Craig C. LeBouef
About Craig C. LeBouef
Craig C. LeBouef, MBA, CPA, CFP, is an independent director of Catalyst Bancorp, Inc. (CLST) and Chair of the Audit Committee; he has served on the board since 2017 (Catalyst Bank) and since CLST’s inception in 2021. Age 66 (as of March 31, 2025), LeBouef is a career CPA and financial planner, bringing accounting, financial management, and investment planning expertise to the board . The board classifies him as independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Going, Sebastien, Fisher & LeBouef, LLP | Partner | Since Sep 1994 | Public accounting leadership and GAAP expertise |
| Craig C. LeBouef CPA, LLC | Owner | Since Dec 2008 | Personal financial planning and investment management |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| St. Landry-Evangeline United Way | Director; Past President | Not disclosed | Community leadership |
| American Institute of CPAs | Member | Not disclosed | Professional credentials |
| Society of Louisiana CPAs | Member | Not disclosed | Professional credentials |
| Rotary Club of Opelousas | Member; Past President | Not disclosed | Community engagement |
Board Governance
- Independence: Independent director (Nasdaq standard). Independent directors include Kidder, Bellard, Kleiser, Lafleur, LeBouef, and Scruggins .
- Committee assignments (2025): Audit Committee Chair; Nominating & Corporate Governance Committee Member .
- Attendance: Board met 9 times in 2024; no director attended fewer than 75% of meetings. All seven directors attended the May 21, 2024 annual meeting .
- Board leadership: Chairman is independent (Kidder). CEO (Zanco) is the only non-independent director; roles of Chair and CEO are separated .
| Governance Metric | 2023 | 2024 |
|---|---|---|
| Board meetings held | 8 | 9 |
| Audit Committee meetings | 6 | 6 |
| Compensation Committee meetings | 6 | 5 |
| Nominating & Corporate Governance Committee meetings | 1 | 1 |
| Annual meeting director attendance | 6 of 7 directors (May 16, 2023) | 7 of 7 directors (May 21, 2024) |
Audit oversight note: As Audit Chair, LeBouef oversaw a competitive auditor selection culminating in the Board’s approval of HORNE LLP for FY2025 (subject to shareholder ratification), replacing Castaing, Hussey & Lolan after serving since 2021 .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Board/Committee Fees (Cash) | $36,000 | $36,000 |
| Stock Awards | $0 | $0 |
| Option Awards | $0 | $0 |
| All Other Compensation | $788 | $788 |
| Total | $36,788 | $36,788 |
- Fee structure: Directors receive $2,000 monthly retainer, plus $600/month for loan committee and $400/month for audit committee membership; Chairman and Secretary receive an additional $250/month. No additional fees are paid for service on the Bancorp board .
Performance Compensation
- No director equity grants or options awards recognized in 2023–2024; director compensation is entirely fixed cash with minor perquisites. CLST does not disclose performance metrics for director pay .
Other Directorships & Interlocks
- No public company directorships disclosed for LeBouef. External roles are limited to professional associations and non-profit/community organizations (see External Roles) .
- Compensation Committee: No member is a current or former officer/employee of CLST or Catalyst Bank, reducing interlock risk .
Expertise & Qualifications
- Credentials: MBA, CPA, CFP; identified by the Board as a member who meets the SEC definition of “audit committee financial expert” .
- Domain expertise: Accounting, financial reporting, internal controls, GAAP compliance, investment management, personal financial planning .
Equity Ownership
| Metric | Apr 1, 2024 | Mar 31, 2025 |
|---|---|---|
| Common shares beneficially owned | 30,924 | 36,848 |
| Options included (exercisable within 60 days) | 4,232 | 8,464 |
| Ownership % of shares outstanding | Less than 1.0% | Less than 1.0% |
| Notable holdings | Includes 10,000 shares held by Craig C. LeBouef CPA LLC (sole managing member) | Includes 10,000 shares held by Craig C. LeBeouf CPA LLC (sole managing member) |
| Shares outstanding (reference) | 4,558,329 | 4,205,201 |
- No pledging or hedging disclosures specific to LeBouef; company has an Insider Trading Policy governing directors and officers .
Governance Assessment
-
Strengths:
- Audit Chair with SEC-defined financial expert status; stable committee cadence; strong independence profile .
- Full annual meeting attendance in 2024 and adequate board meeting participation (no director below 75%) .
- Conservative director pay design (cash-only; no new equity awards in 2023–2024), which limits misalignment risk .
- Competitive auditor process suggests active oversight under Audit Committee leadership .
-
Alignment:
- Meaningful personal ownership with options exercisable in the near term; percentage remains below 1%, typical for small-cap banks with ESOP programs .
-
Conflicts/Related-Party Considerations:
- Insider lending exists (banking relationships and extensions of credit to directors/officers and families) but conducted under Regulation O on market terms; total insider loans were ~$2.0 million (2023) and ~$1.8 million (2024). No unfavorable features reported .
- Holdings include shares owned via his CPA LLC; no disclosed business transactions between the LLC and CLST/Catalyst Bank .
-
Risk Indicators & RED FLAGS:
- No delinquent Section 16 reports cited for LeBouef; one filing issue noted for another officer in 2023 was corrected .
- No disclosures of hedging/pledging, option repricing, tax gross-ups for directors, or related-party payments beyond regulated lending—no specific red flags identified .
-
Shareholder Oversight:
- Say-on-pay conducted triennially (set in 2022); proposal to approve NEO compensation is on the 2025 ballot .
Overall: LeBouef’s audit leadership, independence, and professional credentials support board effectiveness and investor confidence. The auditor selection process and stable committee operations are positive signals; director pay structure is modest and cash-based, limiting misalignment risk. No material conflicts are disclosed beyond regulated insider banking relationships .