Hanover Bancorp in NY files doc for IPO

Hanover Bancorp in Mineola, N.Y., is setting the stage for an initial public offering. 

The $1.5 billion-asset company filed a shelf registration on Wednesday for the proposed IPO. The filing did not provide a timeline or an estimate of how capital would be raised.

Stephens and Piper Sandler would underwrite the offering. 

Hanover said “substantially of the offering’s net proceeds would go to its bank to “enhance regulatory capital to support organic and future potential strategic growth.” The company said it did not have any current plans, arrangements or understandings tied to specific acquisitions.