DFS AUTHORIZES EXPANSION OF NY STATE-CHARTERED BANK

Hanover Bancorp, Inc. to get Chinatown Federal Savings Bank

Acting Department of Financial Services (DFS) Superintendent Linda A. Lacewell today announced that the Department of Financial Services has approved the use of Hanover Bancorp, Inc., the keeping company of Hanover Community Bank, a brand new York State-chartered bank, to get Chinatown Federal Savings Bank (CFSB) and its own three new york places.

“DFS is happy to approve Hanover Community’s acquisition of Chinatown Federal Savings Bank, a federally-chartered organization, that may now engage in the growing ny State-chartered banking system,” said Acting Department of Financial solutions Superintendent Linda A. Lacewell. “With this purchase, Hanover are going to be deepening its market penetration in nyc and serving a broader client base in its expanded community. State-chartered banking institutions and credit unions are crucial to New York’s economy and supply local customers and smaller businesses with much access that is needed economic solutions underneath the watchful attention of DFS.”

Hanover had total assets of $670 million, total loans of $584 million and total deposits of $473 million at the time of March 31, 2019, and runs through its banking workplaces in Mineola and Garden City Park, in Nassau County, nyc, and Flushing and Forest Hills, in Queens, nyc. CFSB had total assets of $136 million, total loans of $92 million and total deposits of $105 million as of March 31, 2019, and operates two banking workplaces in Manhattan, nyc plus one banking workplace in Brooklyn, nyc. Normal member solutions will stay in the combined bank.

“We are excited we have obtained approval through the Department of Financial solutions and appearance forward to serving the needs of the residents of Chinatown, Sunset Park therefore the communities that are surrounding this purchase,” said Michael P. Puorro, Chairman, President and ceo of Hanover Bancorp, Inc.

The Department of Financial solutions supervises and regulates those activities of approximately 1,500 banking along with other institutions that are financial assets totaling more than $2.6 trillion and much more than 1,400 insurance firms with assets of greater than $4.7 trillion. They include a lot more than 130 term life insurance businesses, 1,300 property/casualty insurance firms, about 100 wellness insurers and handled care businesses, and 300,000 specific insurance coverage licensees, 122 state-chartered banks, 80 international branches, 10 international agencies, 15 credit unions, 13 credit history agencies, almost 400 licensed economic solutions organizations, and much more than 9,600 home mortgage originators and servicers.

Press Release – May 30, 2019: Department of Financial Services Announces Final Regulation to overcome Maternal despair

Acting Department of Financial Services (DFS) Superintendent Linda A. Lacewell today announced that the Department of Financial solutions will demand brand new York commercial medical health insurance policies to pay for maternal despair tests, including testing when it comes to mom underneath the kid’s policy. First granted as a proposed legislation as an element of Governor Andrew M. Cuomo’s 2018 Women’s Agenda, the ultimate legislation will make certain that feamales in nyc have access to essential tests and therapy to fight depression that is maternal.

“DFS is proud to participate the Governor’s dedication to supporting mothers experiencing maternal despair by needing https://badcreditloans4all.com/payday-loans-ok/ that the insurance that is critical be set up for tests and therapy to be able to assist ny families flourish,” said Acting Department of Financial solutions Superintendent Linda A. Lacewell. “This vital action helps to ensure that as moms have a tendency to the fitness of kids, they will certainly additionally get use of the comprehensive, preventative health care they deserve.”

Ny State Wellness Commissioner Dr. Howard Zucker stated, “Making it easier for a mom become screened for maternal despair improves opportunities for optimal results. These brand new regulations will change lives in decreasing the stigma connected with psychological state conditions in accordance with requesting assistance.”