The Bank Slate


Hanover in N.Y. and Castle Creek reach exchange agreement

Hanover Bancorp is taking steps to let Castle Creek Capital Partners boost its stake in the Mineola, N.Y., company to 9.9%.


The $2.3 billion-asset company disclosed in a regulatory filing that it entered into an exchange agreement with Castle Creek to let the investor exchange 125,000 shares of voting common stock for 125,000 shares of Series A preferred stock.


Hanover also filed the documents necessary to increase its authorized Series A preferred stock from 150,000 shares to 450,00 shares.


Castle Creek can appoint someone to Hanover’s board, along with a board observer, as long as its stake stays at or above 4.9%.

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