Catalyst Bancorp, Inc. 8-K

What Happened
Catalyst Bancorp, Inc. and its subsidiary Catalyst Bank entered into an Agreement and Plan of Share Exchange and Merger to acquire Lakeside Bancshares, Inc. (and its banking subsidiary Lakeside Bank). Under the Merger Agreement (dated April 7, 2026), each outstanding share of Lakeside common stock (other than dissenting shares) will be cashed out at $19.58 per share, equal to approximately $41.1 million in the aggregate. The boards of both companies unanimously approved the transaction. Completion is expected in the third quarter of 2026 and is subject to shareholder approval, required regulatory approvals and other customary closing conditions.

Key Details

• Cash consideration: $19.58 per share of Lakeside common stock; aggregate consideration ≈ $41.1 million.
• Timing: Transaction expected to close in Q3 2026, subject to approvals and closing conditions.
• Approvals & conditions: Requires Lakeside shareholder approval, regulatory approvals, absence of injunctions, and satisfaction of customary representations, warranties and covenants.
• Support: Each Lakeside director who owns or controls shares signed support agreements to vote in favor and restrictive covenant (non‑compete) agreements with Catalyst.
• Filings: Merger Agreement filed as Exhibit 2.1; press release and investor presentation filed as Exhibits 99.1 and 99.2 to the 8‑K.

Why It Matters
This is a cash acquisition that will transfer all outstanding Lakeside common stock to Catalyst for a fixed cash price, increasing Catalyst’s banking footprint and deposits in the relevant markets (subject to regulatory approvals). For Lakeside shareholders it provides immediate cash value; for Catalyst investors the deal will affect Catalyst’s assets, capital deployment and future integration work. The filing highlights customary closing risks and forward‑looking uncertainties — including shareholder and regulatory approvals, potential integration challenges, and the timing of the transaction — which could affect the ultimate benefits or timing of the merger.