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.
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