Hanover Community Bank opens its tenth branch in Port Jefferson, enhancing community-focused banking services in Suffolk County.
Quiver AI Summary
Hanover Community Bank, a subsidiary of Hanover Bancorp, has announced the opening of its tenth branch in Port Jefferson, Long Island, aiming to enhance its service to the local community and businesses. This new branch, strategically located in Suffolk County, will offer a comprehensive range of banking services for both commercial clients—including lending and treasury management—and individual consumers, including savings accounts and digital banking solutions. CEO Michael P. Puorro emphasized the bank’s commitment to relationship-focused banking and economic development in the area. The branch features modern design elements and consultation spaces, highlighting the bank's dedication to personalized service. To celebrate the opening, Hanover Bank will host an event for business leaders and residents, further solidifying its role in the community.
Potential Positives
- Hanover Community Bank has opened its tenth branch in Port Jefferson, marking a significant milestone in its strategic growth and commitment to serving the Long Island region.
- The new branch enhances the bank's ability to offer a full spectrum of commercial banking services, which could potentially attract a wide range of business clients in the area.
- This expansion into a vibrant community center aligns with Hanover's focus on personalized, relationship-driven banking, positioning the bank as a strong economic supporter in the region.
- The opening is set to strengthen local engagement by hiring professionals from the community, fostering relationships tailored to the unique needs of residents and businesses.
Potential Negatives
- While the bank touts its expansion as a sign of growth, it may raise questions about the sustainability of such growth in a highly competitive banking environment.
- The press release does not provide specific details on how the new branch will be funded, which could lead to concerns over financial management and resource allocation.
- The emphasis on relationship-focused banking could indicate a reliance on personal interactions, which may be viewed as out of step with increasing consumer preferences for digital banking solutions.
FAQ
What is the new location of Hanover Community Bank's tenth branch?
The new branch is located in Port Jefferson on Long Island, New York.
What services does the Port Jefferson branch offer?
The branch offers commercial banking services, including lending, treasury management, and consumer banking services.
When did Hanover Community Bank announce the opening of the new branch?
The announcement for the new branch opening was made on June 25, 2025.
How does Hanover Bank support local communities?
Hanover Bank employs local professionals to better understand and cater to community financial needs.
What is Hanover Bank's mission?
Hanover Bank's mission is to provide trusted, relationship-driven banking that prioritizes customer service.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$HNVR Insider Trading Activity
$HNVR insiders have traded $HNVR stock on the open market 13 times in the past 6 months. Of those trades, 0 have been purchases and 13 have been sales.
Here’s a breakdown of recent trading of $HNVR stock by insiders over the last 6 months:
- ROBERT GOLDEN has made 0 purchases and 13 sales selling 39,510 shares for an estimated $967,430.
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$HNVR Hedge Fund Activity
We have seen 17 institutional investors add shares of $HNVR stock to their portfolio, and 9 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MILLENNIUM MANAGEMENT LLC added 69,964 shares (+432.1%) to their portfolio in Q1 2025, for an estimated $1,534,310
- ALLIANCEBERNSTEIN L.P. removed 68,883 shares (-13.2%) from their portfolio in Q1 2025, for an estimated $1,510,604
- FOURTHSTONE LLC removed 49,042 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $1,130,663
- RHINO INVESTMENT PARTNERS, INC removed 42,478 shares (-21.2%) from their portfolio in Q1 2025, for an estimated $931,542
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 31,926 shares (+70.5%) to their portfolio in Q1 2025, for an estimated $700,137
- BANC FUNDS CO LLC removed 16,111 shares (-7.7%) from their portfolio in Q1 2025, for an estimated $353,314
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Full Release
PORT JEFFERSON, N.Y., June 25, 2025 (GLOBE NEWSWIRE) -- Hanover Community Bank (“Hanover Bank”), the bank subsidiary of Hanover Bancorp (Nasdaq “HNVR”), is excited to announce the opening of its tenth branch, located in the historic and bustling village of Port Jefferson on Long Island. This expansion marks a significant step in Hanover Bank’s strategic growth, strengthening its commitment to serving both businesses and individual consumers across the Long Island region and beyond.
Strategically situated to serve the thriving Suffolk County area, the new Port Jefferson branch offers a full spectrum of commercial banking services, including commercial lending, treasury management, and cash flow solutions, to businesses of all sizes. In addition, the branch provides robust consumer banking services such as checking and savings accounts, personal loans, and digital banking tools.
“This opening marks an exciting milestone for Hanover Bank as we continue to grow in Suffolk County,” said Michael P. Puorro , Chairman and CEO of Hanover Bank. “Port Jefferson is a vibrant center of business and community activity, and we’re excited to bring our relationship-focused banking approach to this important market. Our goal is to deliver personalized, high-touch financial services that empower local residents and businesses while contributing to long-term economic development.”
Conveniently located at One North Country Road, Port Jefferson, New York, the branch features modern design elements and dedicated spaces for consultations, making it easy for our clients to access the banking expertise they need in a welcoming environment.
As Hanover Bank’s second branch in Suffolk County, the new Port Jefferson location plays a key role in the Bank’s strategic expansion to deliver tailored, community-focused financial support to this revitalized hub and the surrounding areas. This location joins Hanover’s expanding network of branches across Long Island, the New York metropolitan area, and Freehold, New Jersey. With ten branches now serving a diverse range of communities, Hanover Bank remains committed to its core mission: providing trusted, relationship-driven banking that consistently puts the customer first.
“Hanover Bank is proud to hire professionals who live and work in the communities we serve—reinforcing our commitment to building strong relationships and understanding the unique needs of each community and greater Long Island,” concluded Mr. Puorro.
To celebrate the opening, Hanover Bank invites business leaders, residents, and community stakeholders to stop by and meet the local banking team and learn about the range of financial services now available in the heart of Port Jefferson. A formal Grand Opening cocktail party will be held at a later date.
About Hanover Community Bank and Hanover Bancorp, Inc.
Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Port Jefferson, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey.
Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com .
Press Contact:
Ms. Annette Esposito
First VP – Director of Marketing
(516) 548-8500
