AI-generated analysis. Always verify with the original filing.
PSB Financial, Inc., a newly formed Maryland holding company, is conducting a mutual-to-stock conversion of Pioneer Federal Savings and Loan Association, a Montana-chartered mutual savings association, into Pioneer State Bank, with PSB Financial owning 100% of Pioneer State Bank's stock. Pioneer Federal operates two branches in Deer Lodge and Dillon, Montana, serving Beaverhead and Powell Counties with a focus on one-to-four-family residential mortgage loans (87.1% of total loans at $79.5 million as of December 31, 2025), supplemented by commercial real estate, construction, and consumer loans. Total assets stood at $120.0 million, with net loans of $89.8 million and deposits of $92.7 million. For the year ended December 31, 2025, net interest income was $3.5 million (up 10.9% from 2024), but net income fell to $48,000 from $224,000 due to one-time gains in prior year and conversion expenses. The company is offering 1,105,000 to 1,495,000 shares of common stock at $10.00 per share (up to 1,719,250 if increased 15%), yielding $9.5-$13.4 million net proceeds (up to $15.6 million). At least 50% ($4.7-$7.8 million) will capitalize Pioneer State Bank for loan growth and operations; remainder funds ESOP (8% of shares) and general purposes. The conversion aims to raise capital for growth, enable stock-based incentives, and provide equity ownership to customers/employees, enhancing strategic flexibility in a rural market with agriculture/tourism focus.
Offering Amount
$17.2M
Shares Offered
5,000,000
Price Range
$10.00 – $10.00
Shares Offered
1,495,000
Offering Amount
$14,950,000
Price Range
$10.00
Share Type
Common Stock
Exchange
OTCQB Market
Use of Proceeds: At least 50% to Pioneer State Bank ($4.7-$7.8M); fund ESOP loan; remainder for general corporate purposes including short-term investments.
Pioneer Federal Savings and Loan Association is a Montana-chartered mutual savings association operating two branches in Deer Lodge and Dillon, Montana, originating primarily one-to-four-family residential mortgage loans and offering deposit accounts.