The Bank Slate


Hanover in N.Y. files paperwork to raise up to $50M in capital

Hanover Bancorp in Mineola, N.Y., filed a shelf registration to raise up to $50 million in capital over time.

The $2.2 billion-asset company said in the filing that it could sell common and preferred stock, warrants, debt securities or depositary share units. Hanover did not provide a timeline for selling securities or issuing debt.

The company said it could use net proceeds for general corporate purposes, including acquisitions; capital expenditures; investments; or repaying, redeeming or refinancing debt or securities.

In the short-term, proceeds could be invested in short-term, interest-bearing instruments or other investment-grade securities.

Separately, the company said its quarterly earnings fell by 29.5% from a year earlier, to $3.8 million. 

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