SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

KURRIE THOMPSON JR

(Last)

(First)

(Middle)

3250 NORTH VALDOSTA ROAD

(Street)

VALDOSTA

31602

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
PAB BANKSHARES INC [ PABK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	09/09/2009		C		43,333	A	$3	43,333	I	by PSP
Common Stock								1,315.1128	I	ESPP⁽²⁾
Common Stock								2,797	I	IRA

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock Warrants (right to buy)	$3.75	09/09/2009		P		10,400		09/09/2009	09/09/2016	Common Stock	10,400	$0	10,400	I	by PSP
Series A Convertible Preferred Stock	$3	09/09/2009		P		130		⁽¹⁾	⁽¹⁾	Common Stock	43,333	$1,000	130	I	by PSP
Series A Convertible Preferred Stock	$3	09/09/2009		C			130	⁽¹⁾	⁽¹⁾	Common Stock	43,333	$0	0	I	by PSP
Non-qualified Stock Option (Right to Buy)	$3							⁽³⁾	04/28/2019	Common Stock	50,000		50,000	D
Non-qualified Stock Option (Right to Buy)	$15.9314							10/18/1999	10/18/2009	Common Stock	10,200		10,200	D
Non-qualified Stock Option (Right to Buy)	$13.052							01/01/2005	01/01/2010	Common Stock	2,040		2,040	D
Non-qualified Stock Option (Right to Buy)	$9.1912							01/01/2006	01/01/2011	Common Stock	2,040		2,040	D
Non-qualified Stock Option (Right to Buy)	$9.8137							01/01/2007	01/01/2012	Common Stock	2,040		2,040	D
Non-qualified Stock Option (Right to Buy)	$7.9412							01/01/2008	01/01/2013	Common Stock	2,040		2,040	D

Explanation of Responses:

1. The series A and series B convertible preferred stock is immediately convertible at any time at a conversion price of $3.00 and has no expiration date. All of the shares were converted to common stock on 9/9/09.

2. Shares are purchased with 50% company match funds.

3. These are performance based options and will vest as follows : 5,000 shares will vest when the trading price of the Company's stock reaches $4.50 per share; 5,000 shares will vest when the trading price reaches $6.00 per share; 10,000 shares will vest when the trading price reaches $9.00 per share and 30,000 shares will vest when the trading price reaches $12.00 per share.

	/s/ Thompson Kurrie, Jr.	09/11/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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