Form 4: Orange County Bancorp Director Kevin J. Keane Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Director Kevin J. Keane reports changes in beneficial ownership of Orange County Bancorp, Inc. stock, including acquisitions of phantom stock and holdings through partnerships and a 401(k).
Summary
- Kevin J. Keane, a director of Orange County Bancorp, Inc., filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- The report indicates that Keane directly owns 10,201 shares of common stock, including restricted stock units that vest upon separation from service.
- He also indirectly owns 3,700 shares through a partnership and 416 shares through a 401(k).
- Additionally, Keane acquired phantom stock equivalent to 395 shares of common stock on July 1, 2024, at a price of $47.51 per share, bringing his total phantom stock holdings to 4,780 shares.
- These phantom stock shares become payable upon his separation of service as a director.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral. It simply reports transactions.
Positives
- The director's continued holding of company stock may signal confidence in the company's future performance.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. This filing is specific to Orange County Bancorp and its director's holdings.
Comparison to Industry Standards
- Comparing insider ownership percentages and trading activity to similar regional banks would provide context on whether these transactions are typical.
- Analyzing the vesting schedules of restricted stock units against industry norms for executive compensation would also be relevant.
- Companies like Rhinebeck Bancorp, Inc. and Catskill Hudson Bancorp are regional peers that could be used for comparison.
Stakeholder Impact
- Shareholders may be interested in the trading activity of company insiders as an indicator of management's confidence in the company.
Key Dates
| Date | Description |
|---|---|
| 07/01/2024 | Date of transaction involving phantom stock acquisition. |
| 07/03/2024 | Date of Form 4 filing. |
| 08/08/2024 | Date on which restricted stock units vest. |
| 03/21/2025 | Date on which restricted stock units vest. |
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