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Hanover to buy Chinatown bank

Sep 22, 2018 - Newsday (New York)

Mineola-based Hanover BancorpĀ Inc. has reached a deal to acquire Chinatown Federal Savings Bank in a stock and cash deal valued at about $28.8 million.

The transaction is expected to be completed in the first quarter of 2019.

The parent company of Hanover Community Bank said late Thursday that the move will help it grow in New York City, where it has an existing branch in Forest Hills. It also plans to open a second branch in Flushiing, Queens, in early 2019.

Michael Puorro, H...