DFS AUTHORIZES EXPANSION OF NYC STATE-CHARTERED BANK

Hanover Bancorp, Inc. to obtain Chinatown Federal Savings Bank

Acting Department of Financial Services (DFS) Superintendent Linda A. Lacewell today announced that the Department of Financial Services has authorized the use of Hanover Bancorp, Inc., the company that is holding of Community Bank, a fresh 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 purchase of Chinatown Federal Savings Bank, a federally-chartered organization, which will now participate the growing nyc State-chartered banking system,” said Acting Department of Financial Services Superintendent Linda A. Lacewell. “With this purchase, Hanover is likely to be deepening its market penetration in ny and serving a wider client base with its expanded community. State-chartered banking institutions and credit unions are necessary to New York’s economy and offer local customers and smaller businesses with much access that is needed monetary solutions underneath the watchful eye 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 offices in Mineola and Garden City Park, in Nassau County, ny, 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 at the time of March 31, 2019, and operates two banking workplaces in Manhattan, nyc and something banking office in Brooklyn, nyc. Normal user services will stay in the combined bank.

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

The Department of Financial solutions supervises and regulates the actions of around 1,500 banking as well as other banking institutions with assets totaling a lot more than $2.6 trillion and much more than 1,400 insurance providers with assets greater than $4.7 trillion. They consist of significantly more than 130 term life insurance organizations, 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 score agencies, almost 400 licensed economic solutions organizations, and much more than 9,600 home loan originators and servicers.

Press Release – May 30, 2019: Department of Financial solutions Announces Final Regulation to eliminate Maternal Depression

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 assessment for the mom underneath the kid’s policy. First granted as being a proposed legislation as an element of Governor Andrew M. Cuomo’s 2018 Women’s Agenda, the ultimate legislation will make sure that feamales in ny have access to essential tests and therapy to combat maternal despair.

“DFS is proud to engage in the Governor’s dedication to supporting mothers suffering maternal despair by needing that the critical insurance policy be in position for tests and therapy so that you can assist New York 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.”

Nyc State Wellness Commissioner Dr. Howard Zucker stated, “Making it easier for a mom become screened for maternal despair improves possibilities for optimal results. These brand new laws will really make a difference in decreasing the stigma connected with psychological state conditions sufficient reason for seeking assistance.”