Deal snapshot: HANOVER BANCORP CLOSES ACQUISITION OF CHINATOWN FSB.

MANews-(C)2009-2019

New York, US-based bank holding company Hanover Bancorp, Inc has closed the acquisition of Chinatown Federal Savings Bank, the company said.

Last September, Hanover Bancorp entered into an agreement pursuant to which Chinatown Federal Savings Bank will merge into Hanover Community Bank in a cash and stock transaction valued at approximately USD 28.8m. Under the terms of the agreement CFSB will merge with and into Hanover Community Bank and each outstanding share of CFSB common stock will be exchanged for cash consideration and Hanover common stock.

Country: USA

Sector: Banking/Financial Services

Target: Chinatown Federal Savings Bank

Buyer: Hanover Bancorp

Vendor:

Deal size in USD: 28.8m

Type: Corporate Acquisition

Financing: Cash and Stock

Status: Closed

Buyer advisor: Keefe, Bruyette and Woods , Windels Marx Lane and Mittendorf ,

Comment: