First Seacoast (FSEA) SVP Timothy Dargan Sells 67,415 Shares in Merger

What Happened

• Timothy F. Dargan, Senior Vice President and Senior Chief Lending Officer of First Seacoast Bancorp (FSEA), reported dispositions to the issuer on 2026-10-01 totaling 67,415 shares (18,358; 5,179; 3,378; 20,000 derivative; 20,500 derivative). The reported transactions are dispositions under the company’s May 4, 2026 Merger Agreement that converted outstanding stock into $17.25 cash per common share.
• The filing shows N/A for per-share prices because common shares were converted into merger cash consideration. The 26,915 common shares (18,358 + 5,179 + 3,378) convert to about $464,284 at $17.25/share. The two derivative dispositions (20,000 and 20,500) were converted into the right to receive cash equal to $17.25 less the option exercise price, so their cash value is not fully determinable from the Form 4 alone.

Key Details

• Transaction date: 2026-10-01. Transaction code: D (Disposition to issuer).
• Disposed amounts reported: 18,358; 5,179; 3,378 (common stock) and 20,000; 20,500 (derivative/option-related).
• Price reported in table: N/A. Footnote F1: common stock converted to $17.25 per share under the Merger Agreement. Footnote F3: each option converted to right to receive $17.25 less the option’s exercise price. Footnote F2 notes some transactions shown were not required to be reported under Section 16.
• Approximate cash for the common-stock portion (26,915 shares): ~$464,284. Total cash received for all items depends on option exercise prices and is not specified in the filing.
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Filing date: 2026-10-01 (same day as the reported transactions); no late filing flag indicated.

Context

• These were not open‑market sales but cash conversions under a merger agreement—effectively a cash-out of shares and option rights at the agreed merger terms. For the derivative items, options were converted into cash rather than exercised-and-held, per the merger mechanics described in the filing. Such merger-related dispositions are routine and reflect deal consideration, not necessarily an independent signal of insider sentiment.