First National Bank of Groton’s Quiet Period Ends October 21

The quiet period for the First National Bank of Groton is set to conclude on October 21, 2023, following its initial public offering (IPO) on September 11, 2023. The bank issued 31,500,000 shares during the IPO, raising a total of $787,500,000 based on the initial share price of $25.00.

During the quiet period, which is imposed by the Securities and Exchange Commission (SEC), insiders and underwriters are restricted from providing earnings forecasts or research reports. Analysts expect that upon the conclusion of this period, brokerage firms that underwrote the IPO will start offering research coverage on the bank.

Stock Performance and Insider Transactions

As of the latest trading session, shares of First National Bank of Groton opened at $38.46. The stock has seen a range over the past year, with a low of $30.01 and a high of $49.50. Additionally, the stock’s fifty-day moving average price stands at $25.05, while the two-hundred-day moving average is at $41.45.

In other developments, CEO Michael Benjamin Tannenbaum sold 297,171 shares of the bank’s stock on September 12, 2023, for an average price of $25.00, totaling approximately $7,429,275. Following this transaction, Tannenbaum retained 4,092,576 shares, valued at around $102,314,400, which represents a 6.77% decrease in his holdings.

Additionally, Director June Ou sold 1,500,000 shares on the same day, also at an average price of $25.00, resulting in a transaction worth $37,500,000. Over the past three months, insiders have sold a total of 3,779,066 shares, amounting to approximately $94,476,650.

About First National Bank of Groton

The First National Bank of Groton provides a variety of banking products and services in New York. Its offerings include personal checking and savings accounts, as well as business banking services. The bank also extends personal loans, encompassing home mortgages, auto loans, and recreational vehicle financing.

As the quiet period draws to a close, the market will be watching closely for research coverage updates and any further developments regarding the bank’s performance and growth strategies.