Tim R. Bruckner, CBO for Regional Banking, filed 80 Form 4 transactions, all in a single issuer: WAL. The pattern is one-directional. He has zero open-market purchases and zero acquisitions. His total sell value is $621,617.88, and the recent filings show a steady cadence of sales back to the issuer, coded D, paired with option exercises coded M at zero value.
The recent trades cluster on the 15th of each month from May through September 2026. On September 15, 2026, he filed three D sales worth $11,222.26, $9,088.45, and $12,486.74, each paired with an M exercise. August 15 shows the same structure: $11,689.44, $9,466.80, and $13,006.56. July 15 repeats it with $11,614.18, $9,405.85, and $12,922.82. June 15 has $11,617.02, $9,408.15, and $12,925.98. The May 15 filing shows a single D sale of $10,567.64.
The M codes are mechanical option exercises, and the D codes are sales back to the issuer. No P codes appear anywhere, so there is no open-market buying conviction in the record. The dollar values per transaction are modest, ranging from roughly $9,000 to $13,000, and the pattern is consistent: exercise an option, immediately sell the shares back to the company. That is a liquidity event, not an accumulation strategy. The total sell value of over $621,000 across 80 filings, with zero buys, gives a clear bias toward reducing exposure to WAL stock.
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