Catalyst Bancorp Inc (CLST) announced that it has signed a definitive agreement to acquire Lakeside Bancshares Inc (LKSB) in an all-cash transaction, strengthening its presence in southwest Louisiana.
Under the deal, Lakeside will merge into Catalyst, with Catalyst bank as the surviving bank. Lakeside shareholders will receive $19.58 per share in cash, totaling approximately $41.1 million, subject to certain adjustments.
The transaction is expected to enhance earnings potential, while expanding its customer base and market reach.
The combined entity, based on December 31, 2025, data, will have assets of about $627.3 million, including $399.9 million in loans and $470.0 million in deposits.
Both companies' boards have unanimously approved the deal, which is expected to close in the third quarter of 2026, subject to regulatory and shareholder approvals.
Catalyst expects the acquisition to be more than 180 percent accretive to earnings per share within three years, driven by cost savings.
Brean Capital, LLC acted as financial advisor to Catalyst and Jones Walker LLP acted as its legal advisor in the transaction. Sheshunoff & Co Investment Banking acted as financial advisor to Lakeside and Fenimore Kay Harrison LLP acted as its legal advisor in the transaction.
On the Nasdaq, shares of Catalyst were gaining 2.69 percent after the bell, trading at $17.56, after closing Wednesday's regular trading 1.63 percent higher.
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