Yesterday, Hanover Community Bank (HCB) raised the rates of some of its CDs, including the 18-month CD (1.80% APY), 15-month (1.75% APY), and 60-month CD (2.40% APY). Of the three, the 18-month is the most competitive. The CDs require a $500 minimum opening deposit, with no stated balance cap.
In early October, the 18-month CD bounced up to 1.75% APY from 1.35% APY. The new 1.80% APY is the highest rate for the 18-month CD, since it was added to the product line in 2014.
I wrote about the 15-month CD in September when the rate was increased by an impressive 50 bps. The resulting 1.70% APY lasted about one month, before dropping to 1.35% APY. Yesterday’s rate hike gives the 15-month CD an additional 5 bps over the September rate.
According to CSR, the Early Withdrawal Penalty for CDs is 1% of the amount withdrawn.
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) based on June 30, 2017 data. In the past year, HCB has increased its total non-brokered deposits by $99.47 million, an excellent annual growth rate of 38.16%. 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 the Asian Indian community its targeted demographic. 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." In the past six months, Hanover Community Bank has opened two new branches (Long Island and Queens) and continues to thrive with assets in excess of $479 million.
How the CD Compares
When compared to the 291 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 18-Month CD APY currently ranks second.
The above rates are accurate as of 11/9/2017.