-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 eCuRv+KgOHhpEx6lA6OX/w==

<SEC-DOCUMENT>0000892712-09-000540.txt : 20090512
<SEC-HEADER>0000892712-09-000540.hdr.sgml : 20090512
<ACCEPTANCE-DATETIME>20090512161405
ACCESSION NUMBER:		0000892712-09-000540
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090512
DATE AS OF CHANGE:		20090512
EFFECTIVENESS DATE:		20090512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PSB HOLDINGS INC /WI/
		CENTRAL INDEX KEY:			0000948368
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				391804877
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-130878
		FILM NUMBER:		09819032

	BUSINESS ADDRESS:	
		STREET 1:		1905 WEST STEWART AVE
		CITY:			WAUSAU
		STATE:			WI
		ZIP:			54401
		BUSINESS PHONE:		7158422191

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 1686
		CITY:			WAUSAU
		STATE:			WI
		ZIP:			54402-1686

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEOPLES STATE BANK  /WI/
		DATE OF NAME CHANGE:	19950721
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0000948368</cik>
        <entityName>PSB HOLDINGS INC /WI/</entityName>
        <issuerAddress>
            <street1>1905 WEST STEWART AVE</street1>
            <street2></street2>
            <city>WAUSAU</city>
            <stateOrCountry>WI</stateOrCountry>
            <zipCode>54402</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>715-842-2191</issuerPhoneNumber>
        <issuerPreviousNameList>
            <previousName>PEOPLES STATE BANK /WI/</previousName>
            <previousName>PEOPLES STATE BANK /WI/</previousName>
        </issuerPreviousNameList>
        <jurisdictionOfInc>WI</jurisdictionOfInc>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <middleName>W.</middleName>
                <lastName>Knitt</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President and CEO of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>M.</middleName>
                <lastName>Cattanach</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Secretary and Treasurer of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gordon</firstName>
                <middleName>P.</middleName>
                <lastName>Connor</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Patrick</firstName>
                <middleName>L.</middleName>
                <lastName>Crooks</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <middleName>J.</middleName>
                <lastName>Fish</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Charles</firstName>
                <middleName>A.</middleName>
                <lastName>Ghidorzi</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gordon</firstName>
                <middleName>P.</middleName>
                <lastName>Gullickson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>K.</middleName>
                <lastName>Kopperud</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Thomas</firstName>
                <middleName>R.</middleName>
                <lastName>Polzer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Wlliam</firstName>
                <middleName>M.</middleName>
                <lastName>Reif</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Thomas</firstName>
                <middleName>A.</middleName>
                <lastName>Riiser</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>H.</middleName>
                <lastName>Sonnentag</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1905 West Stewart Avenue</street1>
                <street2>P.O. Box 1686</street2>
                <city>Wausau</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>54402</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial Banking</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>$25,000,001 - $100,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-04-29</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isDebtType>true</isDebtType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>N/A</street1>
                    <street2></street2>
                    <city>N/A</city>
                    <stateOrCountry>XX</stateOrCountry>
                    <zipCode>00000</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <state>IL</state>
                    <state>MN</state>
                    <state>WI</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>7000000</totalOfferingAmount>
            <totalAmountSold>2250000</totalAmountSold>
            <totalRemaining>4750000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>2</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>PSB HOLDINGS INC /WI/</issuerName>
                <signatureName>Scott M. Cattanach</signatureName>
                <nameOfSigner>Scott M. Cattanach</nameOfSigner>
                <signatureTitle>Treasurer of the Issuer</signatureTitle>
                <signatureDate>2009-05-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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