DelliBovi Alfred A 4
Research Summary
AI-generated summary
Flushing Financial (FFIC) Director Alfred A. DelliBovi Sells Shares
What Happened
Alfred A. DelliBovi, a director of Flushing Financial Corp. (FFIC), disposed of 56,685 and 4,800 FFIC shares on June 1, 2026 (total 61,485 shares). These were dispositions to the issuer (transaction code D) made pursuant to the Agreement and Plan of Merger with OceanFirst Financial Corporation (OCFC). No per‑share price is reported on the Form 4 (N/A) because the FFIC shares were converted into OCFC consideration under the merger terms rather than sold on the open market.
Key Details
- Transaction date: June 1, 2026 (Form 4 filed June 2, 2026 — timely).
- Transactions: Disposition to issuer (D) of 56,685 and 4,800 shares (total 61,485 FFIC shares). Price: N/A (conversion under merger).
- Merger conversion: each FFIC share converted into the right to receive 0.85 OCFC common shares; 61,485 × 0.85 = 52,262.25 — i.e., ~52,262 OCFC shares plus cash for fractional share(s).
- Shares owned after transaction: Reporting person no longer beneficially owns any FFIC common stock (per filing, footnote F3).
- Relevant footnotes: F2 — dispositions pursuant to Merger Agreement; Merger closed June 1, 2026; F3 — no remaining FFIC ownership; F4 — previously unvested RSUs converted into OCFC RSUs on a 0.85:1 basis (rounded down).
- Filing timeliness: Not marked late; filed next day.
Context
This was a merger-related conversion of equity (not an open‑market sale). The Form 4 reports the surrender/conversion of FFIC shares into OCFC merger consideration; fractional shares were paid in cash per the merger terms. Merger-driven dispositions are administrative and do not necessarily signal insider sentiment about the combined company.