8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 21, 2009

PSB HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Wisconsin	0-26480	39-1804877
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1905 West Stewart Avenue             Wausau, Wisconsin	54401
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:  (715) 842-2191

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 pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01.

Other Events.

On April 21, 2009, PSB Holdings, Inc., a Wisconsin corporation, announced its intent to offer $7,000,000 aggregate principal amount of its 8% Senior Subordinated Notes due 2019 to certain investors in reliance upon exemptions from registration under the Securities Act of 1933, as amended.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01.

Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release dated April 21, 2009

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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.

Dated:  April 21, 2009	PSB HOLDINGS, INC.
	By:  /s/ Scott M. Cattanach
	Scott M. Cattanach Treasurer

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EXHIBIT LIST

Exhibit No.	Description
99.1	Press Release dated April 21, 2009

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EX-99.1

	Exhibit 99.1
	THE LATEST NEWS For Immediate Release: April 21, 2009
For more information, contact: Scott M. Cattanach Chief Financial Officer 715-847-4020 scattanach@psbwi.com Peter W. Knitt President and CEO 715-847-4099 pknitt@psbwi.com	PSB HOLDINGS, INC. TO OFFER SENIOR SUBORDINATED NOTES  Wisconsin — PSB Holdings, Inc. (“PSB”), parent company of Peoples State Bank, announced today that it intends to offer up to $7,000,000 aggregate original principal amount of its Senior Subordinated Notes due 2019 (the “Notes”) to certain investors in reliance upon exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act”). PSB expects the Notes to be unsecured, subordinated obligations of PSB, to mature in 2019 on the tenth anniversary of the date of issuance and to accrue interest at a rate of 8% per annum from the date of original issuance to be payable quarterly.  The Notes are expected to be subordinated in right of payment to all of PSB’s existing and future senior indebtedness and pari passu in right of payment with any of PSB’s future senior subordinated indebtedness.   The Notes are not expected to be guaranteed by any of PSB’s subsidiaries or any other person or entity.  The Notes are expected to be redeemable at PSB’s option, without premium or penalty, in whole or in part, at any time on or after the third anniversary of the issuance of the Notes.  PSB intends to use substantially all of the net proceeds from the sale of the Notes to further capitalize Peoples State Bank in order to support its ongoing commercial and consumer lending activities in its local market areas. The Notes will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. This announcement does not constitute an offer to sell or the solicitation of offers to buy any securities.

Forward Looking Statements

Certain matters discussed in this news release, including the size and timing of the proposed offering and the terms of the Notes, are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Reform Act of 1995.  Such statements involve risk and uncertainties which may cause results to differ materially from those set forth in this release.  These forward-looking statements may be significantly impacted, either positively or negatively, by various factors, including without limitation:  (i) economic and financial market conditions; (ii) changes in interest rates; (iii) changes in laws or regulations; (iv) regulatory approvals; (v) the availability of financing; (vi) increases in charge-offs and PSB’s allowance for loan losses; and (vii) competition and business conditions in the banking indust ry.  Additional information concerning potential factors that could affect PSB’s financial condition or results of operations is included in PSB’s filings with the Securities and Exchange Commission, including without limitation, PSB’s Annual Report on Form 10-K for the year ended December 31, 2007.  PSB assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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