Form 4: BofA exec Eric Schimpf nets 710 shares on RSU vest

Bank of America’s Merrill Wealth Management president converted RSUs and withheld shares for taxes, increasing direct holdings to 61,850.

Summary

• On 2025-11-15, Eric A. Schimpf (President, Merrill Wealth Management) converted 1,234 restricted stock units (code M) into Bank of America common shares.
• On the same date, 524 shares were surrendered to the issuer to satisfy tax withholding (code F) at $52.61 per share.
• Direct ownership after the transactions is 61,850 shares; indirect ownership includes 988 shares held by a child and 988 shares held via a UTMA account.
• RSUs remaining after the transaction total 1,235 units, from a 2022-02-15 grant that vests in 16 equal quarterly installments beginning 2022-05-15 and running through 2026-02-15.
• Net increase in direct share ownership is 710 shares (1,234 acquired minus 524 withheld for taxes).

Sentiment

Score: 5

Explanation: Neutral to slightly positive: routine vesting, small net increase in insider ownership, no operational data.

Positives

• Insider’s direct holdings increased by 710 shares, indicating higher personal exposure to the stock.
• Quarterly vesting schedule remains on track, suggesting continued executive retention and alignment.
• Transparent tax-withholding mechanism at $52.61 per share limits open-market selling.

Negatives

• Minor dilution from net issuance of 710 shares to satisfy RSU conversion.
• No information on operating performance, guidance, or financial results.

Future Outlook

No forward-looking guidance or operational commentary; this is a routine insider ownership update tied to scheduled RSU vesting.

Industry Context

Quarterly RSU vesting with tax withholding via share surrender is standard among large U.S. banks; similar patterns appear across peers like JPMorgan, Citigroup, and Wells Fargo and typically do not signal strategic changes.

Comparison to Industry Standards

• Transaction codes M (RSU conversion) and F (tax withholding) align with common insider practices at banks such as JPMorgan (JPM), Citigroup (C), and Wells Fargo (WFC).
• Quarterly vesting cadence and one-for-one RSU-to-share conversion mirror industry norms for senior executives.
• Use of share surrender at a set price for taxes is consistent with peer administrative practices and avoids open-market sales.

Related Party Transactions

• 524 shares automatically surrendered to Bank of America to satisfy tax withholding obligations related to RSU vesting.

Stakeholder Impact

• Immaterial dilution from net issuance of 710 shares tied to RSU vesting.
• Signals ongoing executive retention and alignment via continued vesting.

Next Steps

• Remaining RSU tranches are scheduled to continue vesting quarterly through 2026-02-15, subject to grant terms.

Key Dates

Keywords

Bank of America, BAC, Eric Schimpf, Merrill Wealth Management, Form 4, insider transaction, restricted stock units, RSU vesting, tax withholding, beneficial ownership