Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 78

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 78
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 its activities to the full Board of Directors. Our cybersecurity risk management program is built on lines of defense designed
to assess, identify, assess, and manage our material risks from cybersecurity threats. Our VP of IT Operations is responsible for coordinating
the implementation of cybersecurity framework and reports directly to our Chief Financial Officer.

Our
framework, implemented in conjunction with third party managed IT providers, manages preventative and detective controls to protect against
cybersecurity risks and responds to cyber incidents and data breaches. At least annually, training on information security awareness
is provided to employees. Training materials and topics include online training classes, mock phishing attacks, and information security
awareness emails from the VP of IT Operations. Our cybersecurity risk management program is designed to maintain and challenge our information
security defense system, as well as monitor, respond, evaluate, escalate and recover from cyber threats.

54

Our
Information Security Committee governs our technology and operational risk tolerances, including cybersecurity and third- and fourth-party
provider risks. The management members who serve as part of the committee include the VP of IT Operations (chair), Chief Operations Officer,
Chief Financial Officer, and Chief Compliance Officer. The VP of IT Operations has relevant technical experience and certifications with
over 20 years of respective experience. The remaining committee members each have more than 15 years of relevant banking experience.
The Committee is responsible for escalating key risks members of Executive Management not serving on the committee as well the Board
of Directors.

An
annual audit over cybersecurity related activities is completed by an independent third party.

Item
2. Properties

Our principal executive
offices and the Bank’s main office is located at 8777 East Hartford Drive, Suite 100, Scottsdale, Arizona 85255. In addition, we
currently operate seven branches located in Las Cruces, New Mexico, Alamogordo, New Mexico, Scottsdale, Arizona, Gilbert, Arizona, Tucson,
Arizona, Oro Valley, Arizona and Green Valley, Arizona.

We own both New Mexico
banking branches and lease our remaining offices in Arizona. We believe that our facilities are in good condition and are adequate to
meet our operating needs for the foreseeable future.

Item
3. Legal Proceedings

Bancorp 34 and its subsidiaries
are from time to time subject to claims and litigation arising in the ordinary course of business. One or more unfavorable outcomes in
any claim or litigation against us could have a material adverse effect for the period in which they are resolved. In addition, regardless
of their merits or