First Seacoast (FSEA) President/CFO Donovan Sells Shares

What Happened

• Richard M. Donovan, President and Chief Financial Officer of First Seacoast Bancorp, reported dispositions totaling 113,145 shares on 2026-10-01. The Form 4 lists several "Disposition to the issuer" transactions (23,358; 18,994; 3,602; 18,866; 5,325; plus two derivative dispositions of 20,000 and 23,000). The filing shows price as N/A, but a footnote to the Form 4 (the Merger Agreement dated May 4, 2026) states each issued and outstanding common share was converted into the right to receive $17.25 in cash; at that price the disposed shares total roughly $1.95 million. The derivative dispositions reflect option conversions under the merger (options converted into cash less the exercise price).

Key Details

• Transaction date: 2026-10-01 (all listed dispositions).
• Shares disposed: 113,145 total (23,358; 18,994; 3,602; 18,866; 5,325; 20,000 (derivative); 23,000 (derivative)).
• Implied cash consideration per share: $17.25 (per Merger Agreement footnote); implied total cash ≈ $1,951,751.
• Price on Form 4: listed as N/A; cash price disclosed in footnote F1.
• Post-transaction holdings: the filing does not list remaining common shares; footnote F1 indicates outstanding shares were converted into cash under the merger (i.e., shares were cashed out).
• Notable footnotes: F1 (merger cash consideration $17.25/share), F3 (stock options converted to cash less exercise price), F2 (some items reflect transactions not required under Section 16).
• Timeliness: transaction and report date are both 2026-10-01; no late filing is indicated on the Form 4.

Context

• These were not open-market sales but dispositions to the issuer as part of a merger cashout — essentially a merger-related conversion of shares (and option rights) into cash.
• The derivative items represent option/other equity awards converted to cash under the Merger Agreement, consistent with footnote F3 (cash payment equals $17.25 less option exercise price).
• For retail investors: this is a corporate action (merger payout) rather than a typical insider sale signaling personal liquidity or sentiment.