Form 4: Southern States Bancshares Chief Risk Officer Exercises Stock Options
SEC Form 4 Filing
Gregory B. Smith, Chief Risk Officer of Southern States Bancshares, Inc., executed stock options and acquired 5,000 shares of common stock at $10 per share on February 12, 2025.
Summary
- On February 12, 2025, Gregory B. Smith, the Chief Risk Officer of Southern States Bancshares, Inc. (SSBK), exercised stock options.
- This transaction resulted in the acquisition of 5,000 shares of common stock at a price of $10 per share.
- Following the transaction, Smith directly owns 70,743 shares of Southern States Bancshares, Inc.
- These holdings include 19,976 restricted units that fully vested on December 31, 2024, and 2,051 unvested restricted shares that will vest incrementally annually by February 21, 2027.
- The stock options exercised were granted on January 20, 2016, vested in one-fifth increments over five years, and became fully vested and exercisable on January 20, 2021.
Sentiment
Score: 5
Explanation: This is a neutral disclosure of an insider transaction. It doesn't inherently indicate positive or negative sentiment about the company's performance.
Industry Context
This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. It provides transparency into the actions of company executives and their holdings in the company's stock.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their insiders, ensuring compliance with SEC regulations.
- Similar filings are made by executives at comparable regional banks like First Bancorp (FBNC) and United Bankshares (UBSI) when they engage in transactions involving their company's stock.
- The vesting schedules and option grants are generally in line with industry practices for executive compensation.
Stakeholder Impact
- The transaction has a minimal direct impact on stakeholders.
- It provides transparency to shareholders regarding executive stock ownership.
Key Dates
| Date | Description |
|---|---|
| 2016-01-20 | Stock options granted. |
| 2021-01-20 | Stock options fully vested and exercisable. |
| 2024-12-31 | Restricted units fully vested. |
| 2025-02-12 | Transaction date: Stock options exercised. |
| 2025-02-14 | Date of Form 4 signature. |
| 2027-02-21 | Unvested restricted shares will incrementally vest annually by this date. |
| 2026-01-20 | Expiration date of stock options. |
Keywords
stock options, Form 4, Southern States Bancshares, SSBK, Chief Risk Officer, Gregory B. Smith, insider trading, beneficial ownership, SEC filing
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