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Catalyst Bancorp, Inc. (NASDAQ:CLST) announced a change in its independent registered public accounting firm following a transition involving its previous auditor. According to a press release statement based on a filing with the Securities and Exchange Commission, on October 31, the partners and professional staff of HORNE LLP, Catalyst Bancorp’s former auditor, joined BDO USA, P.C. As a result, HORNE LLP resigned as the company’s independent registered public accounting firm on the same day.
Following HORNE’s resignation, Catalyst Bancorp’s Audit Committee approved the appointment of BDO USA, P.C. as the new independent registered public accounting firm for the company on November 5.
HORNE LLP had been approved as Catalyst Bancorp’s independent auditor in November 2024 for the fiscal year ending December 31, 2025. The company stated that HORNE did not issue any reports on its financial statements prior to the resignation.
During the period from March 28, 2025, through October 31, 2025, Catalyst Bancorp reported there were no disagreements with HORNE LLP regarding accounting principles, financial statement disclosures, or auditing procedures. The company also stated that HORNE did not advise on any matters that would require disclosure under Item 304(a)(1)(v) of Regulation S-K.
Catalyst Bancorp further noted that, during the two most recently completed fiscal years and through the appointment of BDO, neither the company nor anyone acting on its behalf consulted with BDO regarding the application of accounting principles to specific transactions or the type of audit opinion that might be provided, nor were there any reportable events as defined by SEC regulations.
A letter from HORNE LLP, dated November 1, 2025, confirming its agreement with the company’s statements, was included as an exhibit in the SEC filing.
Catalyst Bancorp’s common stock is listed on the Nasdaq Capital Market under the symbol CLST.
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