Business Context and Reporting Period
This Form 8-K Current Report is filed by Fifth District Bancorp, Inc., the holding company for Fifth District Savings Bank. The report covers events occurring on March 31, 2025, with the filing date of April 4, 2025. The primary purpose of this filing is to disclose a change in the Company's independent registered public accounting firm.
Key Financial Metrics
This filing is a current report regarding corporate governance and does not contain financial performance data. Consequently, the filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity metrics for the period ending March 31, 2025.
Material Changes
Change in Certifying Accountant
- Dismissal: On March 31, 2025, the Company dismissed Elliott Davis, LLC as its independent registered public accounting firm. This decision was approved by the Audit Committee.
- Reasoning: The dismissal was not related to any disagreements regarding accounting principles, financial statement disclosure, or auditing scope. The audit reports for the years ended December 31, 2023, and December 31, 2024, were unqualified and contained no adverse opinions or disclaimers.
- Engagement: On March 31, 2025, the Company engaged EisnerAmper LLP to serve as the new independent registered public accounting firm for the fiscal year ending December 31, 2025.
- Consultations: No consultations were held with EisnerAmper regarding accounting principles or reportable events during the two most recent fiscal years or the interim period prior to engagement.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or management commentary on future performance. The only risk or contingency disclosed is the transition of the external audit function, which the Company states was conducted without any underlying disagreements or reportable events.
Investor Verification Checklist
- Verify the effective date of the new engagement with EisnerAmper LLP (March 31, 2025).
- Review the letter from Elliott Davis, LLC (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the dismissal.
- Monitor future filings (e.g., 10-Q or 10-K) for the first financial statements audited by the new firm.
- Confirm that no "reportable events" or disagreements occurred during the transition period as stated in the filing.