Hanover Bancorp, Inc. /MD 8-K

What Happened
Hanover Bancorp, Inc. (filed 8-K on Feb 19, 2026) announced that its President, McClelland “Mac” Wilcox, will leave the company and its bank subsidiary as part of a management restructuring. The Board approved a Transition Agreement and General Release on February 12, 2026. Mr. Wilcox’s last day will be March 31, 2026, unless an earlier date applies under his Amended and Restated Employment Agreement dated April 27, 2023. The Board appointed Chairman and CEO Michael Puorro to serve as President of the company and the bank effective immediately after Mr. Wilcox’s last day.

Key Details

• Board action date: February 12, 2026; Form 8-K filed February 19, 2026.
• Outgoing executive: McClelland “Mac” Wilcox; last day scheduled March 31, 2026 (unless earlier per employment agreement).
• Incoming role: Michael Puorro (current Chairman & CEO) appointed President effective after Wilcox’s departure.
• Severance: Subject to signing and not revoking the Transition Agreement and General Release, Mr. Wilcox is entitled to approximately $2.15 million under his Employment Agreement.

Why It Matters
This filing discloses an executive departure and internal consolidation of roles—CEO Michael Puorro will take on the President title—so leadership continuity is maintained internally. The company also faces a one-time cash obligation of roughly $2.15 million if the transition agreement is executed and not revoked, which is a known near-term cost disclosed to investors. Investors should note the change in senior management responsibilities and the disclosed severance amount when assessing governance and short-term cash impacts.