UPDATE 3/25/2017: 21- and 29-month CD and Relationship Savings rates increased.
13-Month CD, 1.35% APY, $500 minimum deposit
1.55% 1.75% APY, $500 minimum deposit
1.65% 1.90% APY, $500 minimum deposit
1.15% 1.25% APY, up to $250k
To celebrate the opening of its new Forest Hills (Queens) branch, Hanover Community Bank (HCB) is offering three competitive CDs (13-month, 1.35% APY; 21-month,
1.55% 1.75% APY; 29-month, 1.65% 1.90% APY). The CDs require a $500 minimum opening deposit, with no stated balance cap.
|1.85%||$500||-||Hanover Community Bank||29 Month CD|
|1.60%||$500||-||Hanover Community Bank||21 Month CD|
|1.30%||$500||-||Hanover Community Bank||13 Month CD|
According to CSR, the Early Withdrawal Penalty for the 13- and 21-month CD is 1% and 2% for the 29-month CD.
HCB is also offering a Relationship Savings account (1.25% APY, up to $250k). 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 and/or a Relationship Savings account requires an in-person visit to either of the two New York branches located in Garden City Park (Long Island), and the newly opened Forest Hills (Queens) branch.
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) as of December 31, 2016 data. In the past year, HCB has increased its total non-brokered deposits by $84.92 million, an excellent annual growth rate of 41.87%. Please refer to our financial overview of Hanover Community Bank (FDIC Certificate # 58675) for more details.
Note: the Texas Ratio of 0.00% mentioned is not a typo: as of December 31, 2016, HCB had $0 in non-current loans and owned real-estate with $43.32 million in equity and loan loss allowances on hand for coverage.
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 $380 million.
How the CDs Compare
When compared to the 366 similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the market area, Hanover Community Bank’s 29-Month CD APY currently ranks first.
When compared to the 278 similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the market area, Hanover Community Bank’s 21-Month CD APY currently ranks second.
How the Relationship Savings Compares
When compared to the 386 Savings Accounts tracked by DepositAccounts.com that are available within the market area, Hanover Community Bank’s Relationship Savings APY currently shares the top spot with Popular Direct’s High Rise Savings Account.
The above rates are accurate as of 3/25/2017.