Form 4: Hanover Bancorp EVP Lance Burke Reports Acquisition and Disposal of Common Stock
SEC Form 4
EVP and Chief Financial Officer of Hanover Bancorp, Lance P. Burke, reports acquiring shares through earned performance units and disposing of shares for tax withholding.
Summary
- On March 31, 2025, Lance P. Burke, EVP & Chief Financial Officer of Hanover Bancorp, Inc., acquired 3,798 shares of common stock due to earned performance units.
- The acquisition price was $0.
- On the same day, Burke disposed of 1,369 shares of common stock at a price of $22.65 for tax withholding purposes.
- Following these transactions, Burke beneficially owns 26,497 shares of Hanover Bancorp, Inc.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the filing reflects routine transactions related to executive compensation. The acquisition of shares through performance units is a positive sign, but the tax withholding is a standard procedure.
Positives
- The acquisition of shares through earned performance units suggests that performance targets were met, which could be viewed positively.
Negatives
- The disposal of shares to cover tax obligations, while routine, slightly reduces Burke's holdings in the company.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in the financial services industry.
Comparison to Industry Standards
- Executive compensation practices, including performance-based equity grants, are common across the banking sector.
- Tax withholding practices related to equity compensation are standard and do not indicate unusual activity.
- Comparable companies such as New York Community Bancorp (NYCB) and Valley National Bancorp (VLY) also regularly disclose similar transactions by their executives.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect changes in executive ownership.
Key Dates
| Date | Description |
|---|---|
| 01/27/2022 | Date of grant for earned performance units. |
| 03/31/2025 | Date of stock acquisition and disposal. |
| 04/01/2025 | Date of signature for the Form 4 filing. |
Keywords
Hanover Bancorp, HNVR, Lance P. Burke, Form 4, Beneficial Ownership, Performance Units, Tax Withholding, EVP, Chief Financial Officer, Stock Acquisition, Stock Disposal
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