Form 4: United Community Banks CEO Transfers Shares to Family Trust
SEC Form 4 Filing
Lynn Harton, President & CEO of United Community Banks, transferred 2,866 shares of UCB common stock to a family trust on October 29, 2024.
Summary
- On October 29, 2024, Lynn Harton, the President & CEO of United Community Banks, Inc. (UCB), transferred 2,866 shares of UCB common stock from his direct holdings to a family trust.
- Following the transaction, Harton directly owns 166,282 shares of common stock.
- He also indirectly owns 143,512 shares through the Herbert Lynn Harton Revocable Trust dated March 16, 2015.
- Harton is the trustee and, along with his immediate family, the sole beneficiaries of the family trust.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing regarding an insider transaction. It doesn't convey any positive or negative sentiment about the company's performance or prospects.
Industry Context
This is a routine disclosure of insider transactions and doesn't necessarily indicate a change in the company's outlook or performance. It is common for executives to manage their holdings for personal financial planning purposes.
Related Party Transactions
- The transfer of shares to a family trust where the reporting person is a trustee and beneficiary constitutes a related party transaction.
Stakeholder Impact
- The transaction is unlikely to have a significant impact on stakeholders as it is a personal financial planning move by the CEO and does not reflect a change in the company's fundamentals.
Key Dates
| Date | Description |
|---|---|
| 3/16/2015 | Date of Herbert Lynn Harton Revocable Trust |
| 10/29/2024 | Date of stock transfer to family trust |
| 10/30/2024 | Date of signature on the Form 4 filing |
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