SCHEDULE: Anne May Boosts Auburn National Bancorporation Stake to 8.3%

Anne M. May has increased her beneficial ownership in Auburn National Bancorporation, Inc. to 8.3% of outstanding common stock following inheritance transfers.

Summary

• Anne M. May now beneficially owns 288,885 shares of Auburn National Bancorporation, Inc. common stock.
• This represents 8.3% of the company's total outstanding shares, which were reported as 3,493,699 as of August 11, 2025.
• The increase in beneficial ownership is primarily due to "Inheritance Transfers" from the estates of Edward L. Spencer, Jr. and Ruth P. Spencer.
• As sole trustee of the Recipient Trusts for the benefit of Edward L. Spencer, III, Anne M. May gained sole voting and dispositive power over 243,902 shares.
• Her total beneficial ownership also includes 33,311 shares held individually and 11,672 shares held pursuant to a Power of Attorney for Edward L. Spencer, III, though she disclaims any beneficial or economic interest in the latter.
• The filing reflects a change in beneficial ownership structure rather than a direct purchase or sale of shares by the reporting person.

Sentiment

Score: 5

Explanation: The filing is neutral as it reports a change in beneficial ownership due to inheritance, which does not inherently reflect positively or negatively on the company's operational performance or future prospects.

Future Outlook

No actions of the type specified in the Instruction to Item 4 or similar actions are presently contemplated by the reporting person.

Industry Context

This filing details a change in beneficial ownership for a specific individual in Auburn National Bancorporation, Inc. and does not provide information relevant to broader industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: The beneficial ownership structure of the company has shifted, with Anne M. May now holding a significant stake as a trustee and individual, potentially influencing future voting matters.
• Spencer Family: The filing details the settlement of estates and transfers of shares among family trusts, clarifying the distribution of inherited assets.

Key Dates

Recommendation

This filing primarily concerns a change in beneficial ownership due to inheritance, rather than a strategic investment or divestment based on company performance. It does not provide new information about the company's financial health, operational outlook, or strategic direction that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as the fundamental investment thesis remains unchanged based on this specific disclosure.

Keywords

Auburn National Bancorporation, ANBK, Schedule 13D, Beneficial Ownership, Anne M. May, Inheritance, Trustee, Common Stock