Amendment: Catalyst Bancorp Inc. filed SEC Form 8-K: Changes in Registrant's Certifying Accountant, Financial Statements and Exhibits
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This Current Report on Form 8-K/A amends the current report on Form 8-K, dated November 20, 2024 that was filed with the Securities and Exchange Commission (the “SEC”) on November 26, 2024 (the “Original Form 8-K”) by Catalyst Bancorp, Inc. (the “Company”), concerning the Company’s decision to engage HORNE LLP (“HORNE”) as its independent registered public accounting firm following the completion of the audit services provided by Castaing, Hussey & Lolan, LLC (“CHL”) for the year ending December 31, 2024 and the filing of the Company’s 2024 Annual Report on Form 10-K on March 28, 2025.
ITEM 4.01 Changes in Registrant’s Certifying Accountant
As previously reported in the Original Form 8-K, the Board of Directors of Catalyst Bancorp, Inc. (the “Company”) approved the engagement of HORNE LLP (“HORNE”) as the Company’s independent registered public accounting firm for the Company’s fiscal year ending December 31, 2025. Castaing, Hussey & Lolan, LLC (“CHL”), continued as the Company’s independent registered public accounting firm for the year ended December 31, 2024. On March 28, 2025, when the Company filed its Annual Report on Form 10-K for the year ended December 31, 2024, CHL completed its audit of the Company’s consolidated financial statements for such fiscal year, and the Company’s retention of CHL as our independent registered public accounting firm with respect to the audit of the Company’s consolidated U.S. GAAP financial statements ended as of that date.
CHL’s reports on the Company’s consolidated financial statements as of and for the fiscal years ended December 31, 2024 and 2023 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.
During the fiscal years ended December 31, 2024 and 2023, and the subsequent interim period through March 28, 2025, there were: (i) no disagreements within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions between the Company and CHL on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to CHL’s satisfaction, would have caused CHL to make reference thereto in their reports; and (ii) no “reportable events” within the meaning of Item 304(a)(1)(v) of Regulation S-K.
Before filing this Form 8-K with the Securities and Exchange Commission (“SEC”), the Company provided CHL with a copy of the disclosures contained in this Item 4.01, and the Company requested that CHL furnish a letter addressed to the SEC stating whether or not it agrees with the above statements. A copy of CHL’s letter, dated April 2, 2025, is filed as Exhibit 16.1 to this Form 8-K.
During the fiscal years ended December 31, 2024 and 2023 and the subsequent interim period through March 28, 2025, neither the Company nor anyone on its behalf has consulted with HORNE regarding: (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report nor oral advice was provided to the Company that HORNE concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; (ii) any matter that was the subject of a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions; or (iii) any reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K.
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