Form 4: Director Trager Kusman Boosts RBCAA Stake

Republic Bancorp Director Andrew Trager Kusman acquired additional Class A Common Stock through dividend equivalent rights, increasing his direct and indirect holdings.

Summary

• Andrew Trager Kusman, a Director of Republic Bancorp Inc. (RBCAA), acquired 38.33 shares of Class A Common Stock on September 30, 2025.
• The acquisition was made at a price of $72.25 per share and reflects additional dividend equivalent rights.
• Following this transaction, Mr. Kusman directly beneficially owns 1,566.81 shares of Class A Common Stock.
• Indirect beneficial ownership includes 10,867.721 Class A Common Stock and 2,435.108 Class B Common Stock (convertible to Class A) through Jaytee Properties Limited Partnership.
• Further indirect beneficial ownership includes 262,603.221 Class A Common Stock and 64,275.609 Class B Common Stock (convertible to Class A) through Teebank Family Limited Partnership.

Sentiment

Score: 7

Explanation: The director's acquisition of additional shares, even through dividend equivalent rights, signals continued confidence in the company's performance and future prospects.

Positives

• Director Andrew Trager Kusman increased his beneficial ownership in Republic Bancorp Inc., demonstrating continued insider confidence.
• The acquisition through dividend equivalent rights indicates a reinvestment of company earnings back into the stock by a key insider.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Indirect beneficial ownership is held through Jaytee Properties Limited Partnership and Teebank Family Limited Partnership, both family limited partnerships where the reporting person is a limited partner or co-trustee of a trust for immediate family members. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders: Increased insider ownership, even through dividend reinvestment, can be perceived as a positive signal of management's belief in the company's long-term value.

Key Dates

Recommendation

The transaction represents a routine acquisition of shares through dividend equivalent rights by a director, rather than a discretionary open market purchase. While it indicates continued insider confidence, the small scale and nature of the acquisition do not provide a strong catalyst for a 'buy' or 'sell' recommendation, thus a 'hold' is appropriate.

Keywords

RBCAA, Republic Bancorp, insider transaction, Form 4, director ownership, stock acquisition, dividend reinvestment