Philip W. Read was elected acting chairman and William P. Hourihan Jr. acting chief executive and president of Nantucket Bank, the principal subsidiary of Home Port Bancorp, Nantucket, Mass.

They replace Robert G. Stover, who resigned as a director of Home Port and as chairman, president, chief executive, and a director of Nantucket Bank.

Karl L. Meyer, chairman of Home Port, expressed appreciation for Mr. Stover's cooperation in an orderly change of management.

Mr. Stover said his resignation was based on a desire to spend more time with his family and pursue other interests. "The Nantucket community is fortunate to have a strong, locally controlled bank," he said.

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