Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 0

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 0
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As
used in this report, unless the context requires otherwise, the terms “Bancorp 34,” “we,” “us” and
“our” refer to Bancorp 34, Inc. and its consolidated subsidiaries before the merger with CBOA.

History
and Growth

Bancorp 34, Inc. is
a Maryland corporation that was organized in 2016 and originally headquartered in Alamogordo, New Mexico. Bancorp 34 was formed to be
the successor to Alamogordo Financial Corp. upon completion of the second step mutual-to-stock conversion (the “conversion”)
of AF Mutual Holding Company (the “MHC”), the top tier mutual holding company of Alamogordo Financial Corp. Alamogordo Financial
Corp. was the former mid-tier holding company Southwest Heritage Bank. Prior to completion of the conversion, approximately 54.7% of
the shares of common stock of Alamogordo Financial Corp. were owned by the MHC. In conjunction with the conversion, the MHC and Alamogordo
Financial Corp. merged into the Bancorp 34, Inc. The conversion was completed on October 11, 2016. We sold a total of 1,879,484 shares
of common stock at $10.00 per share in the second-step offering. Concurrent with the completion of the stock offering, each share of
Alamogordo Financial Corp. stock owned by public stockholders (stockholders other than the MHC) was exchanged for 2.0473 shares of our
common stock. The conversion was accounted for as a capital raising transaction by entities under common control.

On January 4, 2023,
Bank 34 notified the OCC of its election to operate as a covered savings association, which election was confirmed by the OCC, effective
January 31, 2023. As a covered savings association, Bank 34 has the same rights and privileges as a national bank that has its main office
situated in Scottsdale, Arizona and is subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations
that would apply to such a national bank. In addition Bank 34’s activities became subject to the laws, regulations, and safety
and soundness expectations as a similarly located national bank, except for certain limited enumerated purposes.

On April 27, 2023, Bancorp
34 and CBOA entered into a merger agreement, which was amended on December 21, 2023 (the “