CLST.NASDAQCatalyst Bancorp, INC
SCHEDULE: Stilwell Group Takes 5.2% Stake in Catalyst Bancorp
Sentiment:
Activist Stake Disclosure
Activist investor Stilwell Group has disclosed a 5.2% stake in Catalyst Bancorp, Inc., aiming to collaborate with management to enhance shareholder value.
Delay expectedAnchor Bancorp's acquisition by Washington Federal, Inc. was delayed due to regulatory issues at Washington Federal, Inc. (announced April 11, 2017, delayed, then sold to FS Bancorp, Inc. on July 17, 2018).
Capital raiseFunds for the acquisition were provided from the Group's working capital.Funds may, from time to time, be provided in part by margin account loans from subsidiaries of Morgan Stanley, Interactive Brokers, Velocity Clearing LLC, or J.P. Morgan.All or part of the shares of Common Stock owned by members of the Group may from time to time be pledged with one or more banking institutions or brokerage firms as collateral for loans.
Summary
- Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P., Stilwell Value LLC, and Joseph Stilwell (the "Group") have jointly filed a Schedule 13D for Catalyst Bancorp, Inc.
- The Group beneficially owns an aggregate of 215,983 shares of Catalyst Bancorp's Common Stock, representing approximately 5.2% of the 4,129,604 shares outstanding as of September 30, 2025.
- The primary purpose of the acquisition is to profit from the appreciation in the market price of the shares by asserting shareholder rights, as the Group believes the value of Catalyst Bancorp's assets is not adequately reflected in its current market price.
- Funds for the acquisition, totaling $2,798,421.86, were provided from the Group's working capital and may include margin account loans.
- The Group has a history of activist positions in 78 other publicly-traded companies since 2000, consistently aiming to maximize shareholder value through various actions including advocating for sales, mergers, share repurchases, and board representation.
Sentiment
Score: 7
Explanation: The filing indicates a significant activist stake with a clear intent to drive shareholder value, which is generally positive for investors seeking catalysts. However, it also implies a belief that the company's assets are currently undervalued, suggesting underperformance by existing management.
Positives
- An experienced activist investor group, Stilwell Group, has taken a significant stake, indicating potential for strategic changes to unlock value.
- The Group explicitly states its intention to work with management and the board to maximize shareholder value.
- The Group believes the value of Catalyst Bancorp's assets is not adequately reflected in the current market price, suggesting potential for upside.
Negatives
- The filing indicates that the Group believes Catalyst Bancorp's assets are undervalued, implying current management may not be maximizing shareholder value effectively.
- The Group's history includes instances of proxy contests and litigation when management was unresponsive, which could lead to potential disruption or costs for Catalyst Bancorp.
Risks
- The Group's acquisition of shares was funded in part by working capital and may include margin account loans, which could expose the Group to market volatility and potential margin calls.
- Stilwell Value LLC, a member of the Group, previously consented to an SEC administrative cease and desist order and paid a $75,000 civil monetary penalty for failing to timely file beneficial ownership reports, indicating past regulatory compliance issues within the Group.
- The Group's activist approach, if not aligned with management, could lead to proxy contests, litigation, or other disputes, potentially diverting company resources and attention.
Future Outlook
The Stilwell Group intends to work with Catalyst Bancorp's management and board to maximize shareholder value, potentially through asserting shareholder rights and seeking appreciation in the market price of the common stock. The Group may also consider additional purchases or sales of shares.
Management Comments
- We hope to work with management and the board to maximize shareholder value.
- Our purpose in acquiring shares of Common Stock of the Issuer is to profit from the appreciation in the market price of the shares of Common Stock through asserting shareholder rights.
- We do not believe the value of the Issuer's assets is adequately reflected in the current market price of the Issuer's Common Stock.
- Members of the Group may seek to make additional purchases or sales of shares of Common Stock.
Industry Context
The filing highlights a common trend of activist investors targeting financial institutions, particularly community banks, where they perceive undervalued assets or opportunities for improved capital allocation and strategic changes. Stilwell Group's extensive history in this sector suggests a specialized approach to unlocking value in such companies, often through advocating for mergers, sales, or share repurchases.
Comparison to Industry Standards
- Stilwell Group has a track record of taking activist positions in 78 other publicly-traded companies since 2000, primarily in the financial sector, indicating a consistent strategy.
- Their past actions include successfully advocating for sales or mergers (e.g., Security of Pennsylvania Financial Corp., Cameron Financial Corporation, Community Financial Corp.), seating directors who then facilitated sales (e.g., Oregon Trail Financial Corp., HCB Bancshares, Inc.), and influencing capital allocation strategies like share repurchases (e.g., FPIC Insurance Group, Inc., First Savings Financial Group, Inc.).
- The Group's stated belief that Catalyst Bancorp's assets are not adequately reflected in its market price aligns with their historical rationale for engaging with other companies where they sought to profit from market price appreciation by asserting shareholder rights.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Shareholder Activism | The Stilwell Group intends to assert shareholder rights to maximize shareholder value, potentially leading to changes in corporate strategy or board composition if current management does not align with their objectives. | 10/23/2025 | Potential for increased shareholder oversight and pressure for strategic changes, which could include asset sales, mergers, or capital allocation adjustments. |
Legal Proceedings
- Stilwell Value LLC consented to an SEC administrative cease and desist order on September 25, 2024, for failing to timely file certain beneficial ownership reports on Schedule 13D and Schedule 13G.
- A $75,000 civil monetary penalty was imposed on Stilwell Value LLC, which has been satisfied.
Related Party Transactions
- The filing includes a Joint Filing Agreement dated October 30, 2025, among Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P., Stilwell Value LLC, and Joseph Stilwell, formalizing their group filing.
- The various Stilwell entities and Joseph Stilwell are related parties, with Joseph Stilwell being the managing member and owner of Stilwell Value LLC, which is the general partner of the other Stilwell partnerships.
Stakeholder Impact
- Shareholders: Potential for increased shareholder value if the activist's strategies are successfully implemented, but also potential for volatility and uncertainty during an activist campaign.
- Management/Board: Increased scrutiny and pressure to perform or consider strategic alternatives. Potential for board changes or management turnover if the activist's demands are not met.
Next Steps
- The Stilwell Group hopes to work with Catalyst Bancorp's management and board to maximize shareholder value.
- The Group may seek to make additional purchases or sales of shares of Common Stock.
- The Group may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals.
Key Dates
| Date | Description |
|---|---|
| 2000-05-01 | Stilwell Group filed original Schedule 13D for Security of Pennsylvania Financial Corp. (SPN). |
| 2000-06-02 | SPN announced its acquisition by Northeast Pennsylvania Financial Corp. |
| 2000-07-07 | Stilwell Group filed original Schedule 13D for Cameron Financial Corporation. |
| 2000-10-06 | Cameron announced its sale to Dickinson Financial Corp. |
| 2000-12-15 | Stilwell Group filed original Schedule 13D for Oregon Trail Financial Corp. (OTFC). |
| 2001-01-04 | Stilwell Group filed original Schedule 13D for Community Financial Corp. (CFIC). |
| 2001-01-25 | CFIC announced the sale of one of its remaining subsidiaries. |
| 2001-02-23 | Stilwell Group filed original Schedule 13D for Montgomery Financial Corporation. |
| 2001-03-30 | CFIC announced its merger with First Financial Corporation. |
| 2001-04-20 | Stilwell Group met with Montgomery's management and suggested selling the institution. |
| 2001-06-05 | Montgomery announced that it had hired an investment banker to explore a sale. |
| 2001-06-14 | Stilwell Group filed original Schedule 13D for HCB Bancshares, Inc. (HCBB). |
| 2001-07-24 | Montgomery announced its merger with Union Community Bancorp. |
| 2001-08-16 | Stilwell Group started soliciting proxies to elect Kevin D. Padrick, Esq. to the OTFC board. |
| 2001-09-04 | Stilwell Group reported a standstill agreement with HCBB. |
| 2001-10-12 | OTFC's shareholders elected Stilwell Group's candidate by a two-to-one margin. |
| 2001-10-22 | Stilwell Group's nominee, John G. Rich, Esq., was appointed to the HCBB board. |
| 2002-01-18 | Michigan's Insurance Department approved Stilwell Group's request to solicit proxies for American Physicians Capital, Inc. (ACAP). |
| 2002-01-29 | Stilwell Group noticed its intention to nominate two directors at ACAP's 2002 annual meeting. |
| 2002-01-31 | HCBB announced a modified Dutch tender auction to repurchase 20% of its shares. |
| 2002-02-20 | Stilwell Group entered into a three-year standstill agreement with ACAP. |
| 2002-03-12 | Stilwell Group entered into a standstill agreement with OTFC. |
| 2002-11-25 | Stilwell Group filed original Schedule 13D for ACAP. |
| 2003-02-26 | OTFC and FirstBank NW Corp. announced their merger. |
| 2003-06-30 | Stilwell Group filed original Schedule 13D for FPIC Insurance Group, Inc. (FPIC). |
| 2003-08-12 | Florida's Insurance Department approved Stilwell Group's request to hold more than 5% of FPIC shares. |
| 2003-08-12 | HCBB announced it had hired an investment banker to assist in exploring alternatives for maximizing shareholder value. |
| 2003-10-31 | OTFC merger completed. |
| 2003-11-06 | ACAP announced a reserve charge and that it would explore options to maximize shareholder value. |
| 2003-11-10 | FPIC invited Stilwell Group's nominee, John G. Rich, Esq., to join the board. |
| 2003-12-02 | ACAP announced the early retirement of its president and CEO. |
| 2003-12-23 | ACAP named R. Kevin Clinton its new president and CEO. |
| 2004-01-14 | HCBB announced its sale to Rock Bancshares, Inc. |
| 2004-03-29 | Stilwell Group filed original Schedule 13D for Community Bancshares, Inc. (COMB). |
| 2004-06-08 | Stilwell Group disclosed selling FPIC shares, decreasing holdings below 5%. |
| 2004-06-24 | ACAP announced that it had decided to shed non-core businesses and focus on its core business line. |
| 2004-11-10 | ACAP invited Joseph Stilwell to sit on the board, and a new standstill agreement was entered. |
| 2005-06-20 | Stilwell Group filed original Schedule 13D for Prudential Bancorp, Inc. of Pennsylvania (PBIP). |
| 2005-08-01 | Stilwell Group announced it would solicit proxies to oppose adoption of PBIP's management stock benefit plans. |
| 2005-11-21 | Stilwell Group amended its Schedule 13D for COMB, stating that COMB should be sold. |
| 2005-12-01 | Stilwell Group solicited proxies to withhold votes on the election of PBIP's directors. |
| 2006-01-06 | Stilwell Group disclosed the names of its three board nominees for COMB. |
| 2006-01-19 | Stilwell Group filed original Schedule 13D for SCPIE Holdings Inc. (SKP). |
| 2006-04-06 | PBIP announced that it had secretly solicited a letter from an FDIC staffer to allow the MHC to vote in favor of the management stock benefit plans. |
| 2006-04-19 | PBIP postponed the special meeting to vote on the management stock benefit plans. |
| 2006-05-01 | COMB announced its sale to The Banc Corporation. |
| 2006-09-01 | The Fed subsequently followed the FDIC's position regarding PBIP's management stock benefit plans. |
| 2006-10-04 | Stilwell Group sued PBIP, the MHC, and the directors of PBIP and the MHC in federal court. |
| 2006-12-01 | Stilwell Group solicited proxies to withhold votes on the election of PBIP's directors at the 2007 annual meeting. |
| 2006-12-14 | SKP agreed to place Joseph Stilwell on its board. |
| 2007-03-07 | Stilwell Group disclosed publicizing the results of PBIP's elections and its directors' unwillingness to hold a democratic vote on the stock plans by placing billboard advertisements. |
| 2007-04-01 | Stilwell Group engaged in a proxy solicitation at ROMA's first annual meeting. |
| 2007-07-27 | Stilwell Group filed original Schedule 13D for Roma Financial Corp. (ROMA). |
| 2007-08-15 | The court dismissed some claims against PBIP, but sustained Stilwell Group's cause of action against the MHC. |
| 2007-10-16 | Mr. Stilwell resigned from SKP's board after it approved a sale he believed was an inferior deal. |
| 2007-11-05 | Stilwell Group filed original Schedule 13D for NorthEast Community Bancorp, Inc. (NECB). |
| 2007-11-21 | Stilwell Group disclosed selling ROMA shares in the open market, decreasing holdings below 5%. |
| 2007-12-01 | Stilwell Group filed proxy materials for the solicitation of proxies to withhold votes on the election of PBIP's directors at the 2008 annual meeting. |
| 2008-05-08 | ACAP representatives were re-elected to three-year terms expiring in 2011. |
| 2008-05-22 | Stilwell Group voluntarily discontinued the lawsuit against PBIP. |
| 2008-05-23 | Stilwell Group filed original Schedule 13D for William Penn Bancorp, Inc. (WMPN). |
| 2008-05-30 | Stilwell Group filed original Schedule 13D for Malvern Bancorp, Inc. (MLVF). |
| 2008-06-11 | Stilwell Group filed a notice to appeal certain portions of the lower court's August 15, 2007, order dismissing portions of the lawsuit against PBIP. |
| 2008-11-07 | Stilwell Group filed original Schedule 13D for Kingsway Financial Services Inc. (KFS). |
| 2008-11-01 | Stilwell Group entered into a settlement agreement and an expense agreement with PBIP. |
| 2008-12-29 | Stilwell Group filed original Schedule 13D for First Savings Financial Group, Inc. (FSFG). |
| 2009-01-07 | Stilwell Group entered into a settlement agreement with KFS, leading to the CEO's resignation and board appointments. |
| 2009-03-12 | Stilwell Group filed original Schedule 13D for Alliance Bancorp, Inc. of Pennsylvania (ALLB). |
| 2009-04-23 | The KFS board was reconstituted with just three of the original ten legacy directors remaining. |
| 2009-11-03 | All of the legacy directors had resigned from the KFS board. |
| 2009-12-01 | Stilwell Group reported that its beneficial ownership of outstanding FSFG common stock had fallen below 5%. |
| 2010-03-05 | Stilwell Group reported that its ownership in PBIP had dropped below 5%. |
| 2010-07-01 | Stilwell Group served a demand on NECB to inspect its shareholder list. |
| 2010-08-01 | NECB produced the list of shareholders to Stilwell Group. |
| 2010-08-11 | ALLB announced its intention to undertake a second-step offering. |
| 2010-09-24 | Stilwell Group filed original Schedule 13D for FedFirst Financial Corporation (FFCO). |
| 2010-10-08 | Stilwell Group filed original Schedule 13D for Wayne Savings Bancshares, Inc. (WAYN). |
| 2010-10-18 | Stilwell Group filed original Schedule 13D for Standard Financial Corp. (STND). |
| 2010-10-22 | ACAP was acquired by The Doctors Company. |
| 2010-10-26 | Stilwell Group demanded that MLVF pursue a derivative action against its directors. |
| 2010-12-29 | The plan of conversion and reorganization for ALLB was approved by depositors. |
| 2011-01-03 | Stilwell Group filed original Schedule 13D for Home Federal Bancorp, Inc. of Louisiana (HFBL). |
| 2011-02-07 | Stilwell Group filed original Schedule 13D for Wolverine Bancorp, Inc. (WBKC). |
| 2011-02-28 | Stilwell Group filed original Schedule 13D for SP Bancorp, Inc. (SPBC). |
| 2011-03-28 | Stilwell Group filed original Schedule 13D for Eureka Financial Corp. (EKFC). |
| 2011-04-01 | Stilwell Group filed original Schedule 13D for Harvard Illinois Bancorp, Inc. (HARI). |
| 2011-04-11 | Stilwell Group filed original Schedule 13D for Fraternity Community Bancorp, Inc. (FRTR). |
| 2011-04-18 | Stilwell Group filed original Schedule 13D for Sunshine Financial, Inc. (SSNF). |
| 2011-06-03 | Stilwell Group sued MLVF's directors in Chester County, Pennsylvania. |
| 2011-07-05 | Stilwell Group filed original Schedule 13D for Jacksonville Bancorp, Inc. (JXSB). |
| 2011-07-11 | Stilwell Group filed original Schedule 13D for Naugatuck Valley Financial Corporation (NVSL). |
| 2011-08-24 | Stilwell Group filed original Schedule 13D for Colonial Financial Services, Inc. (COBK). |
| 2011-09-12 | Stilwell Group filed original Schedule 13D for First Financial Northwest, Inc. (FFNW). |
| 2011-09-23 | Stilwell Group filed original Schedule 13D for Poage Bankshares, Inc. (PBSK). |
| 2011-09-29 | Stilwell Group filed original Schedule 13D for United Insurance Holdings Corp. (UIHC). |
| 2011-10-01 | Stilwell Group sent a letter to NECB's board of directors demanding board expansion to consider a second-step conversion. |
| 2011-10-07 | Stilwell Group filed original Schedule 13D for Provident Financial Holdings, Inc. (PROV). |
| 2011-10-24 | Stilwell Group filed original Schedule 13D for ASB Bancorp, Inc. (ASBB). |
| 2011-10-01 | Stilwell Group filed a lawsuit in New York state court against NECB, the mutual holding company, and their boards of directors. |
| 2011-11-09 | Judge Howard F. Riley Jr. overruled the director defendants' preliminary objections to the derivative lawsuit against MLVF. |
| 2011-11-21 | Stilwell Group filed original Schedule 13D for Sound Financial, Inc. (SNFL). |
| 2012-01-17 | MLVF announced its intention to undertake a second-step conversion. |
| 2012-01-19 | Stilwell Group filed original Schedule 13D for West End Indiana Bancshares, Inc. (WEIN). |
| 2012-03-05 | Stilwell Group filed original Schedule 13D for IF Bancorp, Inc. (IROQ). |
| 2012-05-07 | Stilwell Group filed original Schedule 13D for Anchor Bancorp (ANCB). |
| 2012-07-23 | Stilwell Group filed original Schedule 13D for Georgetown Bancorp, Inc. (GTWN). |
| 2012-08-22 | SNFL announced the completion of its second-step conversion. |
| 2012-09-21 | Stilwell Group filed original Schedule 13D for Fairmount Bancorp, Inc. (FMTB). |
| 2012-10-11 | MLVF conversion and stock offering were completed. |
| 2012-10-22 | Stilwell Group filed original Schedule 13D for Hamilton Bancorp, Inc. (HBK). |
| 2012-11-23 | Stilwell Group filed original Schedule 13D for Polonia Bancorp, Inc. (PBCP). |
| 2012-11-29 | Stilwell Group filed original Schedule 13D for TF Financial Corporation (THRD). |
| 2012-12-17 | Stilwell Group disclosed selling UIHC shares in the open market, decreasing holdings below 5%. |
| 2013-01-03 | Stilwell Group filed original Schedule 13D for United Community Bancorp (UCBA). |
| 2013-02-07 | Stilwell Group disclosed selling HFBL shares in the open market, decreasing holdings below 5%. |
| 2013-02-25 | Stilwell Group filed original Schedule 13D for HopFed Bancorp, Inc. (HFBC). |
| 2013-03-19 | Stilwell Group disclosed selling STND shares in the open market, decreasing holdings below 5%. |
| 2013-04-08 | Stilwell Group filed original Schedule 13D for Jefferson Bancshares, Inc. (JFBI). |
| 2013-05-01 | Stilwell Group's nominee won election to HFBC's board by a two-to-one margin. |
| 2013-05-20 | Stilwell Group filed original Schedule 13D with the Federal Deposit Insurance Corporation reporting its position in United-American Savings Bank (UASB). |
| 2013-08-01 | HFBC's proposed Sumner deal was terminated. |
| 2013-08-09 | Stilwell Group met with SPBC management and the Chairman to assess the best way to maximize shareholder value. |
| 2013-08-23 | Stilwell Group met with ASBB management to assess the best way to maximize shareholder value. |
| 2013-09-05 | Stilwell Group notified MLVF of its intention to nominate John P. OGrady for election as a director. |
| 2013-10-28 | Stilwell Group filed original Schedule 13D for Delanco Bancorp, Inc. (DLNO). |
| 2013-12-18 | Stilwell Group reached an agreement with COBK to have a director of its choice appointed to its board of directors. |
| 2014-01-23 | JFBI's sale to HomeTrust Bancshares, Inc. was announced. |
| 2014-02-13 | Stilwell Group reported its intention to seek board representation at NVSL. |
| 2014-02-25 | Stilwell Group reported its intention to seek board representation at FMTB's 2015 annual meeting if FMTB did not announce its sale. |
| 2014-03-12 | Stilwell Group reached an agreement with NVSL for its representative to join NVSL's board of directors. |
| 2014-03-17 | Stilwell Group filed original Schedule 13D for Carroll Bancorp, Inc. (CROL). |
| 2014-03-25 | Corissa B. Porcelli joined COBK's board of directors. |
| 2014-04-14 | FFCO announced its sale to CB Financial Services, Inc. |
| 2014-04-21 | Stilwell Group filed original Schedule 13D for Sugar Creek Financial Corp. (SUGR). |
| 2014-05-05 | SPBC announced its sale to Green Bancorp Inc. |
| 2014-06-04 | THRD announced its sale to National Penn Bancshares, Inc. |
| 2014-07-18 | Stilwell Group disclosed that it sold its shares to ASBB. |
| 2014-09-10 | COBK announced its sale to Cape Bancorp, Inc. |
| 2014-09-15 | Stilwell Group filed original Schedule 13D reporting its position in Seneca-Cayuga Bancorp, Inc. (SCAY). |
| 2014-09-23 | Stilwell Group filed original Schedule 13D for Pinnacle Bancshares, Inc. (PCLB). |
| 2014-11-14 | PCLB announced the continuation of its share repurchase plan. |
| 2014-11-18 | Corissa B. Porcelli was appointed to FRTR's board of directors. |
| 2014-11-25 | Stilwell Group terminated its standstill agreement with MLVF. |
| 2014-12-03 | WMPN announced and subsequently completed its plan to repurchase 10% of its shares outstanding. |
| 2015-01-09 | Stilwell Group filed original Schedule 13D for MB Bancorp, Inc. (MBCQ). |
| 2015-01-15 | NVSL cash deal completed. |
| 2015-02-09 | Stilwell Group filed original Schedule 13D for Ben Franklin Financial, Inc. (BFFI). |
| 2015-04-01 | COBK cash/stock deal completed. |
| 2015-04-16 | FMTB's sale was announced. |
| 2015-04-01 | Stilwell Group began soliciting stockholder votes for its nominee for HARI's 2015 annual meeting. |
| 2015-05-11 | Stilwell Group filed original Schedule 13D for Alamogordo Financial Corp. (ALMG). |
| 2015-05-13 | FRTR cash deal completed. |
| 2015-05-15 | Stilwell Group filed original Schedule 13D for Provident Bancorp, Inc. (PVBC). |
| 2015-05-21 | HARI announced the sale of its subsidiary bank to State Bank in Wonder Lake, IL. |
| 2015-06-04 | NVSL announced its sale to Liberty Bank in Middletown, Connecticut. |
| 2015-07-21 | Stilwell Group's nominee, Stephen S. Burchett, was elected as a director of PBSK. |
| 2015-09-03 | EKFC announced its sale to NexTier, Inc. |
| 2015-10-13 | FRTR's sale was announced. |
| 2015-10-26 | Stilwell Group filed original Schedule 13D for FSB Community Bankshares, Inc. (FSBC). |
| 2015-11-09 | Stilwell Group disclosed selling UCBA shares to UCBA, decreasing holdings below 5%. |
| 2015-11-12 | Stilwell Group disclosed selling its shares in WEIN in the open market. |
| 2015-12-30 | UASB announced its sale to Emclaire Financial Corp. |
| 2016-01-25 | Stilwell Group filed original Schedule 13D for Central Federal Bancshares, Inc. (CFDB). |
| 2016-02-05 | Corissa B. Porcelli was appointed to SSNF's board of directors. |
| 2016-03-03 | FSBC announced and later completed a second-step conversion. |
| 2016-03-07 | ALMG announced and later completed a second-step conversion. |
| 2016-03-10 | Stilwell Group filed original Schedule 13D for First Federal of Northern Michigan Bancorp, Inc. (FFNM). |
| 2016-03-30 | MBCQ announced and subsequently completed its plan to repurchase an initial 10% of its shares outstanding. |
| 2016-04-11 | Stilwell Group disclosed selling WMPN shares in the open market, decreasing holdings below 5%. |
| 2016-05-21 | Stilwell Group met with CFDB management, the board, and its attorney at CFDB's annual meeting. |
| 2016-05-25 | PCLB announced a new repurchase plan. |
| 2016-06-02 | PBCP's sale to Prudential Bancorp, Inc. was announced. |
| 2016-06-14 | WBKC's sale to Horizon Bancorp was announced. |
| 2016-07-07 | Stilwell Group called for ANCB's sale to the highest bidder. |
| 2016-08-01 | The sale of HARI's subsidiary bank was completed. |
| 2016-08-10 | Stilwell Group entered into a settlement agreement with HARI. |
| 2016-08-29 | Stilwell Group agreed not to seek board representation at ANCB's 2016 annual meeting. |
| 2016-10-06 | GTWN announced its sale to Salem Five Bancorp. |
| 2016-10-11 | Stilwell Group disclosed selling its shares in FFNW in the open market. |
| 2016-10-14 | Stilwell Group disclosed selling shares of the converted company, Bancorp 34, Inc., decreasing holdings below 5%. |
| 2016-12-07 | Stilwell Group disclosed selling MLVF shares in the open market, decreasing holdings below 5%. |
| 2016-12-09 | Stilwell Group disclosed selling shares of the converted company, FSB Bancorp, Inc., decreasing holdings below 5%. |
| 2016-12-13 | Stilwell Group disclosed selling its shares in PCLB in the open market. |
| 2016-12-20 | WAYN announced Mr. Fitz Gibbon's unexplained resignation. |
| 2017-03-20 | Stilwell Group filed original Schedule 13D for First Advantage Bancorp (FABK). |
| 2017-04-11 | ANCB's sale to Washington Federal, Inc. was announced. |
| 2017-05-01 | Stilwell Group sent a letter to HFBC stockholders detailing extensive real estate holdings and conflicts of interest of the CEO and counsel. |
| 2017-05-04 | Stilwell Group filed a complaint in the Delaware Court of Chancery against HFBC. |
| 2017-05-01 | Corissa B. Porcelli was appointed to DLNO's board of directors. |
| 2017-07-03 | Stilwell Group filed original Schedule 13D for Wheeler Real Estate Investment Trust, Inc. (WHLR). |
| 2017-07-17 | ANCB's sale to FS Bancorp, Inc. at a higher price was announced. |
| 2017-07-28 | Stilwell Group disclosed selling its shares in SUGR in the open market. |
| 2017-09-25 | Stilwell Group disclosed selling PROV shares in the open market, decreasing holdings below 5%. |
| 2017-10-04 | HFBC announced it had amended the bylaw, thus mooting the case. |
| 2017-10-18 | DLNO's sale to First Bank was announced. |
| 2017-12-04 | Stilwell Group announced its nominees and alternate nominee for WHLR's 2018 election of directors. |
| 2017-12-06 | SSNF's sale to The First Bancshares, Inc. was announced. |
| 2017-12-28 | Stilwell Group filed original Schedule 13D for Alcentra Capital Corp (ABDC). |
| 2018-01-05 | Stilwell Group informed ABDC management that if ABDC did not repurchase 10% of its shares in 2018, they would aggressively seek board representation. |
| 2018-01-16 | FFNM's sale to Mackinac Financial Corporation was announced. |
| 2018-01-17 | Stilwell Group called for Jon Wheeler's removal from WHLR. |
| 2018-01-18 | JXSB's sale to CNB Bank Shares, Inc. was announced. |
| 2018-01-29 | Jon Wheeler was fired by the WHLR board. |
| 2018-01-29 | Stilwell Group served a letter to the SCAY board demanding that SCAY undertake a second-step conversion. |
| 2018-02-07 | Vice Chancellor J. Travis Laster granted Stilwell Group's motion for attorneys fees and expenses against HFBC. |
| 2018-02-20 | Stilwell Group reached an agreement with MBCQ, and Corissa B. Porcelli was appointed to the board of directors. |
| 2018-02-23 | HFBC filed a Form 8-K reporting that the Special Litigation Committee declined to recommend HFBC bring a lawsuit or remedial action against John Peck. |
| 2018-02-23 | Stilwell Group formally demanded that HFBC's board of directors take action against HFBC's attorneys for legal malpractice. |
| 2018-04-02 | SSNF cash/stock deal completed. |
| 2018-04-10 | Stilwell Group entered into a Standstill Agreement with HFBC. |
| 2018-04-18 | Mark D. Alcott's appointment to the HFBC board became effective. |
| 2018-04-30 | DLNO stock deal completed. |
| 2018-05-08 | Stilwell Group's representatives were re-elected to ACAP's board for three-year terms expiring in 2011. |
| 2018-05-24 | Stilwell Group announced that it would withhold its proxy votes on the re-election of the then current CEO at the KFS annual meeting. |
| 2018-07-11 | PBSK's sale to City Holding Company was announced. |
| 2018-07-18 | Stilwell Group sold its shares to WTWB. |
| 2018-09-05 | The KFS board announced a CEO transition. |
| 2018-10-23 | HBK's sale to Orrstown Financial Services, Inc. was announced. |
| 2018-12-03 | Stilwell Group announced its intent to seek board representation at BFFI's 2019 annual meeting. |
| 2018-12-07 | PBSK stock deal completed. |
| 2019-01-07 | HFBC's sale to First Financial Corporation was announced. |
| 2019-01-25 | Stilwell Group announced its nominees and alternate nominee for ABDC's 2019 election of directors. |
| 2019-02-22 | Stilwell Group served its notice of intent to nominate Ralph Sesso for election as a director on BFFI's board. |
| 2019-06-12 | Stilwell Group re-served a demand for a second-step conversion on SCAY. |
| 2019-07-16 | BFFI's sale to Corporate America Family Credit Union was announced. |
| 2019-07-27 | HFBC cash/stock deal completed. |
| 2019-08-13 | ABDC's sale to Crescent Capital BDC, Inc. was announced. |
| 2019-09-04 | Stilwell Group served a demand for inspection of SCAY's books and records. |
| 2019-09-05 | MBCQ's sale to BV Financial, Inc. was announced. |
| 2019-09-24 | Stilwell Group disclosed selling IROQ shares in the open market and had decreased its holdings below 5%. |
| 2019-10-23 | FABK's sale to Reliant Bancorp, Inc. was announced. |
| 2019-10-24 | Stilwell Group announced its nominees for WHLR's annual meeting. |
| 2019-11-11 | Stilwell Group filed a motion to compel the production of SCAY's books and records in U.S. District Court. |
| 2020-01-17 | CFDB's sale to Southern Missouri Bancorp, Inc. was announced. |
| 2020-01-21 | Stilwell Group filed original Schedule 13D for Garrison Capital, Inc. (GARS). |
| 2020-02-29 | MBCQ all-cash deal completed. |
| 2020-03-06 | CROL's sale to Farmers and Merchants Bancshares, Inc. was announced. |
| 2020-04-07 | The judge denied SCAY's motion to dismiss the lawsuit. |
| 2020-04-13 | The WHLR CEO was fired. |
| 2020-04-01 | Stilwell Group sold its stake in GARS. |
| 2020-05-06 | SCAY announced its intention to second-step. |
| 2020-05-07 | Stilwell Group filed original Schedule 13D for Cincinnati Bancorp, Inc. (CNNB). |
| 2020-05-27 | Stilwell Group filed original Schedule 13D for Parkway Acquisition Corp. (PKKW). |
| 2020-06-01 | The judge ordered SCAY to begin the production of board materials for inspection. |
| 2020-08-05 | The Board of Governors of the Federal Reserve notified Stilwell Group that it would not object to buying additional SFBC shares up to 14.99%. |
| 2020-09-21 | Corissa B. Porcelli was elected to the KFS board of directors. |
| 2020-11-04 | NECB announced that it would undertake a second-step conversion. |
| 2020-11-23 | Stilwell Group filed original Schedule 13D for Peoples Financial Corporation (PFBX). |
| 2020-12-28 | Stilwell Group filed original Schedule 13D for ICC Holdings, Inc. (ICCH). |
| 2021-01-12 | SCAY completed its second-step conversion and ceased to exist. |
| 2021-01-13 | The new stock holding company, Generations Bancorp NY, Inc. (GBNY), began trading. |
| 2021-07-12 | NECB completed its second-step conversion. |
| 2021-07-15 | E. J. Borrack was elected to the WHLR board of directors. |
| 2021-11-24 | Stilwell Group disclosed that it sold its shares in PKKW in the open market. |
| 2021-12-10 | The Federal Reserve Bank of Chicago notified Stilwell Group that it would not object to buying additional CIBH shares up to 14.99%. |
| 2022-05-23 | Stilwell Group sold shares to WAYN, decreasing its holdings below 5%. |
| 2022-05-31 | Stilwell Group served a demand for inspection of PFBX's books and records pursuant to Mississippi law. |
| 2022-07-22 | Stilwell Group filed a complaint in the Chancery Court of Harrison County, Mississippi to compel the production of PFBX's books and records. |
| 2022-09-21 | Stilwell Group disclosed that it sold shares in CNNB in the open market, decreasing its holdings below 5%. |
| 2022-12-20 | BRBW's sale to Mid Penn Bancorp, Inc. was announced. |
| 2023-05-15 | Stilwell Group filed original Schedule 13D for Provident Bancorp, Inc. (PVBC). |
| 2023-05-19 | Megan Parisi was elected to the WHLR board of directors. |
| 2023-05-22 | SICP terminated its registration with the SEC. |
| 2023-06-30 | Stilwell Group demanded that PFBX pursue a derivative action against its directors for breach of their fiduciary duties. |
| 2023-07-18 | The Special Chancellor partially granted Stilwell Group's motion for summary judgment against PFBX and ordered production of records. |
| 2023-08-01 | The Federal Reserve Bank of Boston notified Stilwell Group that it would not object to its request to buy additional PVBC shares up to 14.99%. |
| 2023-08-11 | The Federal Reserve Bank of Chicago notified Stilwell Group that it would not object to its request to buy additional OTTW shares up to 19.99%. |
| 2023-09-18 | Stilwell Group purchased shares and again filed a Schedule 13D reporting its position in IROQ. |
| 2023-09-18 | The Board of Governors of the Federal Reserve notified Stilwell Group that it would not object to its request to buy additional SFBC shares up to 19.99%. |
| 2023-09-29 | Stilwell Group filed a derivative complaint on behalf of PFBX against PFBX's directors. |
| 2023-10-28 | Stilwell Group entered into a standstill agreement with PVBC. |
| 2023-12-18 | Stilwell Group served a shareholder records inspection demand pursuant to California law on SICP. |
| 2024-01-25 | PVBC appointed Dennis Pollack to its board. |
| 2024-02-02 | Stilwell Group served its notice of intent to nominate Mark D. Alcott for election as a director at OTTW's 2024 annual meeting. |
| 2024-02-14 | SFBC announced that it would nominate Corissa B. Porcelli for election to its board of directors at its 2024 annual meeting. |
| 2024-02-16 | Stilwell Group filed suit in the Maryland Circuit Court seeking to compel SICP to hold an annual meeting. |
| 2024-03-08 | Stilwell Group served its notice of intent to nominate Joseph Stilwell for election as a director at ICCH's 2024 annual meeting. |
| 2024-03-20 | Stilwell Group entered into a Standstill Agreement with OTTW. |
| 2024-03-20 | OTTW announced the appointment of Mark D. Alcott to its board of directors. |
| 2024-04-09 | Stilwell Group served its notice of intent to nominate Joseph Stilwell for election as a director at SICP's annual meeting. |
| 2024-05-14 | The Federal Reserve Bank of Chicago notified Stilwell Group that it would not object to its request to buy additional IROQ shares up to 19.99%. |
| 2024-05-22 | Stilwell Group announced its intent to either submit a shareholder proposal calling for GBNY's sale or nominate a director for election at GBNY's 2025 annual meeting. |
| 2024-05-23 | The Circuit Court granted Stilwell Group's petition and ordered SICP to hold an annual meeting by September 27, 2024. |
| 2024-05-28 | Stilwell Group submitted a shareholder proposal under Rule 14a-8 calling for the prompt sale of IROQ. |
| 2024-05-29 | Corissa B. Porcelli was elected to SFBC's board. |
| 2024-06-08 | ICCH announced its merger with Mutual Capital Group, Inc. |
| 2024-08-09 | The Court ordered SICP to produce the records sought by Stilwell Group. |
| 2024-08-26 | Stilwell Group served its notice of intent to nominate Scott J. Dworschak for election as a director at IROQ's 2025 annual meeting. |
| 2024-09-06 | The Circuit Court denied SICP's motion to stay the order to hold an annual meeting pending SICP's appeal. |
| 2024-09-16 | Stilwell Group entered into a standstill agreement with IROQ. |
| 2024-09-17 | SICP mailed proxy materials and notice to shareholders of its annual meeting to be held on September 27, 2024. |
| 2024-09-17 | SICP filed for Chapter 11 bankruptcy protection in the Bankruptcy Court for the District of Delaware. |
| 2024-09-18 | The Appellate Court denied without prejudice SICP's motion to stay the Circuit Court's order pending appeal. |
| 2024-09-19 | SICP moved the Bankruptcy Court for a temporary restraining order. |
| 2024-09-24 | GBNY announced its sale to ESL Federal Credit Union. |
| 2024-09-24 | IROQ appointed Scott J. Dworschak to its board, effective immediately. |
| 2024-09-25 | The Bankruptcy Court denied SICP's request for a temporary restraining order. |
| 2024-09-25 | Stilwell Value LLC consented to the entry of an SEC administrative cease and desist order. |
| 2024-09-27 | Joseph Stilwell was elected to the board of directors at SICP's annual meeting. |
| 2024-10-17 | The Court denied PFBX's directors' motion to dismiss. |
| 2024-11-05 | Stilwell Group filed original Schedule 13D for Central Plains Bancshares, Inc. (CPBI). |
| 2024-12-20 | The Court issued an order allowing Stilwell Group to seek discovery against PFBX's directors. |
| 2025-01-10 | PFBX's directors filed an interlocutory appeal with the Supreme Court of Mississippi. |
| 2025-04-01 | The Mississippi Supreme Court denied PFBX's directors' interlocutory appeal. |
| 2025-05-13 | Stilwell Group reached a settlement with SICP, pending approval by the Bankruptcy Court. |
| 2025-06-05 | PVBC's sale to NB Bancorp, Inc. was announced. |
| 2025-07-30 | Stilwell Group filed original Schedule 13D for Lake Shore Bancorp, Inc. (LSBK). |
| 2025-09-03 | Stilwell Activist Investments, L.P. purchased 10,228 shares of Common Stock at $12.9925 per share. |
| 2025-09-10 | Stilwell Activist Investments, L.P. purchased 2,882 shares of Common Stock at $13.0000 per share. |
| 2025-09-12 | Stilwell Activist Fund, L.P. purchased 705 shares of Common Stock at $13.0000 per share. |
| 2025-09-12 | Stilwell Activist Investments, L.P. purchased 834 shares of Common Stock at $13.0000 per share. |
| 2025-09-19 | Stilwell Activist Fund, L.P. purchased 587 shares of Common Stock at $13.0000 per share. |
| 2025-09-19 | Stilwell Activist Investments, L.P. purchased 3,081 shares of Common Stock at $13.0000 per share. |
| 2025-09-23 | Stilwell Activist Investments, L.P. purchased 2,555 shares of Common Stock at $13.1613 per share. |
| 2025-09-26 | Stilwell Activist Fund, L.P. purchased 1,130 shares of Common Stock at $13.1995 per share. |
| 2025-09-26 | Stilwell Activist Investments, L.P. purchased 3,377 shares of Common Stock at $13.1995 per share. |
| 2025-09-30 | 4,129,604 shares of Common Stock outstanding for Catalyst Bancorp, Inc. |
| 2025-10-01 | Stilwell Activist Investments, L.P. purchased 1,803 shares of Common Stock at $13.1546 per share. |
| 2025-10-02 | Stilwell Activist Fund, L.P. purchased 1,296 shares of Common Stock at $13.2500 per share. |
| 2025-10-02 | Stilwell Activist Investments, L.P. purchased 5,004 shares of Common Stock at $13.2500 per share. |
| 2025-10-03 | Stilwell Activist Fund, L.P. purchased 561 shares of Common Stock at $13.3000 per share. |
| 2025-10-03 | Stilwell Activist Investments, L.P. purchased 2,941 shares of Common Stock at $13.3000 per share. |
| 2025-10-08 | Stilwell Activist Investments, L.P. purchased 3,025 shares of Common Stock at $13.3308 per share. |
| 2025-10-14 | Stilwell Activist Fund, L.P. purchased 1,867 shares of Common Stock at $13.2124 per share. |
| 2025-10-14 | Stilwell Activist Investments, L.P. purchased 5,000 shares of Common Stock at $13.2500 per share. |
| 2025-10-14 | Stilwell Activist Investments, L.P. purchased 1,797 shares of Common Stock at $13.2124 per share. |
| 2025-10-16 | Stilwell Activist Fund, L.P. purchased 1,384 shares of Common Stock at $13.3133 per share. |
| 2025-10-16 | Stilwell Activist Investments, L.P. purchased 805 shares of Common Stock at $13.3133 per share. |
| 2025-10-17 | Stilwell Activist Fund, L.P. purchased 762 shares of Common Stock at $13.2500 per share. |
| 2025-10-17 | Stilwell Activist Fund, L.P. purchased 850 shares of Common Stock at $13.2500 per share. |
| 2025-10-17 | Stilwell Activist Investments, L.P. purchased 10,058 shares of Common Stock at $13.2500 per share. |
| 2025-10-17 | Stilwell Activist Investments, L.P. purchased 4,150 shares of Common Stock at $13.2500 per share. |
| 2025-10-20 | Stilwell Activist Investments, L.P. purchased 1,805 shares of Common Stock at $13.3180 per share. |
| 2025-10-21 | Stilwell Activist Fund, L.P. purchased 1,375 shares of Common Stock at $13.2877 per share. |
| 2025-10-21 | Stilwell Activist Investments, L.P. purchased 4,426 shares of Common Stock at $13.2877 per share. |
| 2025-10-22 | Stilwell Activist Fund, L.P. purchased 853 shares of Common Stock at $13.2988 per share. |
| 2025-10-22 | Stilwell Activist Investments, L.P. purchased 4,165 shares of Common Stock at $13.2988 per share. |
| 2025-10-23 | Date of event which requires filing of this statement for Catalyst Bancorp, Inc. |
| 2025-10-23 | Stilwell Activist Fund, L.P. purchased 2,598 shares of Common Stock at $13.2503 per share. |
| 2025-10-23 | Stilwell Activist Fund, L.P. purchased 3,606 shares of Common Stock at $13.2500 per share. |
| 2025-10-23 | Stilwell Activist Investments, L.P. purchased 12,679 shares of Common Stock at $13.2503 per share. |
| 2025-10-23 | Stilwell Activist Investments, L.P. purchased 17,607 shares of Common Stock at $13.2500 per share. |
| 2025-10-27 | Stilwell Activist Investments, L.P. purchased 2,217 shares of Common Stock at $13.3845 per share. |
| 2025-10-28 | Stilwell Activist Fund, L.P. purchased 1,278 shares of Common Stock at $13.3907 per share. |
| 2025-10-28 | Stilwell Activist Investments, L.P. purchased 2,600 shares of Common Stock at $13.4200 per share. |
| 2025-10-28 | Stilwell Activist Investments, L.P. purchased 1,422 shares of Common Stock at $13.3907 per share. |
| 2025-10-29 | Stilwell Activist Investments, L.P. purchased 502 shares of Common Stock at $13.4951 per share. |
| 2025-10-30 | Date of signing of the Schedule 13D and Joint Filing Agreement. |
Recommendation
buyThe entry of an experienced activist investor like the Stilwell Group, explicitly stating a belief that Catalyst Bancorp's assets are undervalued and a clear intent to maximize shareholder value, often serves as a strong catalyst for stock appreciation. Their history of successfully driving strategic changes, including sales, mergers, and capital allocation improvements in similar financial institutions, suggests a credible path to unlocking value. Investors looking for a potential turnaround or strategic event could consider this a 'buy' signal, anticipating that the Group's engagement will lead to actions beneficial to shareholders.
Keywords
Catalyst Bancorp, Stilwell Activist Fund, Joseph Stilwell, Activist Investor, Shareholder Activism, Schedule 13D, Common Stock, Corporate Governance, Shareholder Value, Financial Services, Banking, Investment Management
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.