4/A: Sandy Spring Bancorp CFO Amends Filing After Stock Transaction

Sandy Spring Bancorp's CFO, Charles S. Cullum, amended a previous filing to correct the number of shares withheld for tax obligations after a restricted stock vesting.

Summary

• Charles S. Cullum, the EVP and Chief Financial Officer of Sandy Spring Bancorp, Inc., filed an amendment to a previous Form 4.
• The amendment corrects the number of shares withheld for tax obligations related to restricted stock that vested on December 11, 2024.
• The original filing was made on December 13, 2024.
• The transaction involved the disposal of 252 shares of common stock at a price of $37.31 per share to cover tax obligations.
• Following the transaction, Mr. Cullum beneficially owns 3,472.8359 shares of common stock directly.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing correcting a minor error, which is neutral to slightly positive as it shows attention to detail.

Industry Context

This type of filing is standard for corporate insiders who have transactions in their company's stock, and is a routine part of regulatory compliance.

Comparison to Industry Standards

• Form 4 filings are a common practice for publicly traded companies in the United States, and are required by the SEC to ensure transparency of insider trading.
• The transaction is typical for executives who receive stock-based compensation, where a portion of shares are often withheld to cover tax obligations.
• Similar filings are made by executives at other financial institutions such as Bank of America, JP Morgan Chase, and Wells Fargo when they have stock transactions.

Stakeholder Impact

• The filing provides transparency to shareholders regarding insider transactions.
• The correction of the filing ensures accurate information is available to the public.

Key Dates

Keywords

Sandy Spring Bancorp, SASR, Form 4, SEC Filing, CFO, Charles S. Cullum, Stock Transaction, Restricted Stock, Tax Obligations, Beneficial Ownership