Form 4: Catalyst Bancorp CEO Joseph B. Zanco Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Joseph B. Zanco, CEO of Catalyst Bancorp, reports a disposition of shares to cover tax obligations and updates on holdings in various company plans.
Summary
- On September 1, 2024, Joseph B. Zanco, the President and CEO of Catalyst Bancorp, reported changes in his beneficial ownership of the company's stock.
- He disposed of 1,211 shares of common stock at a price of $11.67 per share to meet tax obligations related to a stock benefit plan distribution.
- Following the transaction, Zanco directly owns 28,738 shares of Catalyst Bancorp common stock.
- He also indirectly owns 15,000 shares through his spouse, 1,689.2206 shares through the Catalyst Bank 401(k) Plan, 4,466.5817 shares through the ESOP, and 7,426 shares through an IRA.
- Zanco also holds options to buy 52,900 shares of common stock at an exercise price of $13.3, vesting at a rate of 20% per year that commenced on September 1, 2023.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing, reflecting standard insider trading activity. It doesn't inherently convey positive or negative sentiment about the company's performance.
Industry Context
This filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their transactions and holdings of company stock. It's a standard practice for executives to manage their stock holdings for tax planning and diversification purposes.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their insiders.
- The information provided is consistent with SEC regulations and reporting requirements.
- Similar filings can be observed for executives at comparable financial institutions like Truist Financial or Regions Financial, detailing their stock transactions and ownership positions.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
- It can influence investor sentiment depending on the nature and volume of insider trading activity.
Key Dates
| Date | Description |
|---|---|
| September 1, 2023 | Stock options vesting commenced at a rate of 20% per year. |
| December 31, 2023 | Date of last ESOP share allocation to the reporting person's account. |
| August 29, 2024 | Date of last report for shares acquired in the Catalyst Bank 401(k) Plan. |
| September 1, 2024 | Date of transaction: Disposition of 1,211 shares to cover tax obligations. |
| September 5, 2024 | Date of signature for the Form 4 filing. |
| September 1, 2032 | Expiration date of stock options. |
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