Hanover Bancorp approves new 366,050 share repurchase program

Hanover Bancorp 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. Michael 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.”