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Catalyst Bancorp CEO Joseph B Zanco buys shares worth $172,423

Published 12/04/2024, 06:14 PM
CLST
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Joseph B. Zanco, President and CEO of Catalyst Bancorp, Inc. (NASDAQ:CLST), a $52.35 million market cap financial institution, recently increased his stake in the company with significant purchases of common stock. According to InvestingPro analysis, the stock is currently trading near its 52-week high, with an 8.86% gain year-to-date. According to a recent filing, Zanco acquired a total of 14,583 shares over two days. On December 2, he purchased 8,333 shares at an average price of $11.791 per share, and on December 3, he bought an additional 6,250 shares at $11.867 per share. The total value of these transactions amounted to approximately $172,423. This insider purchase comes as the company trades at 0.64 times book value, with InvestingPro data showing management has been actively buying back shares.

Following these purchases, Zanco's indirect ownership through an IRA account now stands at 22,009 shares. This move reflects Zanco's continued confidence in Catalyst Bancorp's prospects as he bolsters his investment in the company. Unlock more exclusive insider trading insights and additional ProTips with InvestingPro.

In other recent news, Catalyst Bancorp, Inc. has made significant strides in its operations. The company has announced the engagement of HORNE LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2025, pending HORNE's standard client acceptance procedures and the execution of an engagement letter. The current accounting firm, Castaing, Hussey & Lolan, LLC, will continue to serve for the fiscal year ending December 31, 2024.

In addition to this, Catalyst Bancorp has initiated a new share repurchase plan dubbed the November 2024 Repurchase Plan. This initiative authorizes the company to repurchase up to 215,000 shares, approximately 5% of its outstanding common stock. It follows the company's first repurchase plan in January 2023, during which it acquired nearly 18% of its initially issued common shares.

Furthermore, Catalyst Bancorp has reported record loan growth in the third quarter of 2024, amounting to $21 million. This growth is attributed to the expansion of its branch network and technological upgrades, which have led to a reduction in non-interest expenses by over $200,000 annually. These recent developments underscore Catalyst Bancorp's ongoing efforts to enhance shareholder value and maintain its core profitability.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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