Hanover in NY could raise $36M from planned IPO

Hanover Bancorp in Mineola, N.Y., plans to raise up to $36.1 million from its initial public offering. 

The $1.5 billion-asset company said in a press release that it plans to sell nearly 1.4 million shares of common stock at $21 to $23 each. The underwriters could sell another 204,545 shares if there is enough demand. 

Hanover, which disclosed plans for the IPO earlier this year, said it plans to use the proceeds to enhance regulatory capital, support organic and fund potential strategic growth. The company said it has no current plans, arrangements or understandings tied to specific acquisitions. 

Stephens and Piper Sandler are the IPO’s joint book-running managers.