Change in Certifying Accountants Form 8 K

ITEM 4.01 Changes in Registrant's Certifying Accountant

The Board of Directors of Catalyst Bancorp, Inc. (the "Company"), through its Audit Committee (the "Audit Committee") conducted a competitive process to determine the Company's independent registered public accounting firm commencing with the Company's fiscal year ending December 31, 2025. The Audit Committee invited several independent registered public accounting firms to participate in this process.

Following review of proposals from the independent registered public accounting firms that participated in the process, on November 20, 2024, upon recommendation from the Audit Committee, the Board of Directors of 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, subject to the completion of HORNE's standard client acceptance procedures and execution of an engagement letter. Castaing, Hussey & Lolan, LLC ("CHL"), the Company's current independent registered public accounting firm, will continue as the Company's independent registered public accounting firm for the year ending December 31, 2024.

CHL's reports on the Company's consolidated financial statements as of and for the fiscal years ended December 31, 2023 and 2022 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, 2023 and 2022, and the subsequent interim period through November 20, 2024, 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 November 26, 2024, is filed as Exhibit 16.1 to this Form 8-K.

During the fiscal years ended December 31, 2023 and 2022 and the subsequent interim period through November 20, 2024, 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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