First Seacoast (FSEA) Director Mark Boulanger Sells Shares in Merger

What Happened

• Mark P. Boulanger, a director of First Seacoast Bancorp (FSEA), had a total of 37,853 securities disposed to the issuer on 2026-10-01 as part of the company’s merger payout. The filing shows three non-derivative common-stock dispositions of 7,759; 6,501; and 4,000 shares (total 18,260 common shares) that were converted into $17.25 cash per share, yielding $314,985. Two additional dispositions (9,343 and 10,250) are marked as derivative—these appear to be stock options converted under the merger terms. Under the merger agreement, options are converted into cash equal to $17.25 minus each option’s exercise price, so the actual cash for those items depends on exercise prices (not specified in the Form 4).

Key Details

• Transaction date: 2026-10-01 (filing accession 0001437749-26-031673; filed same day).
• Price/consideration: Common shares converted at $17.25 per share (per filing footnote). Options converted to cash equal to $17.25 less option exercise price (exercise prices not disclosed in this Form 4).
• Shares/options disposed: 37,853 total (18,260 common shares; 19,593 derivative items/options).
• Cash value disclosed/estimable: $314,985 for the 18,260 common shares; derivative proceeds not stated (maximum gross if no exercise price adjustment would bring total to ~$653k, but actual amount is lower due to option exercise prices).
• Shares owned after transaction: Not specified in this Form 4.
• Transaction code: D (disposition to the issuer) — this reflects conversion/turn-in to the company under the merger, not an open-market sale.
• Filing timeliness: Reported on the same day as the transactions (no late filing indicated).
• Relevant footnotes: F1 — common shares converted to $17.25 cash under the May 4, 2026 Merger Agreement; F2 — options converted to cash equal to $17.25 less the exercise price.

Context

• These dispositions arise from a corporate merger agreement (cash-out), not a routine insider sell in the open market. For derivatives, the Form 4 reports conversion of options into cash rather than an exercise-and-sell; the net cash from options depends on their exercise prices. Such merger-driven conversions are administrative outcomes of the deal and do not, by themselves, signal manager trading intent.