Each of Hanover’s Proposals Overwhelmingly Supported by Shareholders
MINEOLA, N.Y., Feb. 25, 2020 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover”), the holding firm for Hanover Neighborhood Financial institution (the “Firm” or “Financial institution”), at present introduced that, based mostly on the preliminary vote rely supplied by the impartial inspector of elections, Hanover shareholders have voted to approve each of the Firm’s proposals at Hanover’s Annual Assembly of Shareholders (the “2020 Annual Assembly”) held on February 21, 2020.
On the 2020 Annual Assembly, shareholders authorised:
- The re-election of Dr. Michael Katz, Mr. Philip Okun, and Mr. John Sorrenti to the Board of Administrators, every to serve for a time period of three years; and
- The elimination of Mr. John Sapanski from the Board.
Michael P. Puorro, Chairman and Chief Govt Officer, mentioned: “On behalf of the Board and administration crew, I need to personally thank all of our shareholders. We’re happy with the overwhelming assist we obtained on the 2020 Annual Assembly and respect the suggestions from our shareholders. Hanover has a transparent directive, which is to maintain the Firm on the right track for an preliminary public providing. With the 2020 Annual Assembly behind us, the Board and administration can return our focus to this essential objective. We’re dedicated to placing Hanover in the absolute best place to efficiently entry the capital markets by rising the Firm’s belongings, loans and deposits. We’re enthusiastic about what awaits Hanover and we’re assured in our potential to reinforce worth for all shareholders.”
Based mostly on the preliminary outcomes supplied by the inspector of elections, the re-election of Hanover’s director nominees was authorised by roughly 84% of the votes solid on the 2020 Annual Assembly. The elimination of Mr. Sapanski was authorised by roughly 88% of votes solid. Hanover will announce remaining tabulations of the voting outcomes after they’re licensed by the Firm’s impartial inspector of elections.
About Hanover Neighborhood Financial institution and Hanover Bancorp, Inc.
Hanover Bancorp, Inc. is a regionally owned and operated privately held inventory financial institution holding firm for Hanover Neighborhood Financial institution, a group business financial institution specializing in extremely customized and environment friendly providers and merchandise attentive to native wants. Administration and the Board of Administrators are comprised of a choose group of profitable native businessmen and ladies who’re dedicated to the success of the Financial institution by realizing and understanding the metro-New York space’s monetary wants and alternatives. Backed by state-of-the-art know-how, Hanover presents a full vary of economic providers. Hanover employs a whole suite of shopper and business banking services, together with multi-family and business mortgages, residential loans, enterprise loans and contours of credit score. Hanover additionally presents its clients entry to 24-hour ATM service with no charges hooked up, free checking with curiosity, phone banking, superior applied sciences in cellular and web banking for our shopper and enterprise clients, secure deposit bins and far more. Hanover’s company administrative workplace is situated in Mineola, New York the place it additionally operates a full service department workplace together with further department places in Backyard Metropolis Park, Forest Hills, Flushing, Sundown Park, and Chinatown, New York.
Hanover Neighborhood Financial institution is a member of the Federal Deposit Insurance coverage Company and is an Equal Housing/Equal Alternative Lender. For additional data, name 516-548-8500 or go to the Financial institution’s web site at www.hanoverbank.com.
Brian Ok. Finneran
Chief Monetary Officer
+1 (516) 548-8500
Innisfree M&A Included
+ 1 (877) 800-5192
Brandy Bergman / Nicholas Leasure
+ 1 (212) 433-4600