M&A Deal Summary

Hanover Bank Acquires Savoy Bank

On August 27, 2020, Hanover Bank acquired financial services company Savoy Bank for 63M USD

Acquisition Highlights
  • This is Hanover Bank’s 1st transaction in the Financial Services sector.
  • This is Hanover Bank’s largest (disclosed) transaction.
  • This is Hanover Bank’s 1st transaction in the United States.

M&A Deal Summary

Date 2020-08-27
Target Savoy Bank
Sector Financial Services
Buyer(s) Hanover Bank
Deal Type Merger
Deal Value 63M USD
Advisor(s) Janney Montgomery Scott LLC (Financial)
Gallet Dreyer & Berkey (Legal)

Target

Savoy Bank

New York, United States
Savoy Bank is a privately held commercial bank founded to provide small business owners in and around New York City with unparalleled service and financial products. Savoy Bank specializes in working with customers across a wide range of industries to understand and fulfill their deposit and lending needs. Combining technology and expertise, Savoy Bank offers a full suite of business accounts and deposit services and a spectrum of creative lending solutions, including through SBA 7(a), SBA 504 and USDA B&I lending programs.

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Buyer(S) 1

Buyer

Hanover Bank

Mineola, New York, United States

Category Company
Sector Financial Services
DESCRIPTION

Hanover is a locally owned and operated privately held stock bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to local needs. Management and the Board of Directors are comprised of a select group of successful local businessmen and women who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Hanover offers a full range of financial services. Hanover employs a complete suite of consumer and commercial banking products and services, including multi-family and commercial mortgages, residential loans, business loans, and lines of credit. Hanover also offers 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, Forest Hills, Flushing, Sunset Park, and Chinatown, New York.


DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Merger) 1 of 1
Country (United States) 1 of 1
Year (2020) 1 of 1
Size (of disclosed) 1 of 1