Form 4: Southern States Bancshares Director Disposes of Shares in Family Trust Transaction

Director Daniel Andrew Cummings disposed of 63 shares of Southern States Bancshares stock, while 5,138 shares are held indirectly through a family trust.

Summary

• Daniel Andrew Cummings, a director at Southern States Bancshares, disposed of 63 shares of common stock.
• The transaction occurred on May 15, 2024.
• The shares were disposed of at a price of $0.
• Following the transaction, Mr. Cummings directly owns 694 shares.
• Mr. Cummings also indirectly owns 5,138 shares through the DAC Family Trust.
• The trust is for the benefit of Mr. Cummings' immediate family, with his spouse as trustee.
• 52 of the indirectly held shares are from the company's Dividend Reinvestment and Common Stock Purchase Plan.

Sentiment

Score: 5

Explanation: The document is a routine filing of a share transaction by a director, with no significant positive or negative implications.

Industry Context

This is a routine filing related to changes in beneficial ownership by a company director, which is common in the financial industry.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, such as directors, in publicly traded companies.
• The transaction is not unusual, as directors often manage their holdings through trusts and other entities.
• The disposal of shares at $0 suggests a transfer rather than a market sale, which is not uncommon in these types of filings.

Stakeholder Impact

• The transaction is unlikely to have a significant impact on shareholders, as it is a routine transfer of shares.

Key Dates

Keywords

Southern States Bancshares, Director, Share Disposal, Family Trust, Stock Transaction, Beneficial Ownership, Dividend Reinvestment Plan