05:50 PM EDT, 03/12/2026 (MT Newswires) -- Hanover Bancorp ( HNVR ) completed a private placement of $35 million of fixed-to-floating rate subordinated notes due 2036.

The notes will carry interest at 7.25%, payable semi-annually, until March 15, 2031, the company said Thursday in a statement.

Hanover plans to use part of the proceeds to redeem its outstanding $25 million of subordinated notes.