John A. Citrano, the Executive Vice President and Chief Operating Officer of ECB Bancorp, Inc. (NASDAQ:ECBK), has made a significant investment in the company’s stock, with purchase transactions totaling $130,655. The transactions occurred over two consecutive days, with prices ranging from $13.36 to $13.85 per share.
The series of stock acquisitions by Citrano reflects a strong vote of confidence in the future of ECB Bancorp, a savings institution headquartered in Maryland. The executive’s purchases were executed on September 17 and 18, 2024, as reported in the latest filing with the Securities and Exchange Commission.
The detailed transactions provide insight into the executive’s investment moves. On September 17, Citrano acquired shares at prices that incrementally increased from $13.39 to $13.50. The following day, he continued to buy shares, with prices starting slightly lower at $13.36 and reaching a peak of $13.85.
The SEC filing also noted that Citrano’s holdings are largely in an Individual Retirement Account (IRA), indicating a long-term investment strategy. Additionally, the filing included footnotes indicating that the executive’s total holdings include shares of restricted stock, which are set to vest at a rate of 20% per year starting from October 31, 2024.
Investors often monitor insider transactions such as these for insights into executives’ perspectives on the company’s valuation and prospects. Citrano’s recent stock purchases could be interpreted as a signal of his bullish stance on ECB Bancorp’s financial health and growth potential.
As of the last transaction date, Citrano’s direct and indirect ownership in ECB Bancorp, including by his spouse’s IRA and an Employee Stock Ownership Plan (ESOP), totals to a significant number of shares, further aligning his interests with those of the company’s shareholders.
In other recent news, Maryland-based ECB Bancorp has announced the appointment of Brandon N. Lavertu as its new Chief Financial Officer. Lavertu, who has been with the company since its establishment in March 2022, will replace John A. Citrano while he continues as Executive Vice President and Chief Operating Officer. Prior to this, Lavertu held senior positions at Cambridge Savings Bank and Belmont Savings Bank.
In addition to this major shift, Lavertu is part of a change in control agreement dated December 21, 2022, which stipulates severance payments and potential health insurance coverage following a change in control of…
Click Here to Read the Full Original Article at All News…
