Form 4: Provident Bancorp Executive Reports Stock Transactions

Joseph Mancini, Chief Operating Officer of Provident Bancorp, reports the disposition of common stock to cover tax obligations and holdings in ESOP and 401(k) plans.

Summary

• Joseph Mancini, the Chief Operating Officer of Provident Bancorp, filed a Form 4 detailing changes in beneficial ownership.
• On February 2, 2024, Mancini disposed of 333 shares of common stock at a price of $10.3 to cover tax obligations.
• Following the transaction, Mancini directly owns 15,396 shares of common stock.
• Mancini also indirectly owns 5,259 shares through an ESOP and 1,919 shares through a 401(k).
• Mancini holds options for 28,000 shares exercisable at $9.55 and 30,000 shares exercisable at $15.
• Some stock options and restricted stock vest at a rate of 20% per year commencing on April 22, 2022, and February 2, 2024.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. This filing indicates transactions by the COO of Provident Bancorp.

Comparison to Industry Standards

• Form 4 filings are standard practice across publicly traded companies, including financial institutions like Provident Bancorp.
• Similar filings can be observed for executives at comparable regional banks, such as Eastern Bankshares, Inc. and Independent Bank Corp.

Stakeholder Impact

• The transactions reported may have a minor impact on shareholders due to the change in ownership by a key executive.
• The transactions are unlikely to significantly impact employees, customers, suppliers, or creditors.

Key Dates