Form 4: Stellar Bancorp Director Joe Penland Sr. Reports Share Transactions
SEC Form 4 Filing
Director Joe Penland Sr. reports acquisition of restricted shares and indirect ownership through various entities.
Summary
- On June 10, 2024, Joe Penland Sr., a director of Stellar Bancorp, Inc. [STEL], reported transactions involving the company's common stock.
- Penland acquired 2,660 restricted shares of common stock that will vest on May 1, 2025, contingent upon continued service as a director.
- Penland also reported indirect ownership of 4,000 shares through Quality Mat Company, 724,636 shares through Tram Road Partners LP, and 227,170 shares through the Penland Foundation.
- Following these transactions, Penland directly owns 583,090 shares of common stock.
- Penland disclaims beneficial ownership of shares held by Quality Mat Company, Tram Road Partners LP, and the Penland Foundation, except to the extent of his pecuniary interest.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing, reporting transactions without expressing any particular sentiment.
Positives
- The acquisition of restricted shares demonstrates Penland's continued commitment to Stellar Bancorp.
Future Outlook
The document does not contain specific forward-looking statements, but the vesting of restricted shares on May 1, 2025, is contingent upon continued service as a director.
Industry Context
This filing is a routine disclosure of insider transactions, which is common in the financial industry to ensure transparency and prevent insider trading.
Stakeholder Impact
- The disclosure provides transparency to shareholders regarding the ownership stake of a key director.
Key Dates
| Date | Description |
|---|---|
| 06/10/2024 | Date of the reported transactions (acquisition of restricted shares and indirect holdings). |
| 06/12/2024 | Date of signature by attorney-in-fact. |
| 05/01/2025 | Vesting date for the 2,660 restricted shares, contingent upon continued service as a director. |
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