Hanover Bancorp Inc., has completed acquisition its Savoy Bank of New York, NY. Savoy’s Rockefeller Center, New York main office has become a branch of Hanover Bank.
Michael Puorro, chairman and CEO of Hanover, stated, “We are excited to have Savoy, its employees and customers join the Hanover family. 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, and Elena Sisti, founder of Savoy, have joined the Boards of Hanover and Hanover Bank. In addition, McClelland Wilcox, president and CEO of Savoy, has joined Hanover as senior executive vice president, head of commercial lending and chief revenue officer.
The final purchase price was $65,506,253, or $6.49 per share of Savoy common stock. Each Savoy shareholder received $3.246 per share in cash and 0.141 shares of Hanover common stock.