Form 4: Metropolitan Bank Holding Corp. CEO Mark DeFazio Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Mark DeFazio, President and CEO of Metropolitan Bank Holding Corp., reports transactions involving common stock and restricted stock units.
Summary
- Mark DeFazio, the President and CEO of Metropolitan Bank Holding Corp., filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On February 29, 2024, Mr. DeFazio acquired 20,800 shares of common stock through the vesting of restricted stock units (RSUs) granted on June 1, 2022, and 29,290 shares were withheld for tax obligations at a price of $40.82.
- On March 1, 2024, he acquired 12,156 and 24,313 shares of common stock through restricted stock units, and 12,972 shares were withheld for tax obligations at a price of $38.
- Following these transactions, Mr. DeFazio directly owns 216,194 shares of common stock and indirectly owns 20,517 shares through an LLC and 3,096 shares through a 401(k).
Sentiment
Score: 6
Explanation: The document is a standard regulatory filing detailing stock transactions. The sentiment is neutral as it simply reports facts without expressing opinions or predictions.
Positives
- The vesting of restricted stock units indicates that performance criteria were met, which could be viewed positively.
- Continued stock ownership by the CEO aligns his interests with those of the shareholders.
Industry Context
Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders.
Stakeholder Impact
- The transactions may have a minor impact on shareholders by slightly increasing the number of outstanding shares.
Key Dates
| Date | Description |
|---|---|
| 2022-06-01 | Reporting Person was granted 20,800 restricted stock units (the '2022 RSUs'). |
| 2023-03-01 | Restricted stock units granted on February 23, 2022 vest at a rate of 33.3% per year commencing on this date. |
| 2024-02-29 | Transaction date for acquisition of 20,800 shares and disposal of 29,290 shares for tax withholding. |
| 2024-03-01 | Transaction date for acquisition of 12,156 and 24,313 shares and disposal of 12,972 shares for tax withholding; Restricted stock units granted on March 1, 2023 vest at a rate of 33.3% per year commencing on this date; Restricted stock units granted on March 1, 2024 that vest at a rate of 33.3% per year commencing on March 1, 2025; Restricted stock units granted on March 1, 2024 that vest 100% on March 1, 2025. |
| 2024-03-04 | Date of signature for the report. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.