Catalyst Bancorp, Inc. Form 8-K Summary
Business Context and Reporting Period
Catalyst Bancorp, Inc. (CLST), a Louisiana-based financial institution, filed this Current Report on Form 8-K on November 20, 2024. The filing addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data. There are no disclosures regarding revenue, profit, cash flow, margins, debt, or liquidity metrics within this document.
Material Changes
The primary material change reported is the appointment of a new independent auditor:
- New Auditor: HORNE LLP has been engaged as the independent registered public accounting firm for the fiscal year ending December 31, 2025.
- Outgoing Auditor: Castaing, Hussey & Lolan, LLC (CHL) will continue as the auditor for the fiscal year ending December 31, 2024.
- Process: The Board of Directors approved the change following a competitive process conducted by the Audit Committee.
Outlook, Risks, and Contingencies
The filing confirms the following regarding the transition:
- No Disagreements: There were no disagreements between the Company and CHL on accounting principles, financial statement disclosures, or auditing scope during the fiscal years ended December 31, 2023 and 2022, or the interim period through November 20, 2024.
- No Reportable Events: No "reportable events" as defined by Regulation S-K occurred during the specified periods.
- Consultation with New Auditor: The Company did not consult with HORNE LLP regarding accounting principles, audit opinions, or reportable events prior to this engagement.
- CHL Confirmation: CHL provided a letter to the SEC confirming the accuracy of the Company's statements regarding the lack of disagreements or reportable events.
Investor Verification Checklist
- Verify the completion of HORNE LLP's standard client acceptance procedures and the execution of the engagement letter.
- Review the letter from Castaing, Hussey & Lolan, LLC (Exhibit 16.1) filed with the SEC.
- Monitor future filings for the first audited financial statements prepared under the new auditor for the 2025 fiscal year.