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PSB Financial, Inc. (PNSB) reports that the PSB Financial, Inc. Employee Stock Ownership Plan Trust has filed a Schedule 13G disclosing a significant ownership position in the company’s common stock, par value $0.01 per share.
The Employee Stock Ownership Plan Trust beneficially owns 137,540 shares of PSB Financial, Inc. common stock, representing 8.0% of the class. The Trust has sole power to vote and dispose of all 137,540 shares, with no shared voting or dispositive power reported. The Trust is organized in Montana, and the filing is signed by Trustee Phillip K. Willett.
PSB Financial, Inc. completed its mutual-to-stock conversion on May 21, 2026, becoming the holding company for Pioneer State Bank and selling 1,719,250 common shares at $10.00 per share for gross proceeds of $17.2 million and net proceeds of $13.6 million. Total assets rose to $133.2 million at June 30, 2026, up 11.0% from year-end, driven by a jump in cash and cash equivalents to $21.8 million and loan growth to $93.8 million.
For the six months ended June 30, 2026, the company reported a net loss of $1.4 million versus net income of $125,786 a year earlier, and a quarterly loss of $148,413 versus prior-year quarterly income of $36,686. Results were pressured by noninterest expense, including data processing costs of $2.21 million for the six months (vs. $220,421 in 2025) related to system conversion. Deposits increased 2.2% to $94.7 million, while the community bank leverage ratio remained strong at 16.80%, above the 9.00% well-capitalized threshold. Shareholders’ equity climbed to $29.2 million, supported by the stock offering and partially offset by ESOP share purchases and the net loss.
PSB Financial, Inc., through its subsidiary Pioneer State Bank, approved new employment and compensation arrangements with President and CEO Phillip K. Willett. His employment term as President and CEO runs through July 14, 2029, subject to earlier termination under the agreement.
Under a Change of Control Agreement, if his employment ends without cause or for good reason within a period ending on the first anniversary of a change of control, Willett is entitled to a lump sum equal to 2.99x of his prior calendar year total W-2 and 1099 compensation, plus base salary through termination and accrued benefits. A Supplemental Executive Retirement Plan provides a normal retirement benefit of an annual $150,000, paid in equal monthly installments for 120 months after separation at age 62, with full vesting at age 60, upon change in control, death, or disability. The plan is supported by a single premium bank owned life insurance policy of $1,450,000, and Willett is subject to customary restrictive covenants.
PSB Financial, Inc., holding company for Pioneer State Bank, has closed its conversion to a stock bank and completed its related subscription stock offering.
The company sold 1,719,250 common shares, including 137,540 shares to its employee stock ownership plan, at $10.00 per share for gross proceeds of $17,192,500 before expenses. The common stock is expected to begin trading on the OTCQB Market under the symbol “PNSB” on May 22, 2026.
Eligible depositors in the top subscription priority and the ESOP received full allocations under the plan of conversion, while other valid subscribers will receive full refunds with interest. At March 31, 2026, Pioneer State Bank reported assets of $122.3 million and deposits of $94.7 million.
PSB Financial, Inc. director Spencer S. Hegstad filed an initial Form 3 reporting his ownership in the company. The filing shows he directly holds 5,000 shares of PSB Financial common stock as of 2026-05-21. The form records existing holdings rather than a new purchase or sale.
PSB Financial, Inc. director Ronald J. Snow has filed an initial statement of ownership showing his holdings of the company’s common stock. He reports indirect ownership of 20,969 shares of common stock held through an IRA and direct ownership of 9,031 shares in his own name.
PSB Financial, Inc. director Mark J. Simkins has filed an initial statement of beneficial ownership on Form 3. The filing shows he directly owns 1,500 shares of the company’s Common Stock, with no specific buy or sell transaction reported in this filing.
PSB Financial, Inc. director William L. Mosier Jr. filed an initial ownership report showing he holds 5,000 shares of the company’s Common Stock directly. The filing does not list any recent purchases or sales, serving instead as a baseline disclosure of his current stake.
PSB Financial, Inc. director Michael E. Johns filed an initial ownership report on Form 3, disclosing direct ownership of 10,000 shares of the company’s Common Stock. This filing records his starting equity position as an insider and does not reflect any specific recent buy or sell transaction.
PSB Financial, Inc. director Debra H. Huber filed an initial Form 3 reporting her beneficial ownership in the company. The filing shows indirect ownership of 10,450 shares of Common Stock, held through an individual retirement account (IRA). The filing does not report any new purchases or sales, but rather establishes her existing position as a company insider.