Form 4: OceanFirst Financial Corp Executive Steven Tsimbinos Disposes of Preferred Stock
SEC Form 4 Filing
Steven Tsimbinos, a Senior EVP & Corp. Secretary at OceanFirst Financial Corp, reports the redemption of Series A Redeemable Preferred Stock and updates holdings of common stock and stock options.
Summary
- Steven James Tsimbinos, a Senior EVP & Corp. Secretary at OceanFirst Financial Corp, filed a Form 4 detailing changes in beneficial ownership.
- On May 15, 2025, Tsimbinos disposed of 3,000 shares of Series A Redeemable Preferred Stock at a price of $25 per share due to redemption by the issuer.
- Tsimbinos directly owns 188,878 shares of common stock, which includes unvested restricted shares.
- He indirectly owns 9,741 shares of common stock through a 401(k) and 7,084 shares through an ESOP.
- Tsimbinos also holds various stock options with exercise prices ranging from $17.28 to $29.01 and expiration dates between 2026 and 2030.
- The filing reflects increases in beneficial ownership resulting from exempt acquisitions pursuant to Rule 16b-3(c).
Sentiment
Score: 5
Explanation: This is a neutral filing detailing transactions. The redemption of preferred stock could be seen as slightly positive, but overall it's a standard disclosure.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates changes in Steven Tsimbinos' holdings, which may be of interest to investors monitoring insider activity.
Comparison to Industry Standards
- Comparing Tsimbinos' stock option holdings and exercise prices to those of executives at similar regional banks like Fulton Financial (FFWM) or United Bankshares (UBSI) could provide context on executive compensation.
- The redemption of preferred stock is a corporate action that can be compared to similar actions by other financial institutions, such as the redemption of preferred shares by Citigroup (C) or Bank of America (BAC) in the past, to understand the implications for OceanFirst's capital structure.
Stakeholder Impact
- Shareholders may be interested in the changes in beneficial ownership reported in this filing.
- The redemption of preferred stock could impact the company's capital structure and dividend payments.
Key Dates
| Date | Description |
|---|---|
| 03/01/2017 | Date exercisable for stock options with an exercise price of $17.28, expiring on 03/16/2026 |
| 03/01/2018 | Date exercisable for stock options with an exercise price of $29.01, expiring on 03/15/2027 |
| 03/01/2019 | Date exercisable for stock options with an exercise price of $27.4, expiring on 01/24/2028 |
| 03/01/2020 | Date exercisable for stock options with an exercise price of $25.2, expiring on 03/01/2029 |
| 03/01/2021 | Date exercisable for stock options with an exercise price of $20.44, expiring on 02/28/2030 |
| 04/11/2025 | Date the issuer first reported the redemption of Series A Preferred Stock. |
| 05/15/2025 | Date of the transaction involving the redemption of preferred stock. |
| 05/16/2025 | Date of signature for the Form 4 filing. |
Keywords
Form 4, beneficial ownership, stock options, common stock, preferred stock, OceanFirst Financial Corp, Tsimbinos, redemption
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