Leadership & Pay ·
On July 14, 2026, Pioneer State Bank entered into new employment and compensation agreements with President and CEO…
PNSBPSB Financial, Inc.
On July 14, 2026, Pioneer State Bank entered into new employment and compensation agreements with President and CEO Phillip K. Willett, extending his term through July 14, 2029. The arrangements include an annual base salary of $170,155, bonus eligibility, and a severance payment of nine months' base salary for termination without cause. A Change of Control Agreement provides a payout of 2.99x the prior year's total compensation if terminated under specific conditions following a change of control. Additionally, a Supplemental Executive Retirement Plan (SERP) provides an annual benefit of $150,000 for 120 months upon retirement at age 62, supported by a $1,450,000 bank-owned life insurance policy. The company operates in the banking industry and provides financial services.