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We don’t normally see insider buying in active merger situations but today was an exception. A director of regional bank Summit Financial Group, Inc. (SMMF) purchased $343,222 worth of stock. The CEO of regional bank Burke & Herbert Financial Services (BHRB) also made a small purchase. Both these banks are in the process of merging in an all stock merger of equals transaction.
It was also interesting to see additional insider buying by the CFO of Vitesse Energy (VTS), which was spun out of Jeffries (JEF) and has been on a tear, up 58% since the spinoff this January.
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