Overview / Commentary
Hanover Bank is headquartered in Garden City Park and is the 62nd largest bank in the state of New York. It is also the 1,073rd largest bank in the nation. It was established in 2009 and as of June of 2019, it had grown to 80 employees at 4 locations. Hanover Bank's money market rates are 4X the national average, and it boasts an A+ health rating.
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Health
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58675 |
| Year Established | 2009 |
| Employees | 80 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.39% |
| Return on Equity - YTD | 12.21% |
| Annual Interest Income | $16.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $704.8MM$602.5MM |
| Loans | Q2 2019vs Q2 2018 | $610.3MM$523.2MM |
| Deposits | Q2 2019vs Q2 2018 | $517.6MM$427.6MM |
| Equity Capital | Q2 2019vs Q2 2018 | $79.3MM$61.7MM |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $7.1MM$5.9MM |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $633.00K$0 |
| Real Estate Owned | Q2 2019vs Q2 2018 | $0$0 |
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Hanover Bank Savings Account Rates
Hanover Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.90%* | $100k* | - | Personal Money Market | ||
| OTHER TIERS: 1.25% → $2.5k - $100k | |||||
| 1.90%* | $100k* | - | Business Money Market | ||
| OTHER TIERS: 1.25% → $2.5k - $100k | |||||
Hanover Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.15% | $300 | - | Total Checking Plus |
Hanover Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.10% | $500 | - | 6 Month CD | |
| 1.90% | $500 | - | 12 Month CD | |
| 1.75% | $500 | - | 15 Month CD | |
| 1.50% | $500 | - | 18 Month CD | |
| 1.50% | $500 | - | 24 Month CD | |
| 1.50% | $500 | - | 36 Month CD | |
| 1.50% | $500 | - | 60 Month CD |
Hanover Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.10% | $500 | - | 6 Month IRA | |
| 1.90% | $500 | - | 12 Month IRA | |
| 1.75% | $500 | - | 15 Month IRA | |
| 1.50% | $500 | - | 18 Month IRA | |
| 1.50% | $500 | - | 24 Month IRA | |
| 1.50% | $500 | - | 36 Month IRA | |
| 1.50% | $500 | - | 60 Month IRA |
Locations
| Hanover Bank Locations | ||
|---|---|---|
| Hanover Community Bank | 2131 Jericho Turnpike | Garden City Park, NY 11040 |
| Forest Hills Branch | 71-15 Austin Street | Forest Hills, NY 11375 |
| Mineola Branch Office | 80 Jericho Turnpike | Mineola, NY 11501 |
| Flushing Branch Office | 138-29 39th Avenue | Flushing, NY 11354 |
| 8thavenue Branch | 5512 8th Ave | Brooklyn, NY 11220 |
| Canal Street Branch | 172 Canal Street | New York, NY 10013 |
| Chinatown Federal Savings Bank Branc | 107-109 Bowery | New York, NY 10002 |