Filing Analysis
Catalyst Bancorp, Inc. reported the voting results from its Annual Meeting of Shareholders held on May 19, 2026. Shareholders elected two directors to three-year terms and ratified the appointment of BDO USA, P.C. as the company's independent registered public accounting firm for 2026.
🚩 Red Flags
- There was a notable percentage of withheld votes for both director nominees, with Frederick R. Lafleur receiving 34.9% withheld votes and Matthew L. Scruggins receiving 30.2% withheld votes of the total votes cast for/withheld.
📋 Key Facts
- The Annual Meeting of Shareholders was held on May 19, 2026, with 2,932,637 shares represented out of 4,058,297 eligible shares (72.3% turnout).
- Frederick R. Lafleur was elected as director with 1,473,154 votes for and 790,019 votes withheld.
- Matthew L. Scruggins was elected as director with 1,578,557 votes for and 684,616 votes withheld.
- The appointment of BDO USA, P.C. as the independent registered public accounting firm for the fiscal year ending December 31, 2026, was ratified with 2,926,395 votes in favor.
Catalyst Bancorp, Inc. announced its financial results for the first quarter ended March 31, 2026. The announcement was made via a press release furnished as an exhibit to the filing.
📋 Key Facts
- Announced Q1 2026 financial results on April 30, 2026.
- Results cover the fiscal quarter ended March 31, 2026.
- The information was furnished under Item 2.02 and is not deemed filed for purposes of Section 18 of the Exchange Act.
Catalyst Bancorp (CLST) has entered into a definitive agreement to acquire Lakeside Bancshares, Inc. for approximately $41.1 million in cash. The transaction involves a share exchange followed by the merger of Lakeside Bank into Catalyst Bank, with an expected completion in the third quarter of 2026.
📋 Key Facts
- Catalyst Bancorp will pay $19.58 in cash for each outstanding share of Lakeside Bancshares common stock.
- The aggregate transaction value is approximately $41.1 million, subject to certain adjustments.
- The Boards of Directors of both companies have unanimously approved the Merger Agreement.
- Lakeside directors and certain shareholders have entered into Support Agreements to vote in favor of the merger.
- Lakeside directors have signed Restrictive Covenant Agreements including non-compete provisions.
- The deal is expected to close in Q3 2026, pending regulatory and Lakeside shareholder approval.