CATALYST BANCORP INC

Catalyst Bancorp said Catalyst Bank has extended the employment agreement of president and CEO Joseph B. Zanco through Aug. 17, 2029. Zanco will receive a base salary of $350,000, eligibility for up to 25% of the equity compensation pools in the form of options and restricted stock, and additional life insurance and retirement benefits. The agreement governs termination and severance rights, including a severance payment equal to twelve months’ salary for an involuntary termination and 36 months’ salary if termination is related to a change in control. Catalyst Bancorp also completed the acquisition of Lakeside Bancshares and elected two new board members. » More on de.investing.com

Catalyst Bancorp has completed the acquisition of Lakeside Bancshares; Lakeside shareholders will receive $19.58 per share in cash, totaling $41.1 million. The transaction increases Catalyst Bank’s total assets to about $620 million, with loans of $390 million and deposits of $478 million. The acquisition adds four branches in Calcasieu Parish; the systems conversion of the former Lakeside branches is scheduled for November 2026. As of March 31, 2026, Lakeside had total assets of $375.7 million, loans of $229.8 million, and deposits of $277.6 million. » More on de.investing.com

At Catalyst Bancorp’s annual meeting, Frederick R. Lafleur and Matthew L. Scruggins were elected to the board of directors for three-year terms each; both votes saw substantial broker non-votes. Shareholders confirmed BDO USA, P.C. as the independent public accounting firm for the fiscal year ended December 31, 2026. Catalyst Bancorp also plans to acquire Lakeside Bancshares in a cash transaction valued at $41.1 million, under which Lakeside shareholders are to receive $19.58 per share. » More on de.investing.com