Exhibit 14

PSB BANCORP, INC.  CODE OF CONDUCT AND ETHICS

I. INTRODUCTION

It is the policy of PSB Bancorp, Inc. and each of its affiliates ("PSB") that, at all times, Directors and Team Members (as defined below) shall adhere to
and obey laws, rules, and regulations of local, state, and Federal authorities applicable to the business of PSB and its affiliates.

It
is PSB's belief that there are no greater selling points for a business corporation than high corporate and individual conduct, quality service and sound judgment. Personal honesty
and corporate integrity are high priorities of PSB. Whether a Director or Team Member, it is each person's responsibility to maintain the highest standards of professional and ethical conduct which is
essential in preserving PSB's integrity in the community. Each person has a fundamental duty to avoid placing him or herself in a position which creates, or which leads to, or could lead to, a
conflict of interest or the appearance of a conflict of interest.

Directors
and Team Members have an affirmative duty to promote and advance the interests of PSB. Each individual should be concerned with the welfare of customers as well as shareholders
of PSB.

PSB
requires ethical behavior of its Directors and Team Members. A Team Member is encouraged to talk with his or her supervisor, manager or other appropriate personnel when in doubt
about the ethical course of action in a particular situation.

Team
Members are encouraged to report violations of laws, regulations, or this Code of Conduct and Executive (the "Code") using the processes described in this Code. PSB will not permit
retaliation against Team Members for reports made in good faith.



This Code applies to the Directors and Team Members of PSB. Certain parts of the Code may be applicable only to First Penn Bank (the "Bank"), and if so, are
indicated. "Team Member" means an officer or employee of PSB and it includes executive officers, unless otherwise stated. Certain parts of this Code may apply specifically to "Executive Officers," and
are so indicated. "Executive Officer" means a member of PSB's strategic leadership team as designated by resolution of the Board.



1

---



2

---



3

---



II. CONFLICTS OF INTEREST



For purposes of this policy, a "conflict of interest" occurs when an individual's private interest interferes in a quantitatively or qualitatively material way or
appears from the perspective of a reasonable person to interfere in a qualitatively or quantitatively material way, with the interests of PSB as a whole. A conflict situation can arise when a Team
Member or Director takes actions or has interests that may make it difficult to perform his or her team member responsibilities objectively and effectively. Ordinarily, a conflict exists when an
outside interest could actually or potentially influence the judgment or actions of an individual in the conduct of PSB's business. Conflicts of interest also may arise when a Team Member or Director
or a member of his or her family, receives improper personal benefits as a result of his or her position in PSB1,2. Knowing violations of any such conflict of interest are
prohibited under this Code, and are further discussed below.

---



PSB must have the confidence of its customers and the public. Directors and Team Members must avoid conflicts or the appearance of conflicts, as discussed above.



Directors and officers of PSB stand in a fiduciary relationship to PSB. It is a breach of this duty for any such person to take advantage of a business
opportunity for his or her own or another person's personal profit or benefit when the opportunity is within the corporate powers of PSB, and when the

4

---

opportunity
is of present or potential practical advantage to PSB, unless PSB's Board knowingly elects not to avail itself of such opportunity and such person's participation is approved in advance by
the Board. If such a person so appropriates such an opportunity, PSB may claim the benefit of the transaction or business and such person exposes himself or herself to liability in this regard. It is
PSB's policy that no Director or Executive Officer appropriate a corporate opportunity, without the consent of the Board.

In
addition, except as permitted under Section VII of this Policy, no Director or Team Member may take for him or herself, opportunities that he or she discovers through the use
of PSB's property or information, or use PSB's property, information or position for their personal gain, unless approved in advance under this policy.



PSB Team Members must have the written approval (as described in Section I.B.4) in advance of accepting an appointment or position to serve as a director,
partner, owner, officer, or employee of any non-PSB business. If the service is permitted, then any Team Member acting in this dual capacity must inform the applicable PSB committee or the
Board of any matter affecting this dual responsibility at any time and, if warranted, abstain from any discussion or vote arising from this situation.

No
outside employment of a Team Member that may constitute a conflict of interest is permittedunless approved in advance under this Policy.Outside employment considered to be a conflict of interest would
include, but is not limited to, employment with or service on the board of directors of a competitor or
supplier, employment as an auditor or accountant, investment advisor, insurance broker or agent, or acting as a real estate broker or agent. Generally, Directors and Team Members of PSB are
prohibited, absent approval under this policy, from serving:



PSB
Directors who accept appointments to serve as directors, officers, or employees shall, in cases where such appointments have not previously been disclosed, inform, in writing from
the Corporate Governance Committee of the Company.



No Team Member of PSB, acting on PSB's behalf, may contribute or loan money or items of value to any foreign, federal, state, or local political candidates or
parties. This prohibition includes the use of any PSB facilities, equipment, supplies, personnel, or name. Team members may, however, participate or contribute to the political process as concerned
individuals, through means that would include voting and the contribution of their own time and money, and participation in or contributions to political action committees.

Team
Members considering running for election to public office must discuss such matter in advance with their supervisors to assure that their responsibilities at PSB are not
compromised. This policy does not prohibit consideration for personal leaves of absence by PSB Team Members to pursue elected or appointed governmental positions. Requests for personal leaves of
absence will be considered and administered as set forth in [the Employee Handbook.]



From time to time, various individuals who are deemed to be PSB insiders may refer potential borrowers to the Bank. Under no circumstance is such a referred
potential borrower to be given

5

---

preferential
treatment of any kind with regard to rates or customer service or any other favored attention that is beyond that given to any other customer.





Whenever a Team Member becomes aware of an investigation that affects PSB, he or she shall immediately notify PSB's CEO or CFO. Notwithstanding any PSB records
retention guidelines, under no circumstances shall any records known to be the subject of or germane to any anticipated, threatened or pending law suit or governmental or regulatory investigation or
case filed in bankruptcy be removed, concealed, or destroyed. For purposes of this section, "records" means any of hard copy, paper documents, and electronic records, including but not limited to,
e-mail, voicemail, and the contents of hard discs.

Furthermore,
all audit and audit review work papers shall be retained as required, in accordance with the rules promulgated by the SEC under the Sarbanes-Oxley Act of 2002.



Volunteering in civic and charitable organizations is encouraged for Team Members. To serve as a director or officer of a charitable or civic organization, a Team
Member must obtain written approval from the CEO in advance of accepting the appointment. Participation in such activities shall not be deemed to be within an individual's scope of employment or
authority as a Team Member and PSB assumes no liability therefor.



Team Members always shall adhere to established accounting rules and audit controls. All records shall reflect accurately transactions in a timely manner.
Incorrect or misleading entries shall be corrected immediately. Falsification of records or transactions shall be grounds for termination.

In
accordance with the rules promulgated by the SEC under the Sarbanes-Oxley Act of 2002, it shall be unlawful for any officer or Director of PSB or any other person acting under the
direction thereof, to take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified accountant engaged in the performance of an audit of PSB's financial
statements for the purpose of rendering such financial statements materially misleading.



Each
Team Member must endeavor to deal fairly with PSB's customers, suppliers, competitors and other Team Members. No Team Member shall take unfair advantage of anyone through
manipulation, concealment, abuse of privileged or confidential information, misrepresentation of material fact, or any other unfair-dealing practice.3 More specific discussion follows:

---

6

---



7

---



PSB shall adhere to the highest standards of financial advertising in compliance with all applicable laws and regulations. Advertising shall be truthful and will
contain enough information about products or services that the intended audience can be expected to make an intelligent purchase based upon the advertisement.

Team
Members may not, without authorization, release to news media information about PSB activities. All press releases to the news media will be made through Investor Relations. Any
requests from a PSB shareholder for information shall be immediately referred to Investor Relations or to the Corporate Secretary as appropriate for proper handling.



Directors and Team Members shall enjoy no advantage over the general public in the purchase of any PSB properties including real estate, automobiles, securities,
or any other real or personal properties. The terms and conditions of any transactions with Directors or Team Members shall not be less favorable to PSB than those offered to others. Properties shall
be sold in accordance with normal business practices.



Directors and Team Members shall enjoy no advantage over the general public in the sale of assets or services to PSB. The terms and conditions of any transactions
with Directors or Team Members shall not be less favorable to PSB than those offered by others. Services and assets shall be purchased in accordance with normal business practices.



Illegal kickbacks are improper payments to any party for the referral of business and are strictly prohibited.



Team Members of PSB are prohibited from approving or performing transactions or file maintenance involving their own deposit or loan accounts or any deposit or
loan accounts involving their relatives or any affiliated business relationships. "Relatives" include a Team Member's spouse or fiancée, siblings, parents (actual or step), children,
stepchildren, grandparents, grandchildren, domestic partner, aunt, uncle, first cousin, niece, nephew, in-law, or any significant other non-family relationship.

III.  LOANS



Team Members generally are prohibited from borrowing any money from customers or suppliers of PSB unless those customers or suppliers are their immediate family
members. Any borrowing by Team Members under any other circumstances that appear inappropriate or potentially embarrassing, also is prohibited. However, nothing in this Code shall preclude any Team
Member from obtaining loans from another financial institution, provided that such loans are, under all facts and circumstances, at fair market value and at terms no more favorable to the Team Member
than those available to the general public.

8

---





9

---



IV.    TRANSACTIONS WITH AFFILIATED PERSONS

For purposes of this Section IV, an "affiliated person" is any Director, DirectorEmeritus, and any
designated Executive Officer of PSB or the Bank and any entity owned or controlled by such persons.



V. PSB PROPERTY



VI.   ABUSE OF CONFIDENTIAL INFORMATION OR RELATIONSHIP



10

---



Examples
of information thatmustbe kept confidential are listed below:



VII. ACCEPTING THINGS OF VALUE



The solicitation of and acceptance of things of value is generally prohibited by the Bank Bribery Act of 1985. Violations of this law can result in fines and
imprisonment. The law is applicable to all Directors, Team Members, agents, or attorneys of the Bank.





The following transactions are permitted and shall be considered an exception to the general prohibition against acceptance of things of value:



11

---



The purpose of this Policy is to avoid violations of law and to insure that the Bank's business is safeguarded from undue influence of bribery and personal
favors. Whenever you have dealings with persons who have business with the Bank, the requirements of the law must be kept in mind. Necessarily, the application of the Policy stated herein will require
good judgment and common sense. If you encounter situations in which you are not sure of your obligations, you should consult the Director of Human Resources.



If you are offered or receive something of value beyond what is authorized herein, you should disclose fully that fact in writing in accordance with the reporting
directions herein.

Circumstances
beyond those described above in section VII C may be given written approval on a case-by-case basis, where something of value is accepted in
connection with PSB's business. However, such approval will require full written disclosure and the approval must be consistent with the Bank Bribery Act.



If it is determined that something of value has been received in violation of this Policy, it will be returned to the donor. If return is not possible, depending
on the circumstances, any such items of value will be turned over to a charitable institution. If possible, the donor will be informed of this disposition.



Acceptance of things of value that are not otherwise permitted herein is a violation of federal criminal law (18 U.S.C. Section 215) and such violation is
punishable by fines and imprisonment.



It is inevitable and desirable that you will have individual business and personal relationships with PSB's customers, vendors, and others who do business with
PSB even though such individual business and personal relationship is not connected with PSB's business. This Policy is not intended to discourage such relationships. Any such business relationship
should be on customary terms and for

12

---

proper
and usual purposes. However, you should not solicit any special favors in recognition of your relationship with PSB.

VIII. TRADING IN PSB SECURITIES



13

---





IX.   ANTI-MONEYLAUNDERING COMPLIANCE



X. COMPLIANCE and COMPLIANCE MONITORING



XI.   DISCLAIMER OF EMPLOYMENT CONTRACT

This Code is neither an employment contract nor any guarantee of continued employment. The employment relationship between PSB and its Team Members is "at will."
PSB's policies, guidelines and related procedures are subject to unilateral change by PSB at any time.

XII. CERTIFICATION

Each Director and Team Member will be required to read or review this Code each year and certify, in writing, that he or she understands his or her responsibility
to comply with the guidelines and provisions set forth herein.

14

---

QuickLinks