Form 4: CFSB Bancorp VP Cashes Out Post-Merger

CFSB Bancorp VP Kemal Denizkurt disposed of common stock and stock options following the company's merger agreement with Hometown Financial Group.

Summary

• Kemal Denizkurt, VP-Financial Markets of CFSB Bancorp, Inc., reported the disposition of securities on October 31, 2025, following the company's merger.
• The merger agreement, dated May 20, 2025, converted each outstanding share of CFSB Common Stock into the right to receive $14.25 in cash.
• Disposed of 6,000 shares of common stock held directly.
• Disposed of 2,390 shares of common stock held indirectly through an ESOP.
• Disposed of 9,301 shares of common stock held indirectly through a 401(k) plan.
• Disposed of 14,000 stock options with an exercise price of $7.99.
• All unvested restricted stock automatically vested in full at the effective time of the merger and were considered outstanding shares of common stock entitled to receive the merger consideration.
• Outstanding and unexercised stock options were cancelled in exchange for a cash amount equal to the difference between the merger consideration and the exercise price, multiplied by the number of shares subject to the option.

Sentiment

Score: 7

Explanation: The filing reports the successful cash-out of an insider's equity and options due to a merger, which is a positive financial outcome for the reporting person. For the company, it marks the expected conclusion of its independent public existence.

Positives

• Merger completion resulted in a cash payment of $14.25 per share for common stock holders.
• Unvested restricted stock automatically vested in full, allowing holders to receive the merger consideration.
• Stock options were cancelled for a cash payment, indicating a gain for in-the-money options ($14.25 merger consideration vs. $7.99 exercise price).

Negatives

• CFSB Bancorp, Inc. common stock is no longer outstanding as it was converted to cash due to the merger, signifying the end of its independent public trading.

Future Outlook

The filing does not provide forward-looking statements or guidance for CFSB Bancorp, Inc., as the company has been acquired and its common stock converted to cash.

Industry Context

This transaction reflects a common outcome in the banking sector where smaller institutions are acquired by larger financial groups, leading to the consolidation of assets and the cashing out of existing equity holders and option holders.

Stakeholder Impact

• Shareholders received cash consideration of $14.25 per share for their common stock.
• Employees holding restricted stock and stock options, such as the reporting person, received cash payments for their vested equity and in-the-money options.

Key Dates

Keywords

CFSB Bancorp, Kemal Denizkurt, Form 4, Insider Transaction, Merger, Stock Options, Common Stock, Hometown Financial Group, SEC Filing