Catalyst in La. raises $53M from mutual conversion

Catalyst Bancorp in Opelousas, La., has raised $52.9 million from its initial public offering and the mutual-to-stock conversion of St. Landry Homestead Federal Savings Bank. 

The parent of the $239 million-asset St. Landry said in a press release Wednesday that it sold nearly 5.3 million shares at $10 each. The stock is trading under the stock symbol “CLST.” 

“We are grateful for the trust our customers and investors have placed in us by investing in our IPO,” Joe Zanco, Catalyst’s president and CEO, said in the release. 

The additional capital “will help us continue building a dynamic, full-service community bank focused on partnering with businesses and professionals across the region to help them grow and add jobs,” Zanco added. 

Piper Sandler was the company’s selling agent. Silver, Freedman, Taff & Tiernan provided legal counsel to the company and the bank, while Luse Gorman advised Piper Sandler.