Catalyst Bancorp, the newly created parent company of St. Landry Homestead Federal Savings Bank, hit the Nasdaq Capital Market this morning and began trading at $10 per share.
The move follows its initial public offering and mutual-to-stock conversion that was completed Tuesday after it sold 5.3 million shares of common stock at $10 per share. The Opelousas-based bank, which has expanded into the Lafayette market over the past two years, is trading under the ticker symbol CLST.
Shares of Catalyst closed Wednesday up $3.56 a share, or 35.6%, to finish the day at $13.56.
The capital raised will help bank officials better partner with businesses and professionals in the area to add jobs, said Joe Zanco, president and CEO for St. Landry Homestead and a veteran banking executive in the Lafayette area.
“We are fully committed to serving as a catalyst for building our local economy,” Zanco said. “Our bankers don’t just deliver great rates. They’re partnering with our customers to help them improve their businesses.”
Catalyst joins B1 Bank of Baton Rouge, First Guaranty Bank of Hammond, Home Bancorp of Lafayette, Investar Bank of Baton Rouge, Origin Bank of Ruston and Red River Bancshares of Alexandria as Louisiana-based publicly traded banks.
St. Landry Homestead has two branches in Opelousas and one in Eunice, Port Barre and Carencro. As of June 30 it had total assets of $238.6 million, deposit accounts of $177.9 million and equity of $50.7 million.
In June it bought the former B1 Bank location at 914 S. College Road, and that office could will open by the end of the year, Zanco said.