Hanover Bank Opens New Branch in Riverhead Amid Local Market Changes

This new office marks Hanover’s 11th location and its third in Suffolk County, complementing existing branches in Hauppauge and Port Jefferson. Chairman and CEO Michael Puorro views the area's redevelopment and strong business environment as a key opportunity.

In a September 22 interview, Puorro remarked, “Riverhead’s undergoing a significant economic redevelopment transformation... I consider it one of the hubs of Suffolk County.” He emphasized that the redevelopment provides Hanover with growth opportunities to serve consumers, businesses, and government entities.

The branch is situated on the ground floor of a newly completed building at 2025 Osborn Avenue, near a municipal parking lot and the Suffolk County Historical Society Museum. Kevin O’Connor, who became the bank’s president in July and previously led Bridgehampton National Bank and Dime Community Bank, is confident in the potential of the East End market. He noted the changing landscape of banking creates “an energy and opportunity for a bank this size on Long Island.”

Both Puorro and O’Connor highlighted that the Osborn Avenue office is designed to function beyond typical banking transactions. O’Connor described it as a business banking center where retail employees and commercial lenders collaborate, allowing business owners to discuss financing directly with on-site lenders. Puorro estimated the branch will employ about six people.

This model could be particularly beneficial to East End businesses, which often experience seasonal fluctuations in revenue, such as hotels and tourism-related businesses. O’Connor explained, “They have different cash flow needs.” He also mentioned the bank’s existing relationships with around 50 municipal clients, offering various lending services including business and commercial real estate loans, Small Business Administration loans, and specialized residential mortgage products.

Founded in 2009, Hanover Bank underwent recapitalization in 2012 under Puorro’s leadership, growing from $57 million to $2.4 billion in assets and achieving a market cap of $200 million. The bank has expanded through acquisitions, including Chinatown Federal Savings Bank in 2019 and Savoy Bank in 2021, and went public in 2022.

Puorro and O’Connor assert that Hanover’s local knowledge and direct access to decision-makers distinguish it within the competitive landscape. “We don’t look at it as a one-off transaction,” Puorro stated, emphasizing the bank’s commitment to fostering lasting relationships with its customers. O’Connor referred to the recent changes in banking on Long Island, observing, “There’s an energy and opportunity for a bank this size.”

He expressed enthusiasm about the possibilities in Riverhead, recalling how Bridgehampton National Bank long sought to establish a full-service branch there, a goal that became feasible only after local banking restrictions were lifted in 2017. With these developments, O’Connor is optimistic about Hanover Bank’s future in Riverhead.