PUORRO MICHAEL P 4
4 · Hanover Bancorp, Inc. /MD · Filed Feb 24, 2026
Research Summary
AI-generated summary of this filing
Hanover Bancorp (HNVR) CEO Michael Puorro Sells Shares for Tax Withholding
What Happened
Michael P. Puorro, Chairman & CEO and a director of Hanover Bancorp (HNVR), had 4,383 shares disposed on Feb 20, 2026 to satisfy tax withholding obligations tied to restricted stock that vested that day. The disposals were made at $21.98 per share in four lots (673, 680, 814 and 2,216 shares) with reported proceeds of $14,793; $14,946; $17,892; and $48,708, respectively — about $96,339 total. These transactions are coded F (tax withholding), not open-market sales for investment purposes.
Key Details
- Transaction date: February 20, 2026; reported on Form 4 filed Feb 24, 2026 (timely within the two-business-day filing window).
- Prices and lots: 673 @ $21.98 ($14,793); 680 @ $21.98 ($14,946); 814 @ $21.98 ($17,892); 2,216 @ $21.98 ($48,708).
- Total shares disposed: 4,383; total proceeds ≈ $96,339.
- Shares owned after transaction: not specified in the provided summary (see full Form 4 for current holdings).
- Footnotes: disposals reflect tax withholding on restricted shares vested Feb 20, 2026 from grants dated Jan 29, 2025 (F1), Jan 24, 2023 (F2), Jan 19, 2024 (F3), and Jan 27, 2022 (F4).
Context
These were cashless-withholding disposals to cover tax liabilities on vested restricted stock — a routine administrative action that does not necessarily signal the insider’s view on the stock. For interpretation, note the transactions are tax-related (code F), not open-market purchases or voluntary sales.
Insider Transaction Report
- Tax Payment
Common Stock
[F1]2026-02-20$21.98/sh−673$14,793→ 325,373 total - Tax Payment
Common Stock
[F2]2026-02-20$21.98/sh−680$14,946→ 324,693 total - Tax Payment
Common Stock
[F3]2026-02-20$21.98/sh−814$17,892→ 323,879 total - Tax Payment
Common Stock
[F4]2026-02-20$21.98/sh−2,216$48,708→ 321,663 total
Footnotes (4)
- [F1]Reflects tax withholding on February 20, 2026 with respect to restricted shares vested on the same date, pursuant a grant of restricted stock on January 29, 2025.
- [F2]Reflects tax withholding on February 20, 2026 with respect to restricted shares vested on the same date, pursuant a grant of restricted stock on January 24, 2023.
- [F3]Reflects tax withholding on February 20, 2026 with respect to restricted shares vested on the same date, pursuant a grant of restricted stock on January 19, 2024.
- [F4]Reflects tax withholding on February 20, 2026 with respect to restricted shares vested on the same date, pursuant a grant of restricted stock on January 27, 2022.