CLST Catalyst Bancorp Inc

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

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Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

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Catalyst Bancorp, Inc.

(Exact name of registrant as specified in its charter)

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Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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ITEM 8.01 Other Events

On November 13, 2023, Catalyst Bank (the “Bank”), the wholly-owned subsidiary of Catalyst Bancorp, Inc., announced that Don Ledet has joined the Bank as Chief Risk Officer. Previously, Mr. Ledet served as Executive Vice President and Head of Retail Market Support for First Horizon Bank of Memphis, Tennessee from July 2020 to October 2023. Prior thereto, Mr. Ledet served in several roles for IBERIABANK of Lafayette, Louisiana including Executive Vice President and Director of Retail Support with responsibilities over Retail Operations, Retail Market Support, ATM Delivery, Debit and Credit Card Product Management, and Digital Banking from July 2011 to June 2020.

A copy of the Bank’s press release issued by the Bank on November 13, 2023 announcing Mr. Ledet’s hiring is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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ITEM 9.01 Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits

The following exhibits are included herein:

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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Exhibit 99.1

For more information:

Joe Zanco, President and CEO

(337) 948-3033

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For Immediate Release

Release Date: November 13, 2023

Catalyst Bank Names Don Ledet Chief Risk Officer

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Opelousas, Louisiana – Catalyst Bank (the “Bank”) today announced that veteran banker Don Ledet has joined our leadership team as Chief Risk Officer (“CRO”). As CRO, he will lead the credit, compliance, special assets, and facilities management functions of the Bank. Ledet most recently led Retail Market Support for First Horizon. Over the past two decades, he held pivotal leadership roles at Iberiabank in such areas as digital banking, deposit products, operations, and bank secrecy act compliance. During his tenure, he also coordinated and led the retail integration and conversion of Iberiabank’s 20-plus acquisitions.  

“Don is an exceptional leader who earns the respect of his colleagues by improving products and processes, and through building the people around him,” said Joe Zanco, President and Chief Executive Officer of Catalyst Bancorp, Inc. (“the Company”) and the Bank. “His vast banking knowledge and extensive mergers and acquisitions experience position us for tremendous growth in the coming years.”

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About Catalyst Bancorp, Inc. and Catalyst Bank

Catalyst Bancorp, Inc. (Nasdaq: CLST) is a Louisiana corporation and registered bank holding company for Catalyst Bank, its wholly-owned subsidiary, with $257.9 million in assets at September 30, 2023. Catalyst Bank, formerly St. Landry Homestead Federal Savings Bank, has been in operation in the Acadiana region of south-central Louisiana for over 100 years. With a focus on fueling business and improving lives throughout the region, Catalyst Bank offers commercial and retail banking products through our six full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port Barre.

To learn more about Catalyst Bancorp and Catalyst Bank, visit www.catalystbank.com.

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Forward-looking Statements

This press release contains certain forward-looking statements.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.”  Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of Catalyst Bancorp, Inc. and Catalyst Bank, and changes in the securities markets.  Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations, or events.

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