Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 198

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 198
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(as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and is accumulated
and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow
timely decisions regarding required disclosure.

Changes
in Internal Control over Financial Reporting

There has been no change in our internal
control over financial reporting during the year ended December 31, 2024, that has materially affected, or is reasonably likely to materially
affect, our internal control over financial reporting.

Internal
Control Over Financial Reporting

This Annual Report on Form 10-K does not
include a report of management’s assessment regarding internal control over financial reporting or an attestation report of the
company’s registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission
for newly public companies.

Item
9B. Other Information

Not Applicable

Item
9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable

124

Item
10. Directors, Executive Officers and Corporate Governance

Directors

The Bancorp 34 board
of directors is divided into three classes approximately equal in number, serving staggered three-year terms. As a result, the terms
of only approximately one-third of Bancorp 34’s board members expire at each annual meeting. The term of Bancorp 34’s Class II
directors will expire at the 2025 annual meeting, the term of its Class III directors will expire at the 2026 annual meeting and the
term of its Class I directors will expire at the 2027 annual meeting.

Two of our directors
currently serve on the board of directors pursuant to the securities purchase agreements entered into with Castle Creek and Brush Creek.
This agreement will not terminate upon the completion of the merger. See the section entitled “Certain Relationships and Related
Transactions, and Director Independence—Arrangements with Castle Creek Fund VIII, L.P. and Brush Creek-B 34, LLC” for a description
of the terms of the securities purchase agreements.

    Name
     
    Age
     
    Served
    as Director Since
  
    Class I
    (term