Welcome to the “NEW” Hanover Community Bank. In 2012, the Board of Directors of Hanover Community Bank began a process of re-positioning the Bank through a revamped Board of Directors and the successful recruitment of a new Management Team, whereby I joined Hanover as its new Chairman, President & CEO.
Our revamped Board of Directors possesses a variety of significant banking, business and professional expertise. Further, our Board possesses extensive experience in the banking sector and their previous tenures in serving on Company Boards provides us with the requisite for excellent corporate governance.
Our Executive Team and Management are comprised of senior banking executives with proven track records in developing all facets of successful financial institutions. We have now assembled a team that is engaged, qualified and motivated and believe that our combined experience and expertise is well formulated for a successful commercial community bank in our market. We believe that our previous success in growing de novo and established banks will position Hanover Community Bank as a leading Long Island commercial community bank through a prudent growth strategy incorporated into its new Business Plan and successful capital raises.
In order to support the growth incorporated into our “new” Business Plan, the Bank, in 2013, successfully completed an initial recapitalization of $10.0 million. This added capital base allowed the Bank to exceed regulatory capital requirements and provided the foundation to support growth. It permitted our new Executive Management Team to implement its Business Plan to grow the Bank and achieve profitable operations, franchise growth and shareholder value.
I am pleased to announce that in the first half of 2013, the Bank successfully completed a secondary capital raise with a targeted amount of $5.0 million. This additional capital will support the continued growth of the Bank in lending to the communities in which the Bank serves. The Bank intends on initiating an additional capital raise in the second half of 2014 which will further its growth strategy and, pending regulatory approval, open additional locations.
The “New” Hanover Community Bank is now offering a full range of business and related financial services focused primarily towards serving small to medium size businesses, the professional community, and local residents. Hanover Community Bank will continue to operate as a locally-based commercial community bank serving the banking needs of individuals, professionals and businesses in a demographic that recognizes the value of local decision making. All our banking and credit decisions are made “right here” and not by some commercial lender in another state. Bank officers and employees will take the time necessary to understand the particular needs of each of their customers and develop the type of consultative relationship desired. Our customer base will know who they are banking with at all times. As a locally owned and operated commercial community bank, there will be an extreme focus on service that is highly personalized, resourceful, and responsive to local needs.
Hanover Community Bank remains committed to promoting the financial health of our communities and serving the needs of our local businesses and individuals. With the continued support of our loyal customers, employees and shareholders, we look forward to prosperous times ahead. If you are not yet a customer, I invite you to become one, so that you can experience first-hand, what your Bank has to offer. We believe the changes that the Board has made herald a new beginning for Hanover Community Bank. Our Board and Executive Management Team are committed to making the Bank the premiere community bank on Long Island.
Very truly yours,
Michael P. Puorro
Chairman, President & CEO