Stilwell plans 2027 proxy push at Catalyst Bancorp

Catalyst Bancorp, Inc. (CLST) is the subject of an anticipated proxy solicitation by Joseph Stilwell and affiliated investment entities for the 2027 annual meeting of shareholders.

Rhea-AI Filing Summary

Catalyst Bancorp, Inc. (CLST) is the subject of an anticipated proxy solicitation by Joseph Stilwell and affiliated investment entities for the 2027 annual meeting of shareholders. Stilwell and the other participants plan to file a preliminary proxy statement and use a universal proxy card to solicit support for a business proposal and the election of Stilwell’s director nominee.

Stilwell Activist Investments, L.P., Stilwell Activist Fund, L.P., and Stilwell Partners, L.P. together report 364,085 shares of common stock of Catalyst Bancorp that may be deemed beneficially owned through Stilwell Value LLC and Joseph Stilwell. Individual participants include Joseph Stilwell, Mark D. Alcott, and Corissa B. Porcelli. The group states that detailed proxy materials will be provided to shareholders and available from the SEC.

Filing Explained

Stilwell delivered notice on August 27, 2026 of its intent to submit a business proposal and nominate a director at Catalyst Bancorp’s 2027 annual meeting; the solicitation has advanced to formal notice, but a preliminary proxy, universal proxy card, and shareholder vote remain pending.

Key Figures

Stilwell Activist Investments holdings: 289,437 shares of Common Stock Stilwell Activist Fund holdings: 34,657 shares of Common Stock Stilwell Partners holdings: 39,991 shares of Common Stock +4 more

7 metrics

Stilwell Activist Investments holdings 289,437 shares of Common Stock Directly owned by Stilwell Activist Investments, L.P.

Stilwell Activist Fund holdings 34,657 shares of Common Stock Directly owned by Stilwell Activist Fund, L.P.

Stilwell Partners holdings 39,991 shares of Common Stock Directly owned by Stilwell Partners, L.P.

Aggregate shares potentially beneficially owned by Stilwell entities 364,085 shares of Common Stock Shares owned by three Stilwell funds that may be deemed beneficially owned by Stilwell Value LLC and Joseph Stilwell

Mark D. Alcott holdings 1,000 shares of Common Stock Directly owned by Mark D. Alcott

Corissa B. Porcelli holdings 0 shares Does not beneficially own any securities of the Company

Annual Meeting year 2027 Targeted year for the annual meeting at which Stilwell plans to solicit votes

Key Terms

universal proxy card, Schedule 13D, beneficially own, proxy solicitation, +1 more

5 terms

universal proxy card regulatory

"accompanying universal proxy card with the Securities and Exchange Commission"

A universal proxy card is a single voting ballot sent to shareholders that lists every director nominee put forward by both the existing board and any challengers, allowing investors to pick any mix of candidates they prefer. Like a combined ballot at a community election, it makes voting easier, increases individual shareholder control, and can materially change the dynamics, cost and likely outcome of contested board elections.

Schedule 13D regulatory

"filed Amendment No. 3 to its Schedule 13D (“Amendment No. 3”)"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficially own financial

"may be deemed to beneficially own the 364,085 shares of Common Stock"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

proxy solicitation regulatory

"The participants in the proxy solicitation are currently anticipated to be"

Proxy solicitation is the process of asking shareholders for permission to vote their shares on corporate matters, usually by sending voting forms or requests by mail, email or phone. Investors should watch proxy solicitations because they signal attempts to change control, influence board elections or approve big deals — like neighbors organizing votes on a shared building project — and the outcome can materially affect a company’s strategy and stock value.

preliminary proxy statement regulatory

"intend to file a preliminary proxy statement and accompanying universal proxy card"

A preliminary proxy statement is an advance draft of the information a company will send shareholders before a vote, outlining items like board elections, mergers, executive pay, and shareholder proposals. It matters to investors because it lays out what will be decided, management’s recommendations, and key facts that can affect a company’s direction and stock value — like receiving the agenda and background packet before a town-hall vote.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Stilwell’s main objective in this DFAN14A related to Catalyst Bancorp, Inc. (CLST)?

Stilwell and affiliated entities plan to solicit votes at the 2027 annual meeting of Catalyst Bancorp, Inc. for a business proposal and to elect Stilwell’s director nominee, using a universal proxy card to seek shareholder support.

How many Catalyst Bancorp (CLST) shares are reported as beneficially owned by the Stilwell group?

The filing states that Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Partners together own 364,085 shares of Catalyst Bancorp common stock, which may be deemed beneficially owned by Stilwell Value LLC and Joseph Stilwell.

What are the individual fund holdings of Catalyst Bancorp (CLST) reported by Stilwell?

Stilwell Activist Investments directly owns 289,437 shares, Stilwell Activist Fund directly owns 34,657 shares, and Stilwell Partners directly owns 39,991 shares of Catalyst Bancorp common stock.

Which individuals are participants in the Stilwell proxy solicitation for Catalyst Bancorp (CLST)?

The anticipated participants are Joseph Stilwell, Mark D. Alcott, and Corissa B. Porcelli, along with Stilwell Activist Investments, L.P., Stilwell Activist Fund, L.P., Stilwell Partners, L.P., and Stilwell Value LLC.

How many Catalyst Bancorp (CLST) shares do the individual participants personally own?

The filing states that Mark D. Alcott directly owns 1,000 shares of Catalyst Bancorp common stock. Corissa B. Porcelli does not beneficially own any securities of the company. Joseph Stilwell’s interest is through his ownership of Stilwell Value LLC.

Where can Catalyst Bancorp (CLST) shareholders access Stilwell’s proxy materials?

The proxy materials will be available without charge on the SEC’s website at http://www.sec.gov. The proxy participants will also provide copies of proxy materials without charge upon request, once they become available.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/27/2026 - 03:06 PM EDT Accepted by SEC EDGAR 08/27/2026 - 03:06 PM EDT Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No. )

Filed by the Registrant ☐

Filed by a Party other than the Registrant ☒

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☐ Definitive Proxy Statement

☐ Definitive Additional Materials

☒ Soliciting Material Under § 240.14a-12

CATALYST BANCORP, INC.

(Name of Registrant as Specified In Its Charter)

Stilwell Activist Investments, L.P.

Stilwell Activist Fund, L.P.

Stilwell Partners, L.P.

Stilwell Value LLC

Joseph Stilwell

Mark D. Alcott

Corissa B. Porcelli

(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☒ No fee required

☐ Fee paid previously with preliminary materials

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

Joseph Stilwell and certain affiliated entities (collectively, “Stilwell”), together with the other participants named herein, intend to file a preliminary proxy statement and accompanying universal proxy card with the Securities and Exchange Commission (the “SEC”) to be used to solicit votes for a business proposal and the election of Stilwell’s highly-qualified director nominee at the 2027 annual meeting of shareholders (the “Annual Meeting”) of Catalyst Bancorp, Inc., a Louisiana corporation (the “Company”).

On August 27, 2026, Stilwell filed Amendment No. 3 to its Schedule 13D (“Amendment No. 3”) disclosing its delivery of its notice of intent to submit a business proposal and nominate a highly-qualified director candidate at the Annual Meeting, which was delivered to the Company on August 27, 2026. A copy of Amendment No. 3 is attached hereto as Exhibit 1 and is incorporated herein by reference.

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

STILWELL STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ ANY PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF PROXY MATERIALS WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.

The participants in the proxy solicitation are currently anticipated to be Stilwell Activist Investments, L.P., a Delaware limited partnership (“Stilwell Activist Investments”), Stilwell Activist Fund, L.P., a Delaware limited partnership (“Stilwell Activist Fund”), Stilwell Partners, L.P., a Delaware limited partnership (“Stilwell Partners”), Stilwell Value LLC, a Delaware limited liability company, Joseph Stilwell, Mark D. Alcott and Corissa B. Porcelli.

As of the date hereof, Stilwell Activist Investments directly owns 289,437 shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”), including 100 shares held in record name. As of the date hereof, Stilwell Activist Fund directly owns 34,657 shares of Common Stock. As of the date hereof, Stilwell Partners directly owns 39,991 shares of Common Stock. Stilwell Value LLC, as the general partner of each of Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Partners, may be deemed to beneficially own the 364,085 shares of Common Stock owned directly by Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Partners. Mr. Stilwell, as the managing member and sole owner of Stilwell Value LLC, may be deemed to beneficially own the 364,085 shares of Common Stock owned directly by Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Partners. As of the date hereof, Mr. Alcott directly owns 1,000 shares of Common Stock. As of the date hereof, Ms. Porcelli does not beneficially own any securities of the Company.