Catalyst Bancorp, Inc. announced that its Board of Directors approved the company's fifth share repurchase plan, designated as the November 2024 Repurchase Plan. Under this new authorization, Catalyst Bancorp may purchase up to 215,000 shares of its outstanding common stock, which represents approximately 5% of the company's shares.
This new plan builds upon previous capital management initiatives, as the company has repurchased a total of 972,916 shares of its common stock since January 2023 through November 22, 2024. These cumulative repurchases account for approximately 18% of the common shares originally issued, at an average cost per share of $11.93.
Joe Zanco, President and CEO, highlighted that loan growth through the third quarter was a record $21 million and a systems upgrade reduces non-interest expense by over $200,000 annually. These operational improvements and growth contribute to the company's core profitability, supporting the decision for further share repurchases.
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