Hanover Bancorp Approves New Share Repurchase Program
05 Octobre 2023 - 2:00PM
Hanover Bancorp, Inc. (NASDAQ: HNVR)
(the “Company”), parent company of Hanover Community Bank
(the “Bank”), announced that its Board of Directors has
approved a Share Repurchase Program. Under this program, the
Company may repurchase up to 366,050 shares, or approximately 5% of
its outstanding common stock. The timing and amount of purchases
will be dictated by a number of factors.
Under the Share Repurchase Program, repurchases
will be made from time to time by the Company in the open market as
conditions allow, or in privately negotiated transactions. All or
part of the repurchases may be implemented under a Rule 10b5-1
trading plan, which would allow repurchases under pre-set terms at
times when the Company might otherwise be prevented from doing so
under insider trading laws or because of self-imposed blackout
periods.
Except in the case of repurchases under a Rule
10b5-1 trading plan, the volume, nature, price and timing of the
repurchases are at the sole discretion of management, dependent on
the stock price, market conditions, applicable securities laws
including SEC Rule 10b-18, corporate and regulatory requirements,
capital and liquidity needs or other factors. The Board of
Directors may suspend, discontinue, terminate, modify, cancel or
extend the Share Repurchase Program at any time and for any
reason.
Michael P. Puorro, Chairman and CEO, remarked
“We are pleased to announce the approval of this share repurchase
program, which reflects our commitment to returning value to our
shareholders. While this repurchase program is a testament to our
strong capital base, we will proceed cautiously with regards to
capital management to ensure we remain well positioned to take
advantage of growth opportunities that may arise.”
About Hanover Community Bank and Hanover
Bancorp, Inc.
Hanover Bancorp, Inc. (NASDAQ: HNVR), is a bank
holding company for Hanover Community Bank, a community commercial
bank focusing on highly personalized and efficient services and
products responsive to client needs. Management and the Board of
Directors are comprised of a select group of successful local
businesspeople who are committed to the success of the Bank by
knowing and understanding the metro-New York area’s financial needs
and opportunities. Backed by state-of-the-art technology, Hanover
offers a full range of financial services. Hanover employs a
complete suite of consumer, commercial, and municipal banking
products and services, including multi-family and commercial
mortgages, residential loans, business loans and lines of credit.
Hanover also offers its customers access to 24-hour ATM service
with no fees attached, free checking with interest, telephone
banking, advanced technologies in mobile and internet banking for
our consumer and business customers, safe deposit boxes and much
more. The Company’s corporate administrative office is located in
Mineola, New York where it also operates a full-service branch
office along with additional branch locations in Garden City Park,
Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center
and Chinatown, New York, and Freehold, New Jersey.
Hanover Community Bank is a member of the
Federal Deposit Insurance Corporation and is an Equal Housing/Equal
Opportunity Lender. For further information, call
(516) 548-8500 or visit the Bank’s website at
www.hanoverbank.com.
Investor and Press Contact:Lance P. BurkeChief
Financial Officer(516) 548-8500
Hanover Bancorp (NASDAQ:HNVR)
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