Every 8-K that PSB FINL INC (PNSB) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow PNSB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PNSB filings page.
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. reported that the subscription offering tied to the mutual-to-stock conversion of Pioneer Federal Savings and Loan Association was oversubscribed in the first priority tier. The company expects to sell 1,719,250 shares of common stock at $10.00 per share, including 137,540 shares for the Pioneer State Bank Employee Stock Ownership Plan.
Closing of the conversion and related stock offering is expected on May 21, 2026, with the company’s common stock anticipated to begin quotation on the OTCQB Market on May 22, 2026 under a symbol to be determined. At March 31, 2026, the Association had assets of $122.3 million and deposits of $94.7 million.