SCHEDULE: Spencer's Stake in Auburn National Bancorporation Rises to 7.2%

Bruce Steven Spencer's beneficial ownership in Auburn National Bancorporation, Inc. increased to 7.2% following inheritance transfers.

Summary

• Bruce Steven Spencer's beneficial ownership in Auburn National Bancorporation, Inc. increased to 251,238 shares, representing 7.2% of the company's total outstanding shares.
• This increase is primarily due to inheritance transfers from the estates of Edward L. Spencer, Jr. and Ruth P. Spencer, which occurred on September 11, 2025.
• The inheritance transfers involved 243,902 shares being moved into Recipient Trusts FBO Bruce Steven Spencer, where he serves as the sole trustee with sole voting and dispositive power.
• Prior to these transfers, Bruce Steven Spencer held less than 1.0% of the company's outstanding shares.
• His total beneficial ownership now includes 243,902 inherited shares, 6,016 shares held individually or as custodian, and 1,320 shares reflecting his one-third interest in Spencer LLC.
• The filing disclaims beneficial or economic interest in 2,640 shares held by Spencer LLC (two-thirds interest) and 16,362 shares held by the Edward L. Spencer Jr. Foundation.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of a change in beneficial ownership due to inheritance, with no explicit positive or negative implications for the company's operational performance or strategic direction.

Positives

• Bruce Steven Spencer's beneficial ownership increased to 251,238 shares, representing 7.2% of the company's total outstanding shares, indicating a significant, long-term family stake.

Risks

• No new or specific risks to the company's operations or financial health were disclosed in this filing. The filing pertains solely to a change in beneficial ownership.

Future Outlook

No specific forward-looking statements or guidance were provided beyond the purpose of the transaction, which is to reflect the inheritance transfers.

Industry Context

This filing details a change in individual beneficial ownership within Auburn National Bancorporation, Inc., a financial institution. It does not provide information directly related to broader industry trends or competitive landscape, but rather a significant family stake in a community bank.

Related Party Transactions

• The filing details inheritance transfers from the estates of Edward L. Spencer, Jr. and Ruth P. Spencer (Bruce Steven Spencer's parents) to trusts for the benefit of Bruce Steven Spencer and his siblings. This constitutes a transfer of assets within a related family group.

Stakeholder Impact

• Shareholders: The filing clarifies the beneficial ownership structure and the significant stake held by Bruce Steven Spencer, a member of the founding family, which may be viewed as a sign of stability and long-term commitment.

Key Dates

Recommendation

The filing provides a routine update on a change in beneficial ownership for a significant individual shareholder due to inheritance. It does not contain any new information regarding the company's financial performance, strategic direction, or operational outlook that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as existing investment theses remain unchanged based on this disclosure.

Keywords

Auburn National Bancorporation, Bruce Steven Spencer, Schedule 13D, beneficial ownership, inheritance, bank stock, financial services