<SEC-DOCUMENT>0001104659-21-054129.txt : 20210903
<SEC-HEADER>0001104659-21-054129.hdr.sgml : 20210903
<ACCEPTANCE-DATETIME>20210423083154
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-054129
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Catalyst Bancorp, Inc.
		CENTRAL INDEX KEY:			0001849867
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				862411762

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		235 N. COURT STREET
		CITY:			OPELOUSAS
		STATE:			LA
		ZIP:			70570
		BUSINESS PHONE:		337-948-3033

	MAIL ADDRESS:	
		STREET 1:		235 N. COURT STREET
		CITY:			OPELOUSAS
		STATE:			LA
		ZIP:			70570
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">CORRESP.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Law Offices</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Silver, Freedman, Taff &amp; Tiernan LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">A Limited Liability Partnership Including Professional
Corporations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TD STYLE="width: 30%"></TD>
<TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; width: 38%">3299 K STREET, N.W., SUITE 100<BR> WASHINGTON, D.C. 20007<BR> (202) 295-4500<BR> WWW.SFTTLAW.COM</TD>
<TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; width: 21%">&nbsp;<BR> &nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April 23, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">John Stickel, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Office of Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Catalyst Bancorp, Inc.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><B>Registration
Statement on Form S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><B>Filed March
12, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><B>File No.
333-254200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Mr. Stickel:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of Catalyst Bancorp,
Inc. (the &#8220;Company&#8221;), enclosed for filing is Pre-Effective Amendment No. 1 to the above referenced Registration Statement
on Form S-1 (the &#8220;Amended Registration Statement&#8221;), including exhibits, marked pursuant to Rule 472 under the Securities Act
of 1933, as amended (the &#8220;Securities Act&#8221;), to indicate changes from the Registration Statement on Form S-1 filed on March
12, 2021 (the &#8220;Registration Statement&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">The Amended Registration
Statement is filed in response to the staff&#8217;s comment letter issued on April 7, 2021 with respect to the Registration Statement.
To aid in your review, we have repeated the staff&#8217;s comments followed by the Company&#8217;s responses and indicated where the Amended
Registration Statement has been revised in response to such comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 308.6pt 0pt 7.6pt; text-indent: 0.2pt; color: #151515"><B><U>Cover Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 308.6pt 0pt 7.6pt; text-indent: 0.2pt; color: #151515"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #151515"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.5pt"></TD><TD STYLE="width: 33.85pt"><B>1.</B></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><B>We note that you are making the subscription offer to eligible depositors. Please
note on the cover page the minimum balance required to be eligible to participate in the offer, if any, or state that no minimum balance
is required.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.1pt; text-align: justify; text-indent: 0in; color: #151515">Disclosure
has been added to the Cover Page of the prospectus (the &#8220;Prospectus&#8221;) included in the Amended Registration Statement in response
to this comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.1pt; text-align: justify; text-indent: 0in; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 7.35pt; text-align: justify; color: #151515"><B><U>Summary,
page 1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #151515"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.5pt"></TD><TD STYLE="width: 33.85pt"><B>2.</B></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><B>Consistent
                                            with your disclosure on page 97, please disclose in the summary that upon completion of the
                                            conversion, St. Landry Homestead Federal Savings Bank <FONT STYLE="font-size: 10pt">will
                                            </FONT>cease to have members and former members will no longer have voting rights, and that
                                            all voting <FONT STYLE="color: #151515">rights in St. Landry Homestead Federal Savings Bank
                                            will be vested in Catalyst Bancorp as the sole shareholder of St. Landry Homestead Federal
                                            Savings Bank.</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.25pt 0pt 40.1pt; text-align: justify; text-indent: 0in; color: #151515">Disclosure
has been added on page 1 of the Prospectus in response to this comment.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: left">John Stickel, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: left">April 23, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: left">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.3pt; text-align: justify; color: #131313"><B><U>How We Determined
the Offering Range and the $10.00 per Share Offering Price. page 4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.5pt"></TD><TD STYLE="width: 33.85pt"><B>3.</B></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><B>Please briefly summarize the primary differences between the registrant and the
peer group used by the appraiser and the reasons for the downward adjustments made for profitability growth and viability of earnings,
and for primary market area as discussed on page 98.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 40.15pt; text-align: justify; text-indent: 0in; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 40.15pt; text-align: justify; text-indent: 0in; color: #131313">Disclosure
has been added on page 4 of the Prospectus in response to this comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 40.15pt; text-align: justify; text-indent: 0in; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.65pt; text-align: justify; color: #131313"><B><U>Our emphasis
on residential mortgage loans exposes us to lending risks. page 14</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.5pt"></TD><TD STYLE="width: 33.85pt"><B>4.</B></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><B>We note from your disclosure here and on page 58 that a &quot;significant&quot;
portion of your one- to four-family residential loans are considered non-conforming loans. Please clarify the percentage of such loans
that are non-conforming, and discuss further any associated risk with originating a significant number of non-conforming loans.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.35pt; text-align: justify; text-indent: 0in; color: #131313"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.35pt; text-align: justify; text-indent: 0in; color: #131313">Additional
disclosure has been added at page 14 of the Prospectus in response to this comment. Please note that we have provided data related
to non-conforming loans originated during the last two fiscal years. The Company&#8217;s records and data information systems cannot produce
reliable quantification of the non-conforming loans in the entire loan portfolio, which includes loans originated up to 30 years ago,
without unreasonable effort and expense. However, the Company believes that including such data for the past two years provides meaningful
disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.35pt; text-align: justify; text-indent: 0in; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.45pt; text-align: justify; color: #131313"><B><U>The geographic
concentration of our loan portfolio, page 15</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.5pt"></TD><TD STYLE="width: 33.85pt"><B>5.</B></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><B>Please disclose whether your local market area has experienced any material declines
in real estate values during the last year or a material increase in the number of foreclosures.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.3pt; text-align: justify; text-indent: 0in; color: #131313">Disclosure
has been added on page 15 of the Prospectus indicating that there have not been any material declines in real estate market values
or increases in foreclosures in the registrant&#8217;s market areas during the past year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 40.3pt; text-align: justify; text-indent: 0in; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.45pt; text-align: justify; color: #131313"><B><U>The building
of market share through our branch office strategy. page 17</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 33.85pt"><B>6.</B></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><B>We note your plan to open a new branch office by the end of 2021, with additional
offices possible after conversion. Please disclose the anticipated costs to open new branches as well as the anticipated and/or historical
timeframe before branch offices become profitable.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.55in; text-align: justify; text-indent: 0in; color: #131313"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.55in; text-align: justify; text-indent: 0in; color: #131313">Additional
disclosure has been added to page 17 of the Prospectus in response to this comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.55in; text-align: justify; text-indent: 0in; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.55in; text-align: justify; text-indent: 0in; color: #131313"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.55in; text-align: justify; text-indent: 0in; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #131313">John Stickel, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #131313">April 23, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #131313">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.55in; text-align: justify; text-indent: 0in; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.7pt; text-align: justify; text-indent: -0.35pt"><FONT STYLE="color: #232323"><B><U>Security</U></B></FONT><B><U>
<FONT STYLE="color: #131313">breaches and cybersecurity threats</FONT> <FONT STYLE="color: #232323">could</FONT> <FONT STYLE="color: #131313">compromise
our information and expose</FONT> <FONT STYLE="color: #232323">us</FONT> <FONT STYLE="color: #131313">to</FONT> <FONT STYLE="color: #232323">liability,
page</FONT> <FONT STYLE="color: #131313">19</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 33.85pt"><B>7.</B></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="color: #131313"><B>Please clarify whether you have experienced any
material breaches of the types you reference. Refer to CF Disclosure Guidance: Topic No. 2 - Cybersecurity, and Commission Statement and
Guidance on Public Company Cybersecurity Disclosures, Release No. 33-10459. Also, to the extent cybersecurity risks are material to your
business, please disclose under another appropriately captioned section the nature of the board's role in overseeing your cybersecurity
risk management, the manner in which the board administers this oversight function and any effect this has on the board's leadership structure.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.55in; text-align: justify; text-indent: 0in; color: #131313">Disclosure
has been added at page 19 of the Prospectus indicating that, to date, the registrant has not suffered any losses or other material consequences
as a result of cybersecurity related breaches. Disclosure also has been added at page 93 of the Prospectus discussing the Board&#8217;s
role in overseeing cybersecurity and other risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.55in; text-align: justify; text-indent: 0in; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify"><FONT STYLE="color: #232323"><B><U>Comparison
of </U></B></FONT><B><U><FONT STYLE="color: #131313">Financial </FONT><FONT STYLE="color: #232323">Condition </FONT><FONT STYLE="color: #131313">At
December 31, 2020 and December 31, 2019 </FONT> <FONT STYLE="color: #232323">Borrowings, page</FONT> <FONT STYLE="color: #131313">47</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 34.55pt"><B>8.</B></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="color: #131313"><B>We note disclosure that during the fourth quarter
of 2020 you repaid $25 million of outstanding FHLB advances, of which $10 million was treated as a debt modification. As a result, prepayment
penalties of $1.5 million were charged to earnings with $1.2 million in prepayment penalties being deferred and amortized as an adjustment
to interest expense. Please tell us and revise your filing to explain how you determined the $10 </B></FONT><B><FONT STYLE="color: #151515">million
in restructured FHLB debt represented a modification rather than an extinguishment of debt. Please refer to ASC 470-50-40-9 through 40-10
for guidance.</FONT></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 41.75pt; text-align: justify; text-indent: 0in">During the fourth
quarter of 2020 the Company had four outstanding Federal Home Loan Bank advances totaling $25 million. The advances were fixed rate loans
with interest payments due monthly and principal payments due at maturity. The advances contained prepayment penalty provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 41.75pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 41.75pt; text-align: justify; text-indent: 0in">One advance,
totaling $10 million, was restructured into three new fixed rate, non-amortizing advances totaling $10 million. The transaction was evaluated
under the guidance in ASC 470-50-40-9 through 40-10 to determine if it met the criteria for treatment as a modification. Transactions
between the same debtor and creditor would only be accounted for as debt extinguishment if the debt instruments have substantially different
terms. The Company further evaluated the transaction using the FASB Staff Education Paper &#8211; <I>Topic 470 (Debt): Borrower&#8217;s
Accounting for Debt Modifications.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 41.75pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 41.75pt; text-align: justify; text-indent: 0in">The following
is noted concerning the $10 million debt modification:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 41.75pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The transaction involved
the contemporaneous exchanges of cash.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The FHLB of Dallas was
the creditor for both the old debt and the new debt.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">John Stickel, Esq.</P>

<P STYLE="margin: 0">April 23, 2021</P>

<P STYLE="margin: 0">Page 4</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The debt exchange is a
non-troubled debt situation as the Company is not experiencing financial difficulty.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The present value of the
cash flows under the terms of the new debt instrument is less than 10 percent different from the present value of the remaining cash flows
under the old debt instrument. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Neither the old debt instrument
nor the new debt instrument contained an embedded conversion option.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 41.75pt; text-align: justify">The guidance in ASC 470-50-40-12
was used to calculate the present value of the cash flows of the original and new debt instruments. The interest rate used for the calculations
was the effective interest rate of the original debt. The net difference in the present values of the cash flows was calculated at less
than 1.1%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 41.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 41.75pt; text-align: justify">The Company concluded that the
original and new debt instruments were not substantially different and should be accounted for as a debt modification. We have added
disclosure at page  51 of the Prospectus addressing the debt modification accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 41.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 8.9pt; text-align: justify; color: #151515"><B><U>Transactions
With Related Persons, page 93</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #151515"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 34.55pt"><B>9.</B></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><B>Please disclose in this section the loans made to officers and directors discussed
on pages F-26, to the extent that these meet the criteria for transactions with related persons pursuant to Item 404 of Regulation S-K.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 41.75pt; text-align: justify; text-indent: 0in; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 41.75pt; text-align: justify; text-indent: 0in; color: #151515">As
indicated in the second sentence of the first paragraph under the heading &#8220;Transactions with Related Persons&#8221; on page 97
of the Prospectus, all of such loans were made in the ordinary course of business, on substantially the same terms, including interest
rate and collateral, as those prevailing at the time for comparable loans with persons not related to St. Landry Homestead Federal Savings
Bank, and none of such loans involve more than the normal risk of collectibility or present other unfavorable features. We believe the
subject disclosure included on page 97 of the Prospects complies with Instruction 4.c. to Item 404(a) of Regulation S-K and that no additional
disclosure is called for under Item 404 of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 41.75pt; text-align: justify; text-indent: 0in; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 7.3pt; text-align: center; text-indent: 0in; color: #151515">*
 &nbsp; * &nbsp;&nbsp;* &nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 7.3pt; text-align: center; text-indent: 0in; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: 0.5in; color: #151515">If you have any further
questions or comments on the Amended Registration Statement, please do not hessite to contact the undersigned at (202) 295-4530.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.65pt 0pt 0.1in; text-indent: 0.5in; color: #151515">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515; width: 50%">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #151515">/s/ Hugh T. Wilkinson</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.65pt 0pt 0.1in; text-indent: 0.5in; color: #151515">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.65pt 0pt 0.1in; text-indent: 0.5in; color: #151515">cc: Joseph B. Zanco</P>



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