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NB Bancorp , Inc. (NASDAQ:NBBK), a $690 million market cap financial institution with a "GOOD" InvestingPro Financial Health score, saw its President and CEO Joseph P. Campanelli recently acquire additional shares in the company, according to a recent filing with the Securities and Exchange Commission. On March 11, Campanelli purchased 2,000 shares of common stock at a price of $17.75 per share, totaling $35,500. Following this transaction, Campanelli holds 55,000 shares directly. Additionally, he maintains indirect ownership of 40,000 shares through a 401(k) and another 40,000 via an IRA. The insider purchase comes as the stock trades near its Fair Value, according to InvestingPro analysis, with shares up over 28% in the past year. InvestingPro subscribers can access additional insights, including 2 more exclusive ProTips about NBBK’s profitability and future outlook.
In other recent news, NB Bancorp, Inc., through its subsidiary Needham Bank, has announced significant changes to its compensation arrangements for officers and directors. The bank has frozen benefits under two key plans, effective from January 28, 2025. The Second Amended and Restated Director Retirement Plan will no longer accrue benefits after December 31, 2024, as part of the Benefit Freeze Amendment. Additionally, the Needham Bank Nonqualified Deferred Compensation Plan for Officers has been amended to prevent new participants from joining after January 28, 2025. These changes indicate a shift in the bank’s approach to executive and director compensation, though specific reasons for the amendments have not been disclosed. The amendments are detailed in the Benefit Freeze Amendment and the Participation Freeze Amendment, attached as exhibits to the Current Report on Form 8-K filed with the Securities and Exchange Commission. These developments provide insight into recent corporate governance decisions at NB Bancorp, Inc.
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