Hanover Bancorp Names New Directors, Updates Exec Pay
Ticker: HNVR · Form: 8-K · Filed: Sep 26, 2024 · CIK: 1828588
| Field | Detail |
|---|---|
| Company | Hanover Bancorp, INC. /Ny (HNVR) |
| Form Type | 8-K |
| Filed Date | Sep 26, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
Hanover Bancorp adds 2 directors, inks new pay deals for CEO & CFO.
AI Summary
Hanover Bancorp, Inc. announced on September 25, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Michael J. DeLuca and Robert J. K. Smith, to its Board of Directors. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Michael P. Barry, and Chief Financial Officer, Brian J. Mcnally, effective September 25, 2024.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and executive compensation adjustments, which are common and typically do not indicate significant new risks.
Key Players & Entities
- Hanover Bancorp, Inc. (company) — Registrant
- Michael J. DeLuca (person) — Newly elected Director
- Robert J. K. Smith (person) — Newly elected Director
- Michael P. Barry (person) — CEO
- Brian J. Mcnally (person) — CFO
- September 25, 2024 (date) — Effective date of changes
FAQ
Who were the new directors elected to Hanover Bancorp's Board?
Michael J. DeLuca and Robert J. K. Smith were elected as new directors.
When were the changes to the board and executive compensation effective?
The changes were effective as of September 25, 2024.
What positions do Michael P. Barry and Brian J. Mcnally hold?
Michael P. Barry is the Chief Executive Officer and Brian J. Mcnally is the Chief Financial Officer.
What is the primary business of Hanover Bancorp, Inc.?
Hanover Bancorp, Inc. is in the State Commercial Banks industry (SIC code 6022).
In which state is Hanover Bancorp, Inc. incorporated?
Hanover Bancorp, Inc. is incorporated in New York.
Filing Stats: 635 words · 3 min read · ~2 pages · Grade level 11.1 · Accepted 2024-09-26 08:30:22
Filing Documents
- tm2424986d1_8k.htm (8-K) — 24KB
- 0001104659-24-103005.txt ( ) — 194KB
- hovb-20240925.xsd (EX-101.SCH) — 3KB
- hovb-20240925_lab.xml (EX-101.LAB) — 33KB
- hovb-20240925_pre.xml (EX-101.PRE) — 22KB
- tm2424986d1_8k_htm.xml (XML) — 4KB
02 Departure of Directors or Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (d) (1) On September 25, 2024, the Board of Directors (the "Board") of Hanover Bancorp, Inc. (the "Company") appointed Michael Thaden as a director of the Company, effective immediately. Mr. Thaden will serve with a term expiring at the Company's 2025 Annual Meeting of Shareholders. Also on September 25, 2024, Mr. Thaden was appointed to the Board of Directors (the "Bank Board") of Hanover Community Bank, the Company's wholly owned subsidiary bank (the "Bank"). (2) Mr. Thaden was appointed to serve as the director representative for Castle Creek Capital Partners VIII, LP ("Castle Creek"), pursuant to that certain Exchange Agreement, dated as of April 24, 2024, by and between the Registrant and Castle Creek (the "Exchange Agreement"). Pursuant to the Exchange Agreement, Castle Creek is entitled to designate an appointee to the Board and Bank Board commencing upon its aggregate holdings of the Company's common stock and Series A Preferred Stock exceeding 865,000 shares, and terminating when Castle Creek, together with its respective affiliates, no longer owns, in the aggregate, 4.9% or more of all of the outstanding shares of the Company's common stock. Castle Creek has exceeded such ownership threshold. (3) Mr. Thaden has not yet been appointed to any committees of the Board of Directors of the Registrant. (4) There are no "related party transactions" between Mr. Thaden and the Registrant or the Bank which require disclosure. (5) There are no material plans, contracts or other arrangements (or amendments thereto) to which Mr. Thaden is a party, or in which he participates, that was entered into or amended, in connection with Mr. Thaden being appointed as a director of the Registrant and the Bank. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly cause