Morris David Richard has reported changes in his stock ownership, specifically regarding shares held in a family trust. This update is significant as it reflects ongoing adjustments in the financial sector, particularly among state commercial banks.

Background

Morris David Richard is associated with RBB Bancorp, a financial institution classified under the SIC code for state commercial banks. The company operates primarily in California and has been active in filing updates regarding stock ownership and transactions.

What the Filing Says

According to the recent filing dated October 29, 2026, Richard reported a transaction involving 2,400 shares of common stock, which were disposed of. Following this transaction, he retains 41,022 shares. The filing notes that these shares are held in a family trust, which Richard co-trustees with his spouse, giving him voting and investment power.

Impact

This change may affect stakeholders in RBB Bancorp, including investors and regulators, as it highlights the importance of transparency in ownership structures. The filing indicates that the shares previously reported as directly owned are now classified as indirectly owned through the family trust.

What's Next

The filing does not say what happens next.

Additional Holdings

In addition to the shares disposed of, the filing reveals that Morris David Richard holds a total of 3,164 restricted stock units, which are set to vest on March 20, 2027. Furthermore, he has 2,225 restricted stock units that will vest on February 21, 2027, and 700 restricted stock units that vest on May 21, 2027. All these units convert into common stock on a one-for-one basis, indicating a potential future increase in his ownership stake in RBB Bancorp.

Ownership Structure

The filing clarifies that the shares held in the family trust are for the benefit of Richard's children, with Richard serving as co-trustee alongside his spouse. This arrangement allows him to maintain voting and investment power over the shares, despite them being classified as indirectly owned. The previous misclassification of these shares as directly owned has been corrected in this filing, emphasizing the importance of accurate reporting in financial disclosures.

Contact Information

The filing includes detailed contact information for Morris David Richard, listing his address as 1055 Wilshire Boulevard, Suite 1200, Los Angeles, CA 90017. This transparency aids in establishing accountability and communication with stakeholders.

What the Filing Does Not Include

The filing does not provide insights into the reasons behind the share disposal or any strategic plans that may influence future transactions. Additionally, it does not mention any other potential changes in Richard's role within RBB Bancorp or the broader market context that could affect the bank's operations.