Stilwell Associates, L.P. 4

What Happened

• Joseph Stilwell (reported as a 10% owner) reported sales of Series B Convertible Preferred Stock on March 18, 2026. The filing shows two open-market/private sales: 13,470 shares and 12,530 shares, each sold at $6.9593 per share, for total proceeds of $93,742 and $87,200 respectively (combined $180,942). The sales were executed by entities he controls (see footnotes) and reported on a Form 4 filed March 20, 2026.
• This is a sale of preferred shares (not a purchase) and therefore is generally a disposition rather than a bullish insider purchase.

Key Details

• Transaction date: March 18, 2026. Report filed: March 20, 2026 (filed within the typical two-business-day window).
• Price per share: $6.9593. Shares sold: 13,470 (SAI) and 12,530 (SVP VII). Total shares sold: 26,000. Total proceeds: $180,942.
• Shares owned after transaction: Not specified in the information provided in your summary copy of the filing.
• Notable footnotes:
  • F8 confirms these specific sales were of Series B Preferred Stock at $6.9593/share.
  • F1–F4 indicate the securities are owned by funds (e.g., Stilwell Activist Investments, Stilwell Value Partners VII) and are reported indirectly by Stilwell, who disclaims beneficial ownership except to the extent of any pecuniary interest.
  • F9 notes Series B Preferred Stock is convertible to common stock at a conversion ratio of 0.00000002 common shares per preferred share, making conversion to common shares effectively impractical.
• No indication in the filing of a 10b5-1 plan, gift, option exercise, or tax-withholding sale code in the provided summary.

Context

• These were sales of convertible preferred shares held by investment entities affiliated with Stilwell, not direct sales of common stock by an executive. For retail investors: preferred securities trade and behave differently than common stock, and conversion into common shares is effectively meaningless here given the stated conversion ratio. The filing appears timely.