Directors are buying bank stock?

This could be it, the turn around plan. No turn around plan.  Not sure what is going on. Check out the EDGAR site here.  Under the “Ownership” header make sure it is checked for ownership. If it isn’t, check it and hit search. Individual form 4’s for each director. Or is it profit sharing? Or is it something else altogether?

I haven’t the time to read them now, so let me know what you find.

By stockholder, too Posted in action

7 comments on “Directors are buying bank stock?

  1. From what I see, they received stock at 23 cents per share. I wonder if that is just the value of the shares they were “given” as of June 30 or if they actually shelled out the money. Doesn’t make much difference. But, under the circumstances, if I were a director, I would “pass” this time.

  2. Janko 5 shares $1.15
    Bieber 1 share  $.23
    Covert 5 shares $1.15
    Ernat 3 shares $.69
    Ogaard 3054 shares $702.42
    Wesner 4 shares $.92
    Samet 2 shares $.46
    That is one killer takeover. They did it for less than $710.00

    • Thanks for the synopsis. Does anyone know what this purchasing is about? These all are private purchases. Why now and why these amounts? Why didn’t all directors participate?

      • Securities Exchange Act of 1934 Section 16 a. 2.
        Excerpt:

        Directors, officers, and principal stockholders required to file:

        “Every person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security (other than an exempted security) which is registered pursuant to section 12, or who is a director or an officer of the issuer of such security, shall file the statements required by this subsection with the Commission (and, if such security is registered on a national securities exchange, also with the exchange).”

        Time of filing:

        “at the time of the registration of such security on a national securities exchange or by the effective date of a registration statement filed pursuant to section 12(g);”

        PNBC changed Security Exchanges – To the OTCQB and are therefore required to declare all equity security ownership, by insiders.

        In addition, they are probably required to declare quarterly what their equity security ownership is at that time.

        The reason for the very small quantities, is most likely to avoid any question of impropriety. If they were to buy 100,000 shares at this low price, and then by some miracle the stock rebounds, the SEC would be investigating in a moment. I am sure they don’t want that situation, after the questionable stock jump of March 28-30th.

  3. Go to secform4.com. Put in PNBC. Click on a directors name. Click on all data and you will see all the small purchases made each quarter by each director for the last 8 years. Gives a better picture of what is going on. These are direct purchases and not options. I hope they did not spend all their reserves on these purchases.

    • Bob, I can’t imagine why anybody would buy as few as 4 or 7 shares on the market for 23 cents. That’s why I assumed they were automatically awarded in some way.

      • I feel these share purchases are a result of contributions to an employee or officer share purchase plan. That would explain the purchases falling at the end of each quarter. Why the small amount is a mystery to me,unless they have to buy some minimum amount to keep the account active. It would also explain why not all director’s participate.

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