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Despite sales, Gibson still outpaces other S&T directors, executives in ownership

Of its board members and executives, new S&T Bancorp Inc. director James T. Gibson is by far its largest shareholder, according to the bank’s proxy report released Wednesday.

The former Integrity Bancshares Inc. president and CEO owns 500,000 shares of S&T stock, almost five times that of the next-closest company executive or board member. S&T President and CEO Todd Brice owns 104,525 shares.

S&T Bancorp of Indiana, Pa., acquired Camp Hill-based Integrity in March.

The 500,000 shares represent 1.43 percent of the outstanding common stock of the company. Gibson is the only one of the 32 directors or executives at the company that owns S&T stock with more than a 1 percent ownership claim. Together, the 32 own about 4.17 percent of the company stock, according to the report.

The ownership figures are as of March 20; Gibson’s ownership would have been much higher if it had been taken at the time of the merger. Gibson’s Integrity stock transferred to about 593,000 shares of S&T stock he independently owned and 4,125 shares he owned with his wife.

In three separate transactions after the acquisition was official on March 4, Gibson sold off about 93,000 shares in transactions worth about $2.7 million, according to filings with the Securities and Exchange Commission.

Steven J. Weingarten, a new S&T director who formerly was on the board at Integrity, is S&T’s fourth-largest shareholder from among its executives and directors. He owns 77,805 S&T shares.

S&T has about $5.8 billion in assets after the Integrity acquisition and trades on the NASDAQ exchange at STBA.

Michael Sadowski

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