Hanover Bancorp completed its previously announced acquisition of Savoy Bank on May 26. As of April 30, the combined entity, on a pro forma basis, had $1.6 billion in total assets, $1.4 billion in loans and $1.1 billion in deposits. Savoy Bank’s main office in New York City has become a branch of Hanover Bank.

“We are excited to have Savoy, its employees and customers join the Hanover family,” Michael Puorro, chairman and CEO of Hanover Bancorp, said. “This acquisition strengthens our position in New York City and allows us to offer a full line of SBA loan products to our customers while allowing us to offer a full range of commercial and personal loan and deposit products to Savoy’s customers, as well as the convenience of banking at our seven existing locations.”

As part of the transaction, Metin Negrin, chairman of Savoy Bank, and Elena Sisti, founder of Savoy Bank, joined the boards of Hanover Bancorp and Hanover Bank. In addition, McClelland Wilcox, president and CEO of Savoy Bank, joined Hanover Bancorp as senior executive vice president, head of commercial lending and chief revenue officer.

The purchase price in the transaction was based upon the tangible book values of each of Hanover Bancorp and Savoy Bank as of April 30, calculated in accordance with the terms of the agreement and plan of merger dated Aug, 27, 2020. The final purchase price was $65,506,253, or $6.49 per share of Savoy Bank common stock. Each Savoy Bank shareholder received $3.246 per share in cash and 0.141 shares of Hanover Bancorp common stock. In addition, Savoy Bank was permitted to declare a special dividend of $0.72 per Savoy Bank common share to each Savoy Bank shareholder of record as of April 30, 2021.