UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

~~Pursuant~~PURSUANT toTO ~~Section~~ SECTION 13 orOR 15(d) ofOF ~~the Securities Exchange Act of 1934~~THE

~~Date~~SECURITIES ofEXCHANGE ~~Report~~ACT ~~(Date~~OF ~~of earliest event reported) December 13, 2010~~1934

Date of Report (Date of earliest event reported): December 16, 2010

PAB BANKSHARES, INC.

(Exact ~~Name~~name of ~~Registrant~~registrant as ~~Specified~~specified in its ~~Charter~~charter)

Georgia	~~000-25422~~	58000-~~1473302~~25422	58-1473302
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
(State or other jurisdiction of incorporation)		(Commission File Number)	(IRS Employer Identification No.)

3250 North Valdosta Road, Valdosta, Georgia 31602


3250 North Valdosta Road, Valdosta, GA		31602
(Address of principal executive offices)		(Zip Code)

(~~Address of Principal Executive Offices~~229) ~~(Zip~~ ~~Code)~~241-2775

(Registrant'’s telephone number, including area code ~~(229~~) ~~241-2775~~

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[¨ ] Written communications pursuant to Rule 425 under the Securities Act ~~(17 CFR 230.425)~~

[¨ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act ~~(17 CFR 240.14a-12)~~

[¨ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act ~~(17 CFR 240.14d-2(b))~~

[¨ ] Pre-commencement ~~communications~~communication pursuant to Rule 13e-4(c) under the Exchange Act ~~(17 CFR 240.13e-4(c))~~

Item 15.~~01. Entry~~02 ~~into~~Departure aof ~~Material~~Directors ~~Definitive~~or ~~Agreement~~Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

~~Effective~~PAB ~~December 13~~Bankshares, ~~2010~~Inc. (the “Company”) and its wholly-owned subsidiary, The Park Avenue Bank (~~“Park~~the ~~Avenue~~“Bank”), ~~the~~reports ~~wholly~~that ~~owned subsidiary~~effective ofDecember ~~PAB~~17, ~~Bankshares~~2010, ~~Inc~~Nicole S. (Stokes has resigned as the ~~“Company”),~~Executive ~~entered~~Vice ~~into~~President aand ~~Prompt~~Chief ~~Corrective~~Financial ~~Action~~Officer ~~Directive~~of (the ~~“Directive”)~~Company ~~with~~and the ~~Board~~Bank ofto ~~Governors~~pursue ofother ~~the~~opportunities. No ~~Federal~~disagreements ~~Reserve~~with ~~System~~management (or the ~~“Federal~~Board ~~Reserve~~of ~~Board”)~~Directors prompted Ms. Stokes’ decision. The ~~Directive~~Board ~~was~~of ~~issued~~Directors ~~due~~of tothe Company appointed Donald J. Torbert, Jr., the ~~Bank~~Company’s ~~“significantly~~President ~~undercapitalized”~~and ~~status~~Chief asExecutive ~~defined~~Officer, into ~~section~~serve ~~208.43(b)(4)~~as ofInterim ~~Regulation~~Chief HFinancial ofOfficer ~~the~~until ~~Federal~~a ~~Reserve~~permanent ~~Board,~~replacement ~~for~~is ~~purposes~~identified. Mr. ofTorbert ~~section~~previously 38served ofas the ~~Federal~~Company’s ~~Deposit~~Chief ~~Insurance~~Financial ~~Act,~~Officer asfrom ~~amended~~August ~~(the~~2001 ~~“FDI~~until ~~Act”)~~April 2009.

~~The Directive acknowledges that the Bank submitted a capital restoration plan, dated October 29, 2010, which the Federal Reserve Board deemed acceptable pursuant to section 38(e)(2) of the FDI Act.~~SIGNATURE

~~The~~Pursuant ~~Directive~~to ~~requires that within 90 days of~~ the ~~effective~~requirements ~~date~~ of the ~~Directive~~Securities orExchange ~~such~~Act ~~additional~~of ~~time~~1934, as ~~the Federal Reserve Board may permit~~amended, the ~~Bank,~~registrant inhas ~~conjunction~~duly ~~with~~caused ~~the~~this ~~Company~~report ~~must (1) increase the Bank’s equity in an amount sufficient~~ to ~~make~~be ~~the~~signed ~~Bank~~on ~~“adequately~~its ~~capitalized”~~behalf ~~as defined in section 208.432(b)(2) of Regulation H; (2) enter into and close a contract to be acquired~~ by ~~a depository institution holding company or combine with another insured depository institution; or (3) take other necessary measures to make~~ the ~~Bank~~undersigned ~~“adequately~~hereunder ~~capitalized~~duly authorized.”

~~The~~PAB ~~Directive also (1) restricts the Bank from making any capital distribution~~BANKSHARES, ~~including~~INC. ~~the~~By: ~~payment~~/s/ ofDonald ~~dividends;~~J. ~~and (2) requires prior written approval from the Federal Reserve Bank of Atlanta (the “Reserve Bank”) and fulfillment of one of the requirements above~~Torbert, ~~for~~Jr. ~~the~~Name: ~~Bank~~Donald to solicit and accept new deposit accounts or renew any time deposit bearing an interest rate that exceeds the prevailing effective rates on deposits of comparable amounts and maturities in the Bank’s market areaJ. ~~Within~~ ~~30 days of the effective date of the Directive~~Torbert, ~~the~~Jr. ~~Bank~~Title: ~~must~~President ~~submit an acceptable plan~~ and ~~timetable~~Chief toExecutive ~~the Reserve Bank for conforming the rates of interest paid on all existing non-time deposit accounts to the prevailing effective rates on deposits of comparable amounts in the Bank’s market area.~~Officer

~~The~~Date: December Directive continues to requires the Company to comply with the provisions in the Federal Reserve Act regarding affiliate transactions and the provision of the FDI Act restricting compensation of certain executive officers and restricting asset growth21, ~~acquisitions and branching.~~2010

The Reserve Bank may, in its sole discretion, grant written extensions of time to the Bank to comply with any provision of the Directive.

The Bank’s deposits continue to be insured by the FDIC to the maximum limits allowed by law.

Item 9.01. Financial Statements and Exhibits.

10.1 Prompt Corrective Action Directive executed December 13, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PAB BANKSHARES, INC.

(Registrant)

Date: December 16, 2010 /s/ Nicole S. Stokes

(Signature)

Nicole S. Stokes,

Executive Vice President and

Chief Financial Officer

EXHIBIT INDEX

Number Description

10.1 Prompt Corrective Action Directive executed December 13, 2010.

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