It was the board or his son, and he chose the son.
A board director at Long Island-based Hanover Bank was ousted last week after the chief executive confronted him over the fact that his son had recently left to work at a competitor — a hotly contested defection that has spurred a lawsuit, sources told The Post.
“We Sapanskis stick together,” John Sapanski told Hanover CEO Michael Puorro before a shareholder vote last week, according to a source briefed on the showdown.
On Monday, Hanover announced that investors in the privately held, Mineola-based bank, which is angling to go public later this year, voted to remove Sapanski, even as they reelected three directors loyal to the CEO.
Sapanski is the father of Kenneth Sapanski, Hanover’s former chief credit officer who is now an executive at First Central Savings Bank, a Glen Cove-based rival. In a November lawsuit, Hanover accused the younger Sapanski of stealing competitive information when he moved to First Central. Hanover later claimed that he and two other defectors worked with activist shareholder Brian Pun to derail Hanover’s planned IPO.
According to one source familiar with vote, the elder Sapanski fell out of favor with Puorro and his team after his son’s defection and Pun’s move against the bank last month.
In a phone conversation from his home in Florida, John Sapanski confirmed the showdown.
“My son was a top performer at Hanover, and he’s been in banking for 30, 40 years, and he wanted out,” he told The Post. “He’d just had open heart surgery, so when all that happened, I said, ‘You’re my son, I love you. I’ll stick with you.’”
As The Post reported, Pun penned an open letter to fellow shareholders on Feb. 10, detailing allegations that Puorro granted himself a lavish compensation package while handing out a job to his son that he wasn’t qualified for and using “the submission of inaccurate time sheets” to provide his daughter with a “no-show job” with full benefits.
Pun’s letter provoked a swift and scathing response from Puorro and Hanover, claiming in a Feb. 12 letter to shareholders that Pun owes millions of dollars to the bank, alleging that he was collaborating with First Central in order to damage Puorro and stall Hanover’s IPO.
John Sapanski denies that the Hanover IPO was ever under threat, and told The Post that he suggested the bank go public years ago. When asked if he had planned to stay on Hanover’s board despite the family drama, Sapanski laughed at the idea before quipping, “I’m 89 years old.”
In Monday’s statement, Puorro assured shareholders plans for the public offering remain on track.
Representatives for Pun declined to comment.
- Coronavirus: Stay-at-home Order Not Easy For Single Mothers
- COVID-19 and FAAN: Avoiding a looming disaster
- Wuhan reopens after COVID-19 lockdown
- Girls4Tech: Mastercard addresses tech skills shortage among Nigerian women
- Where are they now? Seven players dubbed ‘the next Zinedine Zidane’
- It Will Be Shocking If Ighalo Turns Down Deal With Man United – Merson
- Enugu COVID-19 Cases UK Returnees
- The five worst tactical mistakes of the Premier League season
- Coronavirus: I Struggled With Breathing – Paulo Dybala
- Coronavirus: Earmark N250 billion for jobless Nigerians – Olusegun Bamgbose tells Buhari
- COVID-19: Cross River Government to seal churches with more than five members
- COVID-19: Enugu govt confirms 2 positive cases
- (BREAKING) COVID-19: 84 persons of interest identified in Oyo as curfew begins
- Lagos lawmaker empowers 500 women in skill acquisition
- Mets’ Steven Matz staying ready for time when baseball returns
- Video, photos as Akure explodes
- COVID-19: NPA Suspends Demurrage Charges
- Every contact leaves a trace: The basis of forensics
- COVID-19: Keep your homes clean, WAPA tells women
- Edo FA hails Obaseki for VAR introduction
- Latest Coronavirus Update For Today, Friday, March 27th, 2020
- Latest Biafra News Online Update Today Friday, March 27th 2020
- COVID-19: President Buhari hails Atiku Abubakar, Dangote, Otedola, Elemelu, others
- Nigerian Newspapers: Top 10 Headlines Friday, March 27th, 2020
- COVID-19: Umahi bans release of corpses, orders arrest of policemen, family members for conducting burial in Ebonyi
- COVID -19: Nnamdi Kanu reveals where Abba Kyari was secretly flown for Coronavirus treatment
- New Yorker singing out window told to ‘Shut the f— up!’
- Woman stabbed to death in NYC hotel lobby
- Nigerians Remind T.B Joshua Of His Prophesy That Coronavirus Will Disappear By March 27
- Davido’s Fiancée, Chioma Tests Positive For Coronavirus
- Coronavirus: Nigerian Ports Authority calls out NCDC over claims of detecting new cases on a vessel in Lagos
- COVID-19: Femi Adesina opens up on Buhari, other happenings in Aso Rock
- [Breaking] COVID-19: Davido’s girlfriend, Chioma, tests positive
- Coronavirus: Time to come together – Muslim Rights
- COVID-19: US Asks Foreign Doctors, Nurses To Reach Out For Work Visas
- Father kills son for beheading his mother in Enugu
- Zamfara Guber tussle: PDP reacts as Gov. Matawalle wins APC in Supreme Court
- The North Face offers 25% off entire purchase for spring sale
- WWE’s Roman Reigns pulls out of WrestleMania 36 due to coronavirus concerns
- Gunmen Kidnap Man After Forcing Wife To Cook Jollof Rice
- Coronavirus: Nine suspected Covid-19 cases in Kano test negative
- Hoda Kotb cries on ‘Today’ show about Drew Brees’ $5M donation to Louisiana
- BREAKING: Coronavirus cases in Nigeria hit 70
- I tested positive for Coronavirus – Ogun ex-Sports Commissioner, Olopade [Video]
- Bob Dylan releases 17-minute song about John F. Kennedy assassination
- 2020 UTME: JAMB Hands Over 180 Candidates To Police
- Teen football player Jaquan Anderson dead from coronavirus in New Orleans
- Fire guts NYSC camp in Rivers
- Covid-19: Despite scourge, Muslim faithful observe jumaat congregational prayers in Kano
- Baby tiger born at zoo in Mexico named ‘Covid’
- Hypo Bleach Slashes Price To Encourage Safer Environment Against Covid-19
- Coronavirus: FCT Minister reveals new measures to control spread of COVID-19
- Comedian Seyi Law and his wife celebrate 9th wedding anniversary
- COVID-19: Nigeria lacks capacity to contain coronavirus on large scale – Pastor Tunde Bakare
- Sanwo-Olu Is 10 Times Better Than You Are – Omokri Writes Buhari
- Lagos confirms pipeline leakage, alerts Nigerians
- Coronavirus: Isolate if you visited our Abuja office this week – Smile Nigeria
- Coronavirus : LUTH makes clarification on ‘turning back” positive patient