In early March, Hanover Community Bank (HCB) opened its second branch location in Queens and offered three competitive CDs to mark the occasion. Six months later, HBC has opened its third branch location in Mineola (Long Island) and is celebrating the Grand Opening by offering another three CDs: 15-month (1.70% APY), 29-month (1.85% APY), and 60-month (2.30% APY). Of the three, the 15-month is the most competitive. The CDs require a $500 minimum opening deposit, with no stated balance cap.
|2.30%||-||-||Hanover Community Bank||60 Month CD|
|1.85%||-||-||Hanover Community Bank||29 Month CD|
|1.35%||-||-||Hanover Community Bank||15 Month CD|
According to CSR, the Early Withdrawal Penalty for the 15-month CD is 1% of the amount withdrawn.
HCB also offered a Relationship Savings account last March that earned a competitive 1.25% APY, up to $250k. While the CDs in this new promotion have rates higher than what was offered in March, the Relationship Savings' APY has remained the same, losing its competitive edge. The minimum opening deposit for the Relationship Savings account is $100.
The Relationship Savings account is available to customers who have an existing or open a new Totally Free checking account. This offer also requires that the checking account have either a monthly Direct Deposit of $250 or more, OR four debit card transactions each month.
As its name suggests, the Totally Free checking has no monthly service fee or minimum balance requirement, but does required a $100 minimum opening deposit. The first five ATM fees (both HCB and “foreign” banks) in a statement cycle are reimbursed.
Headquartered in Garden City Park, New York, Hanover Community Bank is a locally-owned commercial community bank offering its services and product line to small-to-medium businesses, the professional community, and local residents. HCB’s primary market area includes Nassau, Suffolk, Queens, and Kings Counties, New York.
Opening a CD requires an in-person visit to any of the three New York branches located in Garden City Park, Forest Hills, and Mineola.
At this time, Hanover’s online banking platform is limited to account management and bill payment services.
Hanover Community Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) as of March 31, 2017 data. In the past year, HCB has increased its total non-brokered deposits by $37.97 million, an excellent annual growth rate of 31.27%. Please refer to our financial overview of Hanover Community Bank (FDIC Certificate # 58675) for more details.
Hanover Community Bank opened its doors in 2009, with a target demographic of the Asian Indian community. By 2012, the Bank was in the process of re-positioning itself with a new Board of Directors and new management team, headed by Michael P. Puorro. In little more than one year, Mr. Puorro was recognized in the Long Island Business News for "his successful turnaround of a minority chartered institution previously on the brink of financial disaster." Today, Hanover Community Bank continues to thrive with assets in excess of $412 million.
How the CD Compares
When compared to the 288 similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s market area, Hanover Community Bank’s 15-Month CD APY currently ranks fourth.
The above rates are accurate as of 9/6/2017.