Hanover Bancorp Inc. said its board has approved a share buyback program covering up to 5% of its outstanding common stock, or approximately 370,000 shares, through Aug. 17, 2027.
The program will begin after the completion of Hanover’s existing repurchase plan, authorized in October 2023. Repurchases may be made in the open market or through privately negotiated transactions, with management retaining discretion over volume, timing, and pricing. The company may also execute part of the program under a Rule 10b5-1 trading plan to facilitate orderly purchases.
Hanover Bancorp, based in Mineola, New York, is the parent of Hanover Community Bank, a community lender operating branches in New York and New Jersey. The bank offers consumer, commercial, and municipal banking services.
At Monday’s close, Hanover’s shares traded at $26.94, down 0.04% on the day. Based on the buyback authorization, the program could cover roughly $50 million of shares at current prices, though the company is not obligated to repurchase any specific number.
