Ted D. Bellard
About Ted D. Bellard
Ted D. Bellard, 56, is an independent director and Corporate Secretary of Catalyst Bancorp, Inc. (CLST). He has served as President and owner of Targil, Inc., a seasoning supply company in Opelousas, Louisiana, since July 1995. He has been a director of Catalyst Bank since 2014 and a director of Catalyst Bancorp since inception; his current board term expires in 2027 . The company classifies him as an independent director under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Catalyst Bancorp, Inc. (CLST) | Director; Corporate Secretary | Director since inception; term ending 2027 | Independent; not listed on standing Board committees |
| Catalyst Bank (formerly St. Landry Homestead Federal Savings Bank) | Director | Since 2014 | Local market/business expertise |
| Targil, Inc. (Opelousas, LA) | President & Owner | Since July 1995 | Small business operator; community ties |
| Juneau’s Cajun Meats (Mansura, LA) | President & Owner | Since July 2002 (as disclosed at IPO) | Prior disclosure in registration statement |
External Roles
No other public company directorships are disclosed in CLST’s proxy biographies (the “Public Directorships” field for Bellard is blank) .
Board Governance
- Independence: Identified as an independent director .
- Committee assignments: CLST has Audit, Compensation, and Nominating & Corporate Governance Committees. Published membership tables for 2023–2025 show chairs/members (Kidder, LeBouef, Scruggins, Kleiser, Lafleur) and do not list Bellard, indicating he does not serve on these standing committees .
- Attendance:
- 2022: Bellard attended fewer than 75% of the aggregate Board and applicable committee meetings (a governance red flag) .
- 2023/2024: Company reports no director attended fewer than 75% of meetings, indicating improvement .
- Board leadership: Independent Chair (Todd A. Kidder); roles of Chair and CEO are separated .
Fixed Compensation
Director cash compensation framework and 2022 realized amounts:
| Element | Detail/Amount |
|---|---|
| Monthly board retainer | $2,000 per month for each director (regardless of attendance) |
| Committee retainers | Loan Committee $600/month; Audit Committee $400/month |
| Officer stipend | Chairman and Secretary receive an additional $250/month |
| 2022 Director Compensation (Bellard) | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | 39,000 |
| Stock Awards (grant-date fair value) | 112,571 |
| Option Awards (grant-date fair value) | 92,215 |
| All Other Compensation | 690 |
| Total | 244,476 |
Narrative: In September 2022, non-employee directors received stock options and stock awards under CLST’s 2022 equity plans; no discretionary annual bonus was paid for 2022 .
Performance Compensation
Equity awards and vesting:
| Grant/Status | Detail |
|---|---|
| September 2022 equity grants to each non-employee director | 21,160 stock options and 8,464 stock awards |
| Vesting schedule | 20% per year, commencing on the one-year anniversary of grant (September 1, 2023) |
Outstanding unvested awards at year-end 2022 (Bellard):
| Instrument | Outstanding as of 12/31/2022 |
|---|---|
| Stock Awards | 8,464 |
| Option Awards | 21,160 |
No performance metrics (e.g., TSR or financial KPIs) are specified for director equity; awards appear service-vesting only .
Other Directorships & Interlocks
- Other public company boards: None disclosed for Bellard .
- No interlocks with CLST competitors/suppliers/customers are disclosed in the provided materials.
Expertise & Qualifications
- Background: Long-tenured small business owner in the bank’s communities; the board notes he “brings business and management expertise” as an owner of local businesses .
- Corporate role: Also serves as Corporate Secretary of CLST .
Equity Ownership
- Section 16 initial statement: On October 7, 2021, Bellard filed a Form 3 indicating “No securities owned” as of that date .
- As of December 31, 2022, he held 8,464 unvested stock awards and 21,160 outstanding options (granted September 2022; vesting 20% annually starting 9/1/2023) .
- Pledging/hedging: No CLST-specific disclosure found in the provided documents.
| Date/Status | Shares/Units/Options | Notes |
|---|---|---|
| 10/07/2021 (Form 3) | 0 | Initial statement of beneficial ownership |
| 12/31/2022 (equity awards outstanding) | 8,464 stock awards | Unvested; service-based vesting |
| 12/31/2022 (options outstanding) | 21,160 options | Service-based vesting; 20%/yr from 9/1/2023 |
Governance Assessment
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Strengths:
- Independent status and long local-business operating experience support community banking oversight .
- Attendance improved to meet company thresholds in 2023 and 2024 after a weak 2022 .
- Director compensation includes equity with multi-year vesting, aligning with shareholder interests .
-
Watch items / RED FLAGS:
- Attendance: “Fewer than 75%” attendance in 2022 is a material governance negative; while improved later, it warrants continued monitoring .
- Committee engagement: Not listed on Audit, Compensation, or Nominating & Governance committees, limiting direct influence over key oversight areas .
- Officer role stipend: Additional monthly pay tied to Secretary role is disclosed; while common in community banks, investors may scrutinize officer roles held by independent directors for potential governance optics .
-
Related-party transactions/conflicts: None specifically disclosed for Bellard in the provided excerpts. No evidence of loans, business dealings, hedging, or pledging tied to him was found in the cited materials.
Appendix: Committee Landscape (CLST)
- Committees established: Audit; Compensation; Nominating & Corporate Governance .
- 2023 membership highlights: Craig C. LeBouef (Audit Chair); Matthew L. Scruggins (Compensation Chair); Todd A. Kidder (NCG Chair) .
- 2024 membership highlights (and activity): Audit met 6 times; Compensation met 5 times; NCG met once; Bellard not listed as a member .