---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-113019"
form_type: "8-K"
ticker: "HNVR"
cik: "0001828588"
company_name: "Hanover Bancorp, Inc. /MD"
filed_at: "2022-10-31T23:59:59+00:00"
generated_at: "2026-06-22T21:53:06.687980+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Hanover Bancorp creates Series A Preferred for Castle Creek exchange; 150K shares issued

## Summary
- Exchange Agreement with Castle Creek: 150K common shares exchanged for 150K shares of new Series A Convertible Perpetual Preferred Stock.
- Series A Preferred ranks pari passu with common on dividends/liquidation; converts 1:1 to common upon certain transfers or at company request (subject to 9.9% cap).
- Castle Creek granted Board Observer rights as long as it holds at least 4.9% of outstanding common stock; observer is non-voting.
- Amendment to Certificate of Incorporation filed Oct 25, 2022, designating 150K Series A shares; issued in the exchange.
- Purpose: allow Castle Creek to purchase additional common without exceeding 9.9% voting threshold under bank regulatory limits.

## SEC filing metadata
- accession: 0001104659-22-113019
- form_type: 8-K
- ticker: HNVR
- cik: 0001828588
- company_name: Hanover Bancorp, Inc. /MD
- filed_at: 2022-10-31T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 3.02, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828588/000110465922113019/0001104659-22-113019-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828588/000110465922113019/tm2229211d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-113019
- JSON: https://secwatch.observer/filing/0001104659-22-113019.json
- Plain text: https://secwatch.observer/filing/0001104659-22-113019.txt

## Key facts
- Governance Changes
  Hanover Bancorp, Inc. /MD: Amended Certificate of Incorporation to designate Series A Convertible Perpetual Preferred Stock (effective 2022-10-25).
  - Change: charter amendment
  - Effective: 2022-10-25
  source text: Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year The information set forth under Item 1.01 with respect to the Amendment is incorporated by reference into this Item 5.03. The Amendment was effective upon filing with the New York Secretary of State on October 25, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828588/000110465922113019/0001104659-22-113019-index.htm
- Material Agreements
  Hanover Bancorp, Inc. /MD entered into Exchange Agreement with Castle Creek Capital Partners VIII, L.P. (effective 2022-10-28).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Castle Creek Capital Partners VIII, L.P.
  - Effective: 2022-10-28
  source text: On October 28, 2022, Hanover Bancorp, Inc. (the “Company”) entered into an Exchange Agreement with (the “Exchange Agreement”) with Castle Creek Capital Partners VIII, L.P. (“Castle Creek”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828588/000110465922113019/0001104659-22-113019-index.htm
- Material Agreements
  Hanover Bancorp, Inc. /MD entered into Board Observer Agreement with Castle Creek Capital Partners VIII, L.P. (effective 2022-10-28).
  - Action: entry
  - Counterparty: Castle Creek Capital Partners VIII, L.P.
  - Effective: 2022-10-28
  source text: Contemporaneously with the execution of the Exchange Agreement, the Company and Castle Creek entered into a Board Observer Agreement
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828588/000110465922113019/0001104659-22-113019-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.