Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 226

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 226
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 similarly agreed to indemnify us against specific liabilities.

Related
Party Transaction Policy

Transactions by us with
related parties are subject to regulatory requirements and restrictions. These requirements and restrictions include Sections 23A and
23B of the Federal Reserve Act (which govern certain transactions by us with our affiliates) and the Federal Reserve’s Regulation
O (which governs certain loans by us to our executive officers, directors and principal stockholders). We have also adopted policies
to comply with these regulatory requirements and restrictions, including policies governing the approval of related party transactions.
Under our policies, all transactions between us and our directors, officers and 5% stockholders are subject to the approval of a majority
of the independent and disinterested outside directors and are conducted on terms no less favorable than could be obtained from unaffiliated
third parties on an arm’s-length basis. In addition, we conduct an appropriate review of all related person transactions for potential
conflicts of interest on an ongoing basis, and all such transactions must be approved by the Audit Committee (or another independent
body of the board).

137

Director
Independence

Our securities
are not listed on a national securities exchange or any inter-dealer quotation system which has a requirement that a majority of directors
be independent. Our board has undertaken a review of the independence of each director on the Bancorp 34 board of directors under the
standards for director independence set forth in the NASDAQ Marketplace Rules. Under these rules, our board has affirmatively determined
that Ms. Ralls, Mr. Ahern, Mr. Cohn, Mr. Decker, Mr. Assenmacher and Mr. Rabon are “independent directors.” We have determined
that Messrs. Crotty and Webster do not qualify as independent directors because they are executive officers of both Bancorp 34 and Southwest
Heritage Bank (in the case of Mr. Crotty) and of Southwest Heritage Bank (in the case of Mr. Webster). 

Item
14. Principal Accounting Fees and Services

We have paid or expect to pay the
following fees to Plante & Moran, PLLC for work performed in 2023 and 2024 or attributable to the audit of our 2023 and 2024 consolidated
financial statements:

    Type of Fees 
    Fiscal Year Ended December 31, 2024  
    Fiscal Year Ended December 31, 2023 
  
    Audit Fees 
    $403,016  
     428