Frederick R. Lafleur
About Frederick R. Lafleur
Independent director of Catalyst Bancorp, Inc. (CLST) and Catalyst Bank; age 66 as of March 31, 2025. Retired CPA and currently President & Chief Executive Officer of Savoie’s Sausage & Food Products, Inc. since October 2019, after serving as Executive Vice President and Chief Operations Officer from January 2016 to September 2019. Director of Catalyst Bank since 2016 and of Catalyst Bancorp since inception (2021); serves on the Board of Vision St. Landry. Core credentials include management leadership and financial expertise from operating a regional food processing and distribution company and prior CPA experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Savoie’s Sausage & Food Products, Inc. | President & CEO | Oct 2019 – present | Leads a regional food processing and distribution company; brings management and leadership experience to CLST board . |
| Savoie’s Sausage & Food Products, Inc. | EVP & COO | Jan 2016 – Sep 2019 | Operations leadership experience in local markets served by CLST . |
| CPA (Retired) | CPA | N/A | Financial expertise; membership in AICPA noted in 2024 proxy . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Vision St. Landry | Director | Not disclosed | Community economic development; listed in CLST proxy . |
| American Institute of CPAs | Member | Not disclosed | Professional affiliation indicating financial expertise . |
Board Governance
- Independence: Board determined a majority are independent under Nasdaq standards; Lafleur is listed among independent directors .
- Committee assignments: Member, Nominating & Corporate Governance Committee; not a chair of any committee .
- Board/Committee activity: Board met 9 times in FY2024 and 8 times in FY2023; no director attended fewer than 75% of meetings in either year .
- Annual meeting attendance: All seven directors attended the May 21, 2024 annual meeting; six of seven attended the May 16, 2023 annual meeting .
- Board leadership: Independent Chairman (Todd Kidder); CEO is the only non-independent director, reinforcing oversight separation .
Fixed Compensation
Director cash and other compensation (USD):
| Metric | 2023 | 2024 |
|---|---|---|
| Board/Committee Fees Earned in Cash ($) | $31,200 | $31,200 |
| Stock Awards ($) | $0 | $0 |
| Option Awards ($) | $0 | $0 |
| All Other Compensation ($) | $788 | $788 |
| Total ($) | $31,988 | $31,988 |
- Fee structure: Directors receive $2,000 monthly regardless of meeting attendance; additional monthly amounts for Bank loan ($600) and audit ($400) committee membership; Chairman and Secretary receive an extra $250 per month; no additional fees paid for service on the Bancorp board .
Performance Compensation
- No equity (stock or options) awards granted to directors in 2023 or 2024 per the Director Compensation tables; director pay is predominantly fixed cash with minimal variable or performance-linked components .
- CLST maintains an executive compensation clawback policy adopted in 2023 for incentive-based executive compensation in the event of a material restatement; no director-specific performance metrics or clawback disclosures for director compensation .
Other Directorships & Interlocks
| Company/Organization | Type | Role | Potential Interlocks/Notes |
|---|---|---|---|
| Vision St. Landry | Non-profit/community | Director | Local ties; no CLST-related transactions disclosed . |
| Savoie’s Sausage & Food Products, Inc. | Private company | President & CEO | Local supplier/distributor; CLST disclosure permits ordinary-course banking relationships and loans to insiders under Regulation O; no specific related-party transactions with Savoie’s disclosed . |
Expertise & Qualifications
- Management/operations: CEO and prior COO of a regional food manufacturer and distributor; brings leadership and local market knowledge relevant to community banking .
- Financial expertise: Retired CPA; AICPA membership noted (financial oversight capabilities) .
- Governance: Service on Nominating & Corporate Governance Committee; aligns with board composition and nomination criteria emphasizing diverse experience, financial expertise, and community ties .
Equity Ownership
Beneficial ownership and alignment:
| Metric | As of Apr 1, 2024 | As of Mar 31, 2025 |
|---|---|---|
| Beneficial Ownership (shares) | 30,924 | 36,848 |
| Ownership % of Shares Outstanding | <1.0% | <1.0% |
| Options Included in Beneficial Ownership (exercisable within 60 days) | 4,232 | 8,464 |
| Notes (affiliates/spousal holdings) | Includes 15,000 shares held by spouse | Includes 15,000 shares held by spouse |
- No pledging or hedging disclosures for directors are provided in the proxy; Insider Trading Policy governs trading conduct and is referenced in the 10-K exhibits .
Governance Assessment
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Independence and committee role: Lafleur is independent and serves on Nominating & Corporate Governance, supporting board refreshment and governance processes; not overextended with chair roles, balancing workload .
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Attendance and engagement: Board met 9 times in 2024; no director fell below 75% attendance; all directors attended the 2024 annual meeting—positive signal for engagement .
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Compensation mix and alignment: Director pay is largely fixed cash with no director equity grants in 2023–2024; while simple and transparent, it offers limited performance alignment versus equity-linked director pay common at larger peers. Beneficial ownership is <1% of shares, though personal/family holdings total 36,848 shares as of March 31, 2025, which provides some alignment .
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Potential conflicts/related-party exposure: CLST permits ordinary-course banking/loans to directors under Regulation O; total insider loans were ~$1.8 million at December 31, 2024 with no unfavorable features disclosed—acceptable but warrants ongoing monitoring for terms and concentration .
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Compliance signals: No delinquent Section 16 filings reported for 2024; orderly auditor transition process in late 2024 with no disagreements—supports control environment and governance tone .
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RED FLAGS: None explicitly disclosed for Lafleur. No pledging or related-party transactions tied to Savoie’s are reported; director equity awards are absent, which may reduce performance linkage but also simplifies oversight .