE-CHARTERED BANK

Hanover Bancorp, Inc. to obtain Chinatown Federal Savings Bank

Acting Department of Financial Services (DFS) Superintendent Linda A. Lacewell today announced that the Department of Financial Services has authorized the use of Hanover Bancorp, Inc., the company that is holding of Community Bank, a fresh York State-chartered bank, to get Chinatown Federal Savings Bank (CFSB) and its own three new york places.

“DFS is happy to approve Hanover Community’s purchase of Chinatown Federal Savings Bank, a federally-chartered organization, which will now participate the growing nyc State-chartered banking system,” said Acting Department of Financial Services Superintendent Linda A. Lacewell. “With this purchase, Hanover is likely to be deepening its market penetration in ny and serving a wider client base with its expanded community. State-chartered banking institutions and credit unions are necessary to New York’s economy and offer local customers and smaller businesses with much access that is needed monetary solutions underneath the watchful eye of DFS.”

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