Hanover Bancorp, Inc. Announces Retirement and Transition Arrangement with Brian K. Finneran
October 18, 2022 at 01:48 am IST
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Hanover Bancorp, Inc. (the Company) announced that Brian K. Finneran, who currently serves as the President of the the company and its wholly-owned subsidiary Hanover Community Bank (the Bank), will retire effective February 15, 2023 (the Retirement Date). In order to ensure an orderly transition upon Mr. Finneran's planned retirement, the Company and Mr. Finneran entered into a Retirement and Transition Agreement (the Agreement) as of October 17, 2022, which among other items, provides for the following: Mr. Finneran will serve as the President of the Company and the Bank until the Retirement Date and will be entitled to his 2022 calendar year cash bonus payment, regardless of whether that bonus is actually paid prior to or after the Retirement Date; All equity awards outstanding as of the Retirement Date will be treated in accordance with their terms, provided that Mr. Finneran's retirement will be treated as a Retirement under the terms of the restricted stock awards and performance units granted in January 2022, and the grant agreements will be amended to substitute the restrictive covenants contained in the Agreement, which prohibit Mr. Finneran from serving as an employee of any entity offering products or services substantially similar to those offered by the Company if he is based in New York, and also prohibit him from serving on the board of directors of four institutions identified in the Agreement, for those contained in the grant agreements; and· Effective as of the Retirement Date, that certain Third Amended and Restated Employment Agreement dated as of July 24, 2017 by and among the Mr. Finneran, the Company and the Bank is terminated (except with respect to certain provisions therein with respect to non-solicitation and confidentiality, which shall survive).
Hanover Bancorp, Inc. is a one-bank holding company for its subsidiary, Hanover Community Bank (the Bank). The Bank is a community commercial bank, which offers a full range of financial services. The Bank provides a complete suite of consumer, commercial and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. It also offers its customers access to 24-hour automated teller machine service with free checking with interest, telephone banking, advanced technologies in mobile and internet banking for its consumer and business customers, safe deposit boxes and other. The Bank operates eight branch locations serving Long Island, the greater New York metropolitan area and Freehold, New Jersey. It operates a full-service branch office along with additional branch locations in Garden City Park, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey.