Form 4: Five Star Bancorp Director Larry Allbaugh Reports Share Acquisition and Indirect Holdings

Director Larry Allbaugh of Five Star Bancorp reported acquiring 1,165 shares and detailed his indirect beneficial ownership of over 3 million shares through various trusts and entities.

Summary

• Larry Allbaugh, a director at Five Star Bancorp, filed a Form 4 disclosing a recent transaction and his beneficial ownership of the company's stock.
• Mr. Allbaugh acquired 1,165 shares of common stock on January 29, 2025, as part of the 2021 Equity Incentive Plan, with vesting scheduled for December 31, 2025, contingent on his continued service as a director.
• He also reported indirect ownership of 3,063,557 shares through various trusts where he serves as trustee, including the Larry and Laura Allbaugh Living Trust, the Oates Administrative Trust, and several QSST Subtrusts.
• Additionally, Mr. Allbaugh has indirect ownership through Buzz Oates LLC and Buzz Oates Group of Companies, though he disclaims beneficial ownership of these shares except for his pecuniary interest in the latter.
• The total indirect ownership includes 500,677 shares held by the Larry and Laura Allbaugh Living Trust, 1,010,778 shares held by the Oates Administrative Trust, and 410,695 shares each held by four different QSST Subtrusts.
• He also has indirect ownership of 10,000 shares each through Buzz Oates LLC and Buzz Oates Group of Companies.

Sentiment

Score: 7

Explanation: The document is a routine filing, indicating standard insider activity. The acquisition of shares and continued service as a director are positive signals, but the complexity of indirect ownership adds a layer of caution.

Positives

• The acquisition of 1,165 shares by a director demonstrates a continued commitment to the company.
• The vesting of these shares is tied to continued service as a director, aligning his interests with the company's long-term success.

Risks

• The document highlights the complex ownership structure of shares held in various trusts, which could potentially lead to future complications.
• Mr. Allbaugh disclaims beneficial ownership of some shares, which could create uncertainty regarding his actual control over those shares.

Future Outlook

The acquired shares will vest on December 31, 2025, contingent on Mr. Allbaugh's continued service as a director.

Industry Context

Form 4 filings are standard practice for corporate insiders to report changes in their beneficial ownership of company stock, ensuring transparency and compliance with SEC regulations.

Comparison to Industry Standards

• The reporting of insider transactions via Form 4 is a standard practice across all publicly traded companies in the US.
• The level of detail provided in this filing is consistent with SEC requirements for disclosing beneficial ownership, including indirect holdings through trusts and other entities.
• The use of trusts for holding shares is a common practice for estate planning and asset management among corporate insiders.

Stakeholder Impact

• The acquisition of shares by a director may be viewed positively by shareholders, indicating confidence in the company's future.
• The disclosure of indirect ownership provides transparency to stakeholders regarding the control and influence of key personnel.

Key Dates

Keywords

Form 4, Beneficial Ownership, Director, Equity Incentive Plan, Trustee, Indirect Ownership, Five Star Bancorp, FSBC, Shares, Stock