Ed Lin
Two small banks that each operate in single states recently saw significant insider stock purchases.
Maybe "small" is too big a word. Greene County Bancorp's market value is less than $400 million, while SR Bancorp's stands at about $100 million. Each lists their CEO's phone numbers as the company contact on press releases. Perhaps in a time of tariffs and other economic uncertainties, it isn't wrong to seek stability in shares of hyperlocal banks.
Greene County, of Catskill, NY, has 18 branches and six offices in that state's Hudson Valley and Albany's Capital Region. It's the parent of The Bank of Greene County, and its subsidiary Greene County Commercial Bank. Greene County shares slipped 1.7% in 2024, and so far this year the stock has dropped 12%. One insider bought the dip.
Director Tejraj S. Hada paid $163,760 on March 19 for 7,000 Greene County shares, an average price of $23.39 each. He now owns 15,706 shares in a personal account, according to a form Hada filed with the Securities and Exchange Commission.
Greene County didn't respond to a request to make Hada available for comment. An experienced restaurant and hotel franchisee, Hada has been a Greene County director since 2022. His last open-market stock purchase was in November 2024 when he paid $56,000 for 2,000 Greene County shares, an average price of $28 each.
Bound Brook, N.J.-based SR Bancorp is the holding company of Somerset Regal Bank, which has 14 branches in six state counties. SR Bancorp shares soared 25% in 2024 -- topping the 23% rise in the S&P 500. The stock is still beating the index so far in 2025, up 2.0% compared with the S&P 500's dip of 5.1%.
Executive Chairman David M. Orbach paid a total of $115,760 over March 18 and 19 for 10,000 shares, an average price of $11.58 each. He now owns 188,032 shares in a personal account, including unvested restricted stock.
Orbach didn't respond to a request for comment on his stock buy. He last bought stock in December 2024 when Orbach paid $117,470 for 10,000 shares, an average price of $11.75 each.
Orbach has served as executive chairman of SR Bancorp and executive vice chairman of Somerset Regal Bank since September 2023, when SR Bancorp acquired Regal Bancorp and its subsidiary Regal Bank. Before that, Orbach had served as executive chairman of the board of Regal Bancorp since its formation in 2017, and of Regal Bank since 2011.
Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at ed.lin@barrons.com
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April 04, 2025 21:30 ET (01:30 GMT)
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