Hanover Community Bank

2131 Jericho Turnpike
Garden City Park, NY 11040

Notable Rates APY Vs.Others
Savings 0.75% 2.20% →
1-Year CD 2.05% 2.20% →
2-Year CD 1.50% 2.20% →
5-Year CD 1.50% 2.60% →
30-Year Mortgage N.A. 3.31% →
15-Year Mortgage N.A. 2.77% →
HELOC N.A. 4.00% →

2020 Overview

General Bank Information

Hanover Community Bank is an FDIC insured institution located in Garden City Park, NY. It was founded in 2009 and has approximately $0.85 billion in assets. Customers can open an account at one of its 3 branches.

FDIC Insured Yes
FDIC Certificate # 58675
Date Established 2009
Assets $0.85 billion
Loans $0.71 billion
Deposits $0.65 billion
Capital $0.09 billion
 

For a more detailed analysis of Hanover Community Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - February 18, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Money Market
1.25% $2,500 $99,999 Learn MoreShow Less
CD Rates APY MIN MAX
6 Mo CD
1.75% $500 - Learn MoreShow Less
Special: 12 Mo CD
2.05% $500 - Learn MoreShow Less
12 Mo CD
2.05% $500 - Learn MoreShow Less
18 Mo CD
1.50% $500 - Learn MoreShow Less
24 Mo CD
1.50% $500 - Learn MoreShow Less
36 Mo CD
1.50% $500 - Learn MoreShow Less
60 Mo CD
1.50% $500 - Learn MoreShow Less

Fixed IRA Rates APY MIN MAX
Fixed IRA
2.05% $500 - Learn MoreShow Less
Special: 12 Mo FIRA
2.05% $500 - Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.15% $500 - Learn MoreShow Less

Loan Rates - February 18, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Hanover Community Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Connecticut 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
AimLoan.com
NMLS ID: 2890
License#: 13256
3.375% 3.375% 0.00 ($122) $1,106 Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
4.793% 4.750% 0.00 $1,250 $1,305 Learn More
Rocket Mortgage
NMLS ID: 3030
4.668% 4.625% 0.00 $1,250 $1,286 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Eastern Bank
Eastern Bank
4.250 %
$25,000 Learn More
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Figure Home Equity Line
Figure Home Equity Line
0.000 %
$0 Learn More
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Bethpage Federal Credit Union
Bethpage Federal Credit Union
Intro APR
3.990 %
After Intro: 5.000 %
Intro Period: 12 months
$25,000 Learn More
More Info
Third Federal Savings and Loans
Third Federal Savings and Loans
3.740 %
$0 Learn More
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People's United Bank, N.A.
People's United Bank, N.A.
5.000 %
$0 Learn More
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Note to Hanover Community Bank
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Branches

Hanover Community Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Fairfield,Connecticut


Hanover Community Bank Locations


Financial Details

Hanover Community Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Hanover Community Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Hanover Community Bank U.S. Bank Average
2.43% 6.70%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its the bank’s tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of September 30, 2019, Hanover Community Bank had $2,242,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $85,214,000 in equity and $7,143,000 in loans loss reserves. That gives it a Texas Ratio of 2.43%.

Return on Equity
Hanover Community Bank U.S. Bank Average
10.61% 9.72%

Hanover Community Bank has a Return on Equity of 10.61% versus the BestCashCow average of 9.72%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Hanover Community Bank U.S. Bank Average
10.04% 12.89%

Hanover Community Bank has a Capitalization of 10.04% versus the BestCashCow average of 12.89. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Hanover Community Bank Balance Sheet Analysis

As of September 30, 2019, Hanover Community Bank had assets of $848,837,000, loans of $713,299,000, and deposits of $651,454,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

September 30, 2019
ASSETS
Cash & Balances due from depository institutions $0.07 billion
Interest-bearing balances $0.06 billion
Total securities $0.01 billion
Federal funds sold and reverse repurchase $0.02 billion
Net loans and leases $0.71 billion
Loan loss allowance $0.01 billion
Trading account assets $0.00 billion
Bank premises and fixed assets $0.00 billion
Other real estate owned $0.00 billion
Goodwill and other intangibles $0.00 billion
All other assets $0.02 billion
     Total Assets $0.76 billion
LIABILITIES
Total deposits $0.65 billion
      Interest-bearing deposits $0.58 billion
      Deposits held in domestic offices $0.65 billion
      % insured (estimated) 80.71%
Federal funds purchased and repurchase agreements $0.00 billion
Trading liabilities $0.00 billion
Other borrowed funds $0.10 billion
Subordinated debt $0.00 billion
All other liabilities $0.01 billion
      Total Liabilities $0.76 billion
      Shareholders’ Equity $0.09 billion

Summary Income Statement

September 30, 2019
INCOME AND EXPENSES
Total Interest Income $0.03 billion
Total Interest Expense $0.01 billion
Net interest income $0.02 billion
Provision for loan and lease losses $0.00 billion
Total non interest income $0.00 billion
Total non interest expense $0.01 billion
Pre-tax Net Operating Income $0.01 billion

Bank Loan Profile?

The top three loan types in Hanover Community Bank’s loan portfolio are 1-4 Family Residential Loans, Multifamily Mortgages, and Commercial Real Estate.

Compared to other banks in New York, Hanover Community Bank has a significantly higher percent of 1-4 Family Residential Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 65.13
Multifamily
Mortgages
19.58
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 0.00
Construction and Development Loans 0.00
Commercial Real Estate 15.18
Commercial and Industrial Loans 1.03
Farm Loans 0.00

Frequently Asked Questions About Hanover Community Bank

Branches and Savings

Is Hanover Community Bank FDIC insured?

Yes. It is covered under FDIC Certificate #58675.

Why does Hanover Community Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Hanover Community Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Hanover Community Bank a commercial bank?

Yes

Where are Hanover Community Bank locations?

See branch locations nearby.

Is Hanover Community Bank open on Saturdays?

Is Hanover Community Bank open on Sundays?

What time does Hanover Community Bank open?

What time does Hanover Community Bank close?

Are Hanover Community Bank ATMs Open 24/7?

Do Hanover Community Bank ATMs accept cash deposits?

Can Hanover Community Bank customers use other ATMs?

Do Hanover Community Bank branches have notaries?

Will Hanover Community Bank notarize my document?

What address for Hanover Community Bank should I put for incoming ACH transfers?

Will the Hanover Community Bank branch print checks?

Do Hanover Community Bank checks expire?

Does Hanover Community Bank require US citizenship to open account?

Can Hanover Community Bank close my account?

Does Hanover Community Bank Report to credit bureaus?

Does Hanover Community Bank Use Equifax?

What is Hanover Community Bank's ACH Routing Number?

What is Hanover Community Bank's SWIFT code?

Products

Does Hanover Community Bank offer mortgages?

Compare mortgage rates here.

Does Hanover Community Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Hanover Community Bank offer personal loans?

Compare personal loan rates here.

Does Hanover Community Bank offer student loans?

Will Hanover Community Bank cash a check?

Will Hanover Community Bank redeem a savings bond?

Does Hanover Community Bank cash savings bonds?

Will Hanover Community Bank cash money orders?

Can Hanover Community Bank issue a money order?

Does Hanover Community Bank do currency exchange?

Background on The Bank

Who owns Hanover Community Bank?

How long has Hanover Community Bank been around?

Can Hanover Community Bank transfer to other banks?

Does Hanover Community Bank have quick pay?

Does Hanover Community Bank accept rolled coins?

Will Hanover Community Bank accept loose change?

Where is Hanover Community Bank headquarters?

Customer Reviews for Hanover Community Bank


  • February 05, 2020 |

    The employees of this bank are helpful but the bank's systems and procedures for obtaining your account information STINK. If you want a bank that provides you quarterly (or even annual) statements by mail for your accounts, there are none provided here. It is "do it yourself" banking, like dealing with an Internet-only bank. You have to print out your own "statements" and their system keeps changing at least once per year for the detail you can actually print. If you don't login at least once every 3 months, your online account access is cancelled even though you still have active accounts. You then have to "re-enroll" for access all over again. The "re-enroll" activation process can't be completed successfully using Windows 10 browser (the website doesn't tell you that) --you have to use Google Chrome or something else. Right now in the "latest" version of the ever-changing software, all you can print is the total balance in each account, not the detail of monthly activity. So I am supposed to do it myself yet can't get decent detail information in hard copy. NOT ACCEPTABLE. If you want to deal with a true Internet bank, go for it elsewhere. At least in that case you should be able to print out full detail and they won't delete your access just because you haven't logged in recently. When my current CDs at Hanover mature, the money will be going somewhere else.

  • July 17, 2016 |

    I am pleased with your conservative approach to banking. Thank you!

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