Independent
Tenure on this board
4.6 yrs
2 nominees · 2 ballot items.
Election of two directors for three-year terms; Ratification of appointment of BDO USA, P.C. as independent registered public accounting firm for fiscal 2026.
Elect two directors (Frederick R. Lafleur and Matthew L. Scruggins) for three-year terms expiring in 2029.
Ratify the appointment of BDO USA, P.C. as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2026.
This proposal asks shareholders to ratify the appointment of BDO USA, P.C. as Catalyst Bancorp’s independent registered public accounting firm for fiscal year 2026. Management is seeking shareholder approval primarily as a matter of good corporate governance and to provide shareholders an opportunity to ratify the Audit Committee’s appointment, even though the Audit Committee selected and pre-approved the engagement in advance. The context includes a recent auditor transition: HORNE LLP resigned following a business combination where its partners/staff joined BDO, and Castaing served as auditor earlier in 2025; the Audit Committee reviewed the circumstances and appointed BDO with consideration of independence and continuity. The Board states there were no reportable disagreements with HORNE and no consultations with BDO prior to engagement; the recommendation rationale emphasizes the Audit Committee’s oversight, pre-approval process and BDO’s independence. Shareholder ratification is routine but provides a check on auditor independence; the Board’s recommendation is FOR given the Audit Committee’s review and the lack of adverse disclosures regarding the transition.
| # | Owner | % of shares | Shares | Value |
|---|---|---|---|---|
| 1 | Stilwell Value LLC | 6.97% | 282,434 | $5M |
| 2 | GRAHAM CAPITAL WEALTH MANAGEMENT, LLC | 4.87% | 197,285 | $3M |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 4.69% | 190,140 | $3M |
| 4 | BlackRock, Inc. | 1.38% | 56,005 | $927K |
| 5 | ALLIANCEBERNSTEIN L.P. | 0.78% | 31,630 | $498K |
| 6 | Montz Harcus Wealth Management LLC | 0.74% | 30,000 | $497K |
| 7 | GEODE CAPITAL MANAGEMENT, LLC | 0.66% | 26,940 | $446K |
| 8 | Kestra Advisory Services, LLC | 0.62% | 25,000 | $414K |
| 9 | VANGUARD FIDUCIARY TRUST CO | 0.60% | 24,216 | $401K |
| 10 | RENAISSANCE TECHNOLOGIES LLC | 0.57% | 23,200 | $384K |
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