Stocks have been clobbered this month, and the bank sector has taken more lumps than the broader market. Recently, however, bank executives and directors have been buying up shares.
Holding paid $293,250 on Sept. 19 for 255 shares of First Citizens Class B stock, an average price of $1,150 each. Class B shares, which trade under the ticker FCNCB, carry 16 votes each, while the Class A shares carry one vote each. The class B shares have surged about 79% so far in September. Longtime Summit Financial director Gary L. Hinkle paid $343,200 from Sept. 12 through 14 for a total of 14,201 shares, an average price of $24.17. Hinkle made the purchases through a trust that now owns 424,055 Summit Financial shares. He owns another 18,419 in a personal account, and 77,073 shares through other entities.
Commerce Bancshares didn’t make Brauer available for comment, but referred to its proxy, which notes that nonemployee directors should own $300,000 of stock within five years of their election date. Brauer is in compliance with that requirement, having also paid $245,700 on Aug. 23 for 5,000 shares, an average price of $49.14 each. Brauer, who joined the board in May 2022, is the president of Hunter Engineering, of Bridgeton, Mo., a maker of capital equipment for the automotive industry.
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