Bankwell Financial Group, Inc. (NASDAQ:BWFG) recently disclosed a stock acquisition by Lawrence B. Seidman, a director of the company. According to the SEC filing, Seidman purchased 236 shares of the company's common stock at an average price of $32.90 per share, amounting to a total transaction value of approximately $7,764. The purchase comes amid a significant price uptick over the last six months, according to InvestingPro data. This purchase increases his indirect ownership in the company, with shares held under a deferred compensation plan. The transaction reflects Seidman's ongoing investment in Bankwell Financial, a state commercial bank headquartered in New Canaan, Connecticut. The bank has maintained dividend payments for 10 consecutive years, demonstrating consistent shareholder returns. InvestingPro subscribers can access 4 additional key insights about Bankwell Financial's performance and outlook.
In other recent news, Bankwell Financial Group reported a rise in net income for the third quarter of 2024, reaching $1.9 million. This income increase is notable despite a significant $8.2 million charge-off against a $13.7 million office loan participation. The company's board also declared a cash dividend of $0.20 per share and authorized a new share repurchase plan that allows for the buyback of up to 250,000 shares of common stock.
In addition to financial developments, Bankwell Financial Group has made significant amendments to its bylaws, reflecting updates in corporate practices and legal requirements. These changes include altering the month for the annual shareholders' meeting and adjusting the requirement for the number of inspectors of elections at these meetings.
Lastly, Bankwell Financial Group is set to record an $8.2 million charge-off related to a non-performing commercial real estate loan, according to a recent SEC filing. This charge-off is tied to a loan for a Class A office park in suburban New Jersey. These developments are part of Bankwell Financial Group's ongoing efforts to ensure its governance practices are up-to-date and compliant with legal standards.
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