OPELOUSAS, La., Nov. 25,
2024 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq:
"CLST") (the "Company"), the parent company for Catalyst Bank (the
"Bank") (www.catalystbank.com), announced today that the Board of
Directors approved the Company's fifth share repurchase
plan.
"It has been over three years since we embarked on our public
company journey. We've set ambitious goals to transform ourselves
into a consistently strong performing community bank. High among
those goals is focusing our mission on serving as catalysts to help
local businesses grow – because when they do, they create jobs in
our communities. We rebranded as Catalyst Bank to reinforce our
commitment," said Joe Zanco,
President and Chief Executive Officer of the Company and Bank.
"We have expanded our branch network into the business center of
our region, adding locations in Carencro and Lafayette, Louisiana. Although we increased
our branch count by two, or 50%, we have held our employee count
steady by focusing on enhancing efficiency throughout the
Company.
"We have upgraded our systems and now offer some of the very
best in banking technology. The systems upgrade reduces
non-interest expense over $200,000
annually and also facilitates additional efficiency
gains.
"Our collective efforts have resulted in meaningful customer
growth, especially in 2024. In fact, loan growth through the
third quarter was a record $21
million. As a result of organic customer growth and
greater efficiency, our core profitability continues to
improve.
"Not everything has gone according to plan since our IPO. At the
outset of our journey, we believed there might be opportunities to
acquire one or more banks during the first three years following
our IPO, which would have allowed us to expand our footprint and
enhance profitability more rapidly. Unfortunately, the right
opportunities have not presented themselves to date. However,
we still have the capital and management depth and expertise to
take advantage of desirable opportunities should they present
themselves in the near future.
"Today, we announced our fifth share repurchase plan (the
"November 2024 Repurchase
Plan"). Under the November 2024
Repurchase Plan, the Company may purchase up to 215,000 shares, or
approximately 5%, of the Company's outstanding common stock. Since
the announcement of our first share repurchase plan in January 2023 and through November 22, 2024, the Company has repurchased a
total of 972,916 shares of its common stock, or approximately 18%
of the common shares originally issued, at an average cost per
share of $11.93.
"As we enter the new year, know that we are focused on serving
our customers tremendously well, deepening the skills of our
employees and enhancing our profitability and shareholder
value. What we've achieved since our IPO is the result of the
efforts of our dynamic team. Our commitment to growing and
further improving our company is stronger than ever."
About Catalyst Bancorp, Inc.
Catalyst Bancorp, Inc. (Nasdaq: CLST) is a Louisiana corporation and registered bank
holding company for Catalyst Bank, its wholly-owned subsidiary,
with $280.6 million in assets at
September 30, 2024. 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, or the website of the Securities
and Exchange Commission, www.sec.gov.
Forward-looking Statements
This news release reflects industry conditions, Company
performance and financial results and contains "forward-looking
statements,' which may include forecasts of our financial results
and condition, expectations for our operations and businesses, and
our assumptions for those forecasts and expectations. Do not place
undue reliance on forward-looking statements. These forward-looking
statements are subject to a number of risk factors and
uncertainties which could cause the Company's actual results and
experience to differ materially from the anticipated results and
expectation expressed in such forward-looking statements.
Factors that could cause our actual results to differ
materially from our forward-looking statements are described under
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and "Supervision and Regulation" in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, and in other
documents subsequently filed by the Company with the Securities and
Exchange Commission, available at the SEC's website and the
Company's website, each of which are referenced above. To the
extent that statements in this news release relate to future plans,
objectives, financial results or performance by the Company, these
statements are deemed to be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are generally identified by use of words such as
"may," "believe," "expect," "anticipate," "intend," "will,"
"should," "plan," "estimate," "predict," "continue" and "potential"
or the negative of these terms or other comparable
terminology.
Forward-looking statements represent management's beliefs,
based upon information available at the time the statements are
made, with regard to the matters addressed; they are not guarantees
of future performance. Forward-looking statements are subject to
numerous assumptions, risks and uncertainties that change over time
and could cause actual results or financial condition to differ
materially from those expressed in or implied by such statements.
All information is as of the date of this news release. Except to
the extent required by applicable law or regulation, the Company
undertakes no obligation to revise or update publicly any
forward-looking statement for any reason.
For more information:
Joe
Zanco, President and CEO
(337) 948-3033
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SOURCE Catalyst Bancorp, Inc.
