Hanover Bancorp Inc. said its board has approved a new share repurchase program covering up to 5% of the company’s outstanding common stock, or roughly 370,000 shares.
The program authorizes repurchases of common stock through open-market transactions, privately negotiated deals, or under a Rule 10b5-1 trading plan, beginning once the company completes its existing buyback approved on October 5, 2023.
Management will determine the volume, timing, and price of the repurchases based on market conditions, stock price, liquidity needs, and regulatory requirements. The company is not obligated to acquire any specific number of shares under the plan, which runs through August 17, 2027.
Hanover Bancorp, headquartered in Mineola, New York, operates through its subsidiary Hanover Community Bank, offering consumer, commercial, and municipal banking services in New York and New Jersey. The bank’s shares trade on the NASDAQ under the ticker HNVR.
