Hanover Bancorp, Inc. /MD Business Summary

Hanover Bancorp, Inc. (HNVR) operates as the bank holding company for Hanover Community Bank, a community-focused commercial bank that generates revenue primarily through net interest income (NII) and non-interest service fees. Its business model centers on a diversified lending portfolio, with primary segments in multi-family residential mortgages, commercial real estate (CRE), small business administration (SBA) loans, and residential lending across the New York metropolitan area and Long Island. The company leverages a high-touch, tech-enabled service model to capture the spread between interest earned on its loan portfolio and the cost of its deposit base, which includes demand, money market, and time deposits. Hanover competes directly with regional players such as Shore Bancshares, Alerus Financial, and Orange County Bancorp, positioning itself as a nimble, relationship-driven alternative to larger money-center banks by prioritizing local decision-making and rapid loan execution. The leadership team is led by Chairman and CEO Michael P. Puorro, a veteran executive with over 35 years of experience, including prior roles as CFO of New York Community Bancorp and Roslyn Bancorp. He is supported by President McClelland "Mac" Wilcox and Executive Vice President and CFO Lance P. Burke, who previously served as Senior Vice President and Controller at Dime Bank (formerly BNB Bank). In early 2026, the firm further strengthened its executive suite by appointing William J. Newham, III as EVP and Chief CRE Lending Officer to spearhead expansion in the Suffolk County market. The company’s governance is overseen by a board of directors that includes prominent figures such as Lead Independent Director Robert Golden and Elena Sisti, reflecting a mix of deep institutional knowledge and local market expertise.