<SEC-DOCUMENT>0001437749-26-000530.txt : 20260106
<SEC-HEADER>0001437749-26-000530.hdr.sgml : 20260106
<ACCEPTANCE-DATETIME>20260106134417
ACCESSION NUMBER:		0001437749-26-000530
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260105
FILED AS OF DATE:		20260106
DATE AS OF CHANGE:		20260106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Greenfield Thomas R
		CENTRAL INDEX KEY:			0001871134
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40612
		FILM NUMBER:		26510545

	MAIL ADDRESS:	
		STREET 1:		185 E. LINCOLN HIGHWAY
		CITY:			COATESVILLE
		STATE:			PA
		ZIP:			19320

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PB Bankshares, Inc.
		CENTRAL INDEX KEY:			0001849670
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		185 E. LINCOLN HIGHWAY
		CITY:			COATESVILLE
		STATE:			PA
		ZIP:			19320
		BUSINESS PHONE:		(610) 384-8282

	MAIL ADDRESS:	
		STREET 1:		185 E. LINCOLN HIGHWAY
		CITY:			COATESVILLE
		STATE:			PA
		ZIP:			19320
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rdgdoc.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-01-05</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001849670</issuerCik>
        <issuerName>PB Bankshares, Inc.</issuerName>
        <issuerTradingSymbol>PBBK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001871134</rptOwnerCik>
            <rptOwnerName>Greenfield Thomas R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>185 E. LINCOLN HIGHWAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>COATESVILLE</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>19320</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-01-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>17500</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Options</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>12.28</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2026-01-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionTotalValue>
                    <value>3000</value>
                </transactionTotalValue>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2023-11-14</value>
            </exerciseDate>
            <expirationDate>
                <value>2032-11-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to the Agreement and Plan of Merger (the &quot;Merger Agreement&quot;), dated as of July 7, 2025, by and among Norwood Financial Corp. (&quot;Norwood&quot;), Wayne Bank, the Issuer, and Presence Bank (the &quot;Merger Agreement&quot;), at the Effective Time (as defined in the Merger Agreement), each issued and outstanding share of Common Stock of the Issuer was converted into the right to receive, at the election of the holder, either (i) 0.7850 shares of Norwood common stock (the &quot;Stock Consideration&quot;) or (ii) $19.75 in cash (the &quot;Cash Consideration&quot;), subject to proration procedures to ensure that 80% of the shares of the Issuer common stock are converted into the Stock Consideration (the &quot;Merger Consideration&quot;).</footnote>
        <footnote id="F2">Pursuant to the Merger Agreement, all unvested shares of restricted stock automatically vested in full at the Effective Time, and were considered outstanding shares of common stock entitled to receive the Merger Consideration, net of all applicable withholding taxes.</footnote>
        <footnote id="F3">Pursuant to the Merger Agreement, each outstanding and unexercised option immediately prior to the Effective Time, whether vested or unvested, was cancelled in exchange for the right to receive an amount in cash equal to the product of (i) the excess, if any, of the Cash Consideration over the per share exercise price of such option, multiplied by (ii) the number of shares of Common Stock then subject to such option, net of all applicable withholding taxes.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Lindsay Bixler, pursuant to power of attorney</signatureName>
        <signatureDate>2026-01-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
