Catalyst Bancorp, Inc. filed a Form 8-K on August 17, 2026, disclosing that its wholly owned subsidiary, Catalyst Bank, entered into an employment agreement with Joseph B. Zanco for his continued service as President and Chief Executive Officer. The three-year term runs from August 17, 2026, to August 17, 2029, with a base salary of $350,000 subject to Board discretion for increases. The agreement includes maximum allocations under stock-based benefit plans, additional life insurance coverage of $500,000, and continuation of a $750,000 supplemental executive benefit vesting over 15 years. Severance provisions provide for twelve months' salary upon involuntary termination without cause or good reason, escalating to thirty-six months in the event of a change in control. Catalyst Bancorp operates as a bank holding company.

Catalyst Bancorp, Inc. reported second quarter 2026 net income of $524,000, or $0.14 diluted EPS, compared to $558,000 and $0.15 in the prior quarter. The company completed its acquisition of Lakeside Bancshares on July 14, 2026, incurring $87,000 in pre-tax merger-related expenses during the quarter. Total loans decreased 1% to $162.8 million, while total deposits rose 1% to $196.4 million. Non-performing assets declined 14% to $2.3 million, and net interest margin expanded three basis points to 3.86%. The company repurchased 24,206 shares at an average cost of $16.20 per share during the quarter. Catalyst Bancorp operates as a bank holding company providing commercial and retail banking services in Louisiana.

Catalyst Bancorp, Inc. completed the acquisition of Lakeside Bancshares, Inc. and its subsidiary, Lakeside Bank, on July 14, 2026. Shareholders of Lakeside Bancshares received $19.58 in cash per share, totaling $41.1 million in aggregate. Lakeside Bank held $375.7 million in assets, $242.8 million in loans, and $277.6 million in deposits as of March 31, 2026. Catalyst Bancorp, Inc. is a holding company for Catalyst Bank, providing banking and financial services.

Lakeside Bancshares, Inc. shareholders have approved the pending merger with Catalyst Bancorp, Inc. All necessary regulatory approvals for the transaction, which involves the merger of Lakeside with and into Catalyst and Lakeside Bank with and into Catalyst Bank, have been obtained. The transaction is expected to close on or about July 14, 2026, pending the satisfaction of remaining closing conditions. Catalyst and Catalyst Bank will serve as the surviving entities. Catalyst Bancorp, Inc. is a financial services company providing banking services.