Form 8-K
8-K — Catalyst Bancorp, Inc.
Accession: 0001849867-26-000007
Filed: 2026-04-30
Period: 2026-04-30
CIK: 0001849867
SIC: 6035 (SAVINGS INSTITUTION, FEDERALLY CHARTERED)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — clst-20260430x8k.htm (Primary)
EX-99.1 (clst-20260430xex99d1.htm)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: clst-20260430x8k.htm · Sequence: 1
Catalyst Bancorp, Inc._April 30, 2026
0001849867false00018498672026-04-302026-04-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 30, 2026
Catalyst Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Louisiana
001-40893
86-2411762
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
235 N. Court Street, Opelousas, Louisiana
70570
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code
(337) 948-3033
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock
CLST
Nasdaq Capital Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 Results of Operations and Financial Condition
On April 30, 2026, Catalyst Bancorp, Inc. (the “Company”) announced its results for the quarter ended March 31, 2026. A copy of the related press release (the "Press Release") is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information furnished under items 2.02 and 9.01 of this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section, and it shall not be deemed incorporated by reference in any filing under the Exchange Act, or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing to this Form 8-K.
ITEM 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are included herein:
Exhibit Number
Description
99.1
Press Release, dated April 30, 2026
104
Cover Page Interactive Data File. Embedded within the Inline XBRL document.
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CATALYST BANCORP, INC.
Date:
April 30, 2026
By:
/s/ Joseph B. Zanco
Joseph B. Zanco
President and Chief Executive Officer
3
EX-99.1
EX-99.1
Filename: clst-20260430xex99d1.htm · Sequence: 2
For Immediate Release
Exhibit 99.1
For more information:
Joe Zanco, President and CEO
(337) 948-3033
For Immediate Release
Release Date: April 30, 2026
Catalyst Bancorp, Inc. Announces 2026 First Quarter Results
Opelousas, Louisiana – Catalyst Bancorp, Inc. (Nasdaq: “CLST”) (the “Company”), the parent company for Catalyst Bank (the “Bank”) (www.catalystbank.com), reported net income of $558,000, or $0.15 per diluted common share (“diluted EPS”), for the first quarter of 2026, compared to net income of $456,000, or $0.13 diluted EPS, for the fourth quarter of 2025. The Company’s net income for the first quarter of 2026 included professional fees of $95,000 (pre-tax) related to our agreement to acquire Lakeside Bancshares, Inc. and its subsidiary, Lakeside Bank (collectively referred to as “Lakeside”).
“Our team is fully engaged in preparing for our growth in Southwest Louisiana through the Lakeside acquisition,” said Joe Zanco, President and Chief Executive Officer of the Company and Bank. “At the same time, we remain focused on winning new business organically and expanding existing relationships. As a result of our team’s efforts, we continue to see improvement in our financial performance.”
Loans
Loans totaled $163.7 million at March 31, 2026, down $6.5 million, or 4%, from December 31, 2025. The following table sets forth the composition of the Company’s loan portfolio as of the dates indicated.
(Dollars in thousands)
3/31/2026
12/31/2025
Change
Real estate loans
One- to four-family residential
$
78,093
$
80,123
$
(2,030)
(3)
%
Commercial real estate
33,673
32,872
801
2
Construction and land
19,761
18,806
955
5
Multi-family residential
4,781
5,309
(528)
(10)
Total real estate loans
136,308
137,110
(802)
(1)
Other loans
Commercial and industrial
25,626
31,205
(5,579)
(18)
%
Consumer
1,743
1,895
(152)
(8)
Total other loans
27,369
33,100
(5,731)
(17)
Total loans
$
163,677
$
170,210
$
(6,533)
(4)
During the first quarter of 2026, a $5.9 million commercial and industrial loan relationship paid off after the sale of the borrower’s business.
1
The following table presents certain major segments of our commercial real estate, construction and land, and commercial and industrial loan balances as of the dates indicated.
(Dollars in thousands)
3/31/2026
12/31/2025
Change
Commercial real estate
Retail
$
9,273
$
9,455
$
(182)
(2)
%
Hospitality
5,519
5,632
(113)
(2)
Health service facilities
4,911
3,300
1,611
49
Restaurants
1,047
1,071
(24)
(2)
Oilfield services
355
365
(10)
(3)
Other non-owner occupied
2,322
2,349
(27)
(1)
Other owner occupied
10,246
10,700
(454)
(4)
Total commercial real estate
$
33,673
$
32,872
$
801
2
Construction and land
Multi-family residential
$
5,783
$
4,749
$
1,034
22
%
Health service facilities
9,698
10,547
(849)
(8)
Other commercial construction and land
2,436
2,112
324
15
Consumer residential construction and land
1,844
1,398
446
32
Total construction and land
$
19,761
$
18,806
$
955
5
Commercial and industrial
Oilfield services
$
17,959
$
17,295
$
664
4
%
Industrial equipment
986
7,064
(6,078)
(86)
Professional services
3,250
3,531
(281)
(8)
Other commercial and industrial
3,431
3,315
116
3
Total commercial and industrial loans
$
25,626
$
31,205
$
(5,579)
(18)
A $1.6 million construction loan, included in the health service facilities category in the table above, converted to a commercial real estate loan during the first quarter of 2026. Multi-family residential construction loan growth was largely driven by new apartment homes in Lafayette Parish.
Credit Quality and Allowance for Credit Losses
At March 31, 2026 and December 31, 2025, non-performing assets (“NPAs”) totaled $2.7 million. The ratio of NPAs to total assets was 0.94% and 0.95% at March 31, 2026 and December 31, 2025, respectively. Non-performing loans (“NPLs”) were 1.64% and 1.55% of total loans at March 31, 2026 and December 31, 2025, respectively. During the first quarter of 2026, a $304,000 commercial real estate loan was placed on non-accrual status. At March 31, 2026, 82% of total NPLs were one- to four-family residential mortgage loans, compared to 95% at December 31, 2025.
At March 31, 2026, the allowance for credit losses on loans totaled $2.3 million, or 1.40% of total loans, compared to $2.4 million, or 1.39% of total loans, at December 31, 2025. The Company recorded a $70,000 reversal of provision for credit losses for the first quarter of 2026, compared to a $96,000 provision for credit losses for the fourth quarter of 2025. The reversal of expected credit losses recorded in the first quarter of 2026 was primarily driven by declines in commercial and industrial and residential loan balances. Net loan charge-offs totaled $37,000 during the first quarter of 2026, compared to net charge-offs of $42,000 during the fourth quarter of 2025. Net loan charge-offs in 2026 included a $28,000 charge-off of a commercial line of credit.
Investment Securities
Total investment securities were $63.1 million, or 22% of total assets, at March 31, 2026, down $2.3 million, or 3%, compared to December 31, 2025. We did not purchase investment securities in the first quarter of 2026. During the fourth quarter of 2025, we purchased $7.4 million of government-sponsored mortgage-backed securities. The weighted average yield of the securities purchased during the fourth quarter of 2025 was 4.39% at March 31, 2026.
2
Deposits
Total deposits were $195.4 million at March 31, 2026, up $10.1 million, or 5%, from December 31, 2025. Total deposits averaged $198.2 million during the first quarter of 2026, compared to $181.5 million during the fourth quarter of 2025. The ratio of the Company’s total loans to total deposits was 84% and 92% at March 31, 2026 and December 31, 2025, respectively.
The following table sets forth the composition of the Company’s deposits as of the dates indicated.
(Dollars in thousands)
3/31/2026
12/31/2025
Change
Non-interest-bearing demand deposits
$
34,739
$
29,991
$
4,748
16
%
Interest-bearing demand deposits
33,249
32,851
398
1
Money market
9,296
10,235
(939)
(9)
Savings
60,525
53,831
6,694
12
Certificates of deposit
57,564
58,366
(802)
(1)
Total deposits
$
195,373
$
185,274
$
10,099
5
The increase in total average deposits for the first quarter compared to the prior quarter and total deposits at the end of each period shown in the table above was driven by a mix of public and non-public deposits.
Total public fund deposits were $29.8 million, or 15% of total deposits, at March 31, 2026, compared to $26.4 million, or 14% of total deposits, at December 31, 2025. During the first quarter of 2026, total public fund deposits averaged $35.6 million, compared to $24.7 million during the fourth quarter of 2025. The increases were largely due to seasonal fluctuations.
Capital and Share Repurchases
At March 31, 2026 and December 31, 2025, consolidated shareholders’ equity totaled $82.2 million, or 28.5% of total assets, and $81.7 million, or 28.9% of total assets, respectively.
The Company repurchased 16,614 shares of its common stock at an average cost per share of $15.71 during the first quarter of 2026, compared to 54,693 shares at an average cost per share of $14.76 during the fourth quarter of 2025. The Company paused share repurchases temporarily during the first quarter of 2026 while conducting due diligence and negotiations related to our agreement to acquire Lakeside.
During the fourth quarter of 2025, the Company announced our sixth share repurchase plan (the “November 2025 Repurchase Plan”). Under the November 2025 Repurchase Plan, the Company may purchase up to 205,000 shares, or approximately 5%, of the Company's outstanding common stock. At March 31, 2026, 172,297 shares of the Company’s common stock were available for repurchase under the November 2025 Repurchase Plan. We expect to resume repurchases during the second quarter of 2026.
Since the announcement of our first share repurchase plan on January 26, 2023 and through March 31, 2026, the Company has repurchased a total of 1,231,703 shares of its common stock, or 23% of the common shares originally issued, at an average cost per share of $12.11. At March 31, 2026, the Company had common shares outstanding of 4,058,297.
3
Net Interest Income
The net interest margin for the first quarter of 2026 was 3.83%, down eight basis points compared to the prior quarter. For the first quarter of 2026, the average yield on interest-earning assets was 5.36%, down 17 basis points from the prior quarter, and the average rate paid on interest-bearing liabilities was 2.35%, down 15 basis points from the fourth quarter of 2025. Net interest income for the first quarter of 2026 was $2.5 million, up $38,000, or 2%, compared to the fourth quarter of 2025.
Total interest income was up $22,000, or 1%, in the first quarter of 2026 compared to the prior quarter largely due to an increase in income on cash and due from banks, which was partially offset by a decline in interest income on loans. The change in interest income was largely the result of an increase in the volume of interest earning cash, which was mainly fueled by deposit growth during first quarter of 2026.
Total interest expense decreased $16,000, or 2%, in the first quarter of 2026 compared to the prior quarter. The decline in interest expense was mainly due to lower borrowings expense. We paid off a short-term Federal Home Loan Bank advance during the first quarter of 2026. The average cost of interest-bearing deposits was 2.30% during the first quarter of 2026, down 15 basis points from the prior quarter.
The following table sets forth, for the periods indicated, the Company’s total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Taxable equivalent (“TE”) yields have been calculated using a marginal tax rate of 21%. All average balances are based on daily balances.
Three Months Ended
3/31/2026
12/31/2025
(Dollars in thousands)
Average Balance
Interest
Average Yield/ Rate(TE)
Average Balance
Interest
Average Yield/ Rate(TE)
INTEREST-EARNING ASSETS
Loans receivable(1)
$
168,545
$
2,749
6.61
%
$
167,335
$
2,815
6.68
%
Investment securities(2)
67,529
522
3.13
65,352
511
3.17
Other interest earning assets
33,760
299
3.60
22,567
222
3.91
Total interest-earning assets
$
269,834
$
3,570
5.36
$
255,254
$
3,548
5.53
INTEREST-BEARING LIABILITIES
Demand deposits, money market, and savings accounts
$
107,158
$
494
1.87
%
$
93,710
$
467
1.98
%
Certificates of deposit
58,086
445
3.10
58,677
475
3.21
Total interest-bearing deposits
165,244
939
2.30
152,387
942
2.45
Borrowings
11,110
86
3.11
12,884
99
3.08
Total interest-bearing liabilities
$
176,354
$
1,025
2.35
$
165,271
$
1,041
2.50
Net interest-earning assets
$
93,480
$
89,983
Net interest income; average interest rate spread
$
2,545
3.01
%
$
2,507
3.03
%
Net interest margin(3)
3.83
3.91
(1) Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts and loans in-process.
(2) Average investment securities does not include unrealized holding gains/losses on available-for-sale securities.
(3) Equals net interest income divided by average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%.
4
Non-interest Income
Non-interest income for the first quarter of 2026 totaled $352,000, down $10,000, or 3%, compared to the fourth quarter of 2025, primarily due to a decline in income from service charges on deposit accounts.
Non-interest Expense
Non-interest expense for the first quarter of 2026 totaled $2.3 million, up $61,000, or 3%, compared to the fourth quarter of 2025. Professional fees for the first quarter of 2026 totaled $185,000, up $87,000, or 89%, from the prior quarter. The Company incurred $95,000 (pre-tax) of professional fees during the first quarter of 2026 related to our agreement to acquire Lakeside.
5
About Catalyst Bancorp, Inc.
Catalyst Bancorp, Inc. (Nasdaq: CLST) is a Louisiana corporation and registered bank holding company for Catalyst Bank, its wholly-owned subsidiary, with $288.5 million in assets at March 31, 2026. Catalyst Bank, formerly St. Landry Homestead Federal Savings Bank, has been in operation in the Acadiana region of south-central Louisiana since 1922. With a focus on fueling business and improving lives throughout the region, Catalyst Bank offers commercial and retail banking products through our six full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port Barre. To learn more about Catalyst Bancorp and Catalyst Bank, visit www.catalystbank.com, or the website of the Securities and Exchange Commission, www.sec.gov.
Forward-looking Statements
This news release reflects industry conditions, Company performance and financial results and contains “forward-looking statements,’ which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. These forward-looking statements are subject to a number of risk factors and uncertainties which could cause the Company’s actual results and experience to differ materially from the anticipated results and expectation expressed in such forward-looking statements.
Factors that could cause our actual results to differ materially from our forward-looking statements are described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Supervision and Regulation” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC’s website and the Company’s website, each of which are referenced above. To the extent that statements in this news release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology.
Forward-looking statements represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. All information is as of the date of this news release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
6
CATALYST BANCORP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Unaudited)
(Dollars in thousands)
3/31/2026
12/31/2025
3/31/2025
ASSETS
Non-interest-bearing cash
$
4,898
$
4,132
$
4,128
Interest-bearing cash and due from banks
33,635
21,073
36,190
Total cash and cash equivalents
38,533
25,205
40,318
Investment securities:
Securities available-for-sale, at fair value
48,216
50,467
29,840
Securities held-to-maturity
14,914
14,917
13,445
Loans receivable, net of unearned income
163,677
170,210
166,077
Allowance for credit losses
(2,295)
(2,367)
(2,500)
Loans receivable, net
161,382
167,843
163,577
Accrued interest receivable
849
907
866
Foreclosed assets
34
34
77
Premises and equipment, net
5,749
5,850
6,049
Stock in correspondent banks, at cost
1,963
1,139
809
Bank-owned life insurance
15,117
14,983
14,607
Other assets
1,751
1,582
2,060
TOTAL ASSETS
$
288,508
$
282,927
$
271,648
LIABILITIES
Deposits:
Non-interest-bearing
$
34,739
$
29,991
$
26,093
Interest-bearing
160,634
155,283
154,505
Total deposits
195,373
185,274
180,598
Borrowings
9,759
14,732
9,603
Other liabilities
1,167
1,196
856
TOTAL LIABILITIES
206,299
201,202
191,057
SHAREHOLDERS' EQUITY
Common stock
41
41
42
Additional paid-in capital
37,303
37,363
38,844
Unallocated common stock held by benefit plans
(5,129)
(5,182)
(5,649)
Retained earnings
52,470
51,912
50,446
Accumulated other comprehensive loss
(2,476)
(2,409)
(3,092)
TOTAL SHAREHOLDERS' EQUITY
82,209
81,725
80,591
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
288,508
$
282,927
$
271,648
7
CATALYST BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
(Dollars in thousands)
3/31/2026
12/31/2025
3/31/2025
INTEREST INCOME
Loans receivable, including fees
$
2,749
$
2,815
$
2,738
Investment securities
522
511
275
Cash and due from banks
290
215
341
Other
9
7
20
Total interest income
3,570
3,548
3,374
INTEREST EXPENSE
Deposits
939
942
941
Borrowings
86
99
68
Total interest expense
1,025
1,041
1,009
Net interest income
2,545
2,507
2,365
Provision for (reversal of) credit losses
(70)
96
-
Net interest income after provision for (reversal of) credit losses
2,615
2,411
2,365
NON-INTEREST INCOME
Service charges on deposit accounts
202
210
197
Bank-owned life insurance
134
134
118
Other
16
18
22
Total non-interest income
352
362
337
NON-INTEREST EXPENSE
Salaries and employee benefits
1,321
1,334
1,245
Occupancy and equipment
209
196
199
Data processing and communication
180
181
182
Professional fees
185
98
101
Directors’ fees
121
123
114
Foreclosed assets, net
-
17
(127)
Advertising and marketing
33
37
39
Other
234
236
229
Total non-interest expense
2,283
2,222
1,982
Income before income tax expense
684
551
720
Income tax expense
126
95
134
NET INCOME
$
558
$
456
$
586
Earnings per share:
Basic
$
0.16
$
0.13
$
0.16
Diluted
0.15
0.13
0.16
8
CATALYST BANCORP, INC.
SELECTED FINANCIAL DATA
(Unaudited)
Three Months Ended
(Dollars in thousands)
3/31/2026
12/31/2025
3/31/2025
EARNINGS DATA
Total interest income
$
3,570
$
3,548
$
3,374
Total interest expense
1,025
1,041
1,009
Net interest income
2,545
2,507
2,365
Provision for (reversal of) credit losses
(70)
96
-
Total non-interest income
352
362
337
Total non-interest expense
2,283
2,222
1,982
Income tax expense
126
95
134
Net income
$
558
$
456
$
586
AVERAGE BALANCE SHEET DATA
Total loans
$
168,545
$
167,335
$
166,145
Total interest-earning assets
269,834
255,254
246,690
Total assets
292,752
277,546
268,232
Total interest-bearing deposits
165,244
152,387
149,979
Total interest-bearing liabilities
176,354
165,271
159,552
Total deposits
198,160
181,537
177,106
Total shareholders' equity
82,141
81,739
80,426
SELECTED RATIOS
Return on average assets
0.77
%
0.65
%
0.89
%
Return on average equity
2.76
2.22
2.96
Efficiency ratio
78.79
77.40
73.34
Net interest margin(TE)
3.83
3.91
3.89
Average equity to average assets
28.06
29.45
29.98
Common equity Tier 1 capital ratio(1)
44.29
42.45
46.95
Tier 1 leverage capital ratio(1)
26.22
27.36
29.45
Total risk-based capital ratio(1)
45.55
43.71
48.20
NON-FINANCIAL DATA
Total employees (full-time equivalent)
49
49
49
Common shares issued and outstanding, end of period
4,058,297
4,074,911
4,205,201
(1) Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change.
9
CATALYST BANCORP, INC.
SELECTED FINANCIAL DATA
(continued)
Three Months Ended
(Dollars in thousands)
3/31/2026
12/31/2025
3/31/2025
ALLOWANCE FOR CREDIT LOSSES
Loans:
Beginning balance
$
2,367
$
2,397
$
2,522
Provision for (reversal of) credit losses
(35)
12
17
Charge-offs
(49)
(60)
(53)
Recoveries
12
18
14
Net charge-offs
(37)
(42)
(39)
Ending balance
$
2,295
$
2,367
$
2,500
Unfunded commitments:
Beginning balance
$
211
$
127
$
121
Provision for (reversal of) credit losses on unfunded commitments
(35)
84
(17)
Ending balance
$
176
$
211
$
104
Total provision for (reversal of) credit losses
$
(70)
$
96
$
-
CREDIT QUALITY(1)
Non-accruing loans
$
2,432
$
2,248
$
1,554
Accruing loans 90 days or more past due
246
395
91
Total non-performing loans
2,678
2,643
1,645
Foreclosed assets
34
34
77
Total non-performing assets
$
2,712
$
2,677
$
1,722
Total non-performing loans to total loans
1.64
%
1.55
%
0.99
%
Total non-performing assets to total assets
0.94
0.95
0.63
(1) Credit quality data and ratios are as of the end of each period presented.
10
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Document and Entity Information
Apr. 30, 2026
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Catalyst Bancorp, Inc.
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Entity Tax Identification Number
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Entity Address, Address Line One
235 N. Court Street
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