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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 17 – SUBSEQUENT EVENTS

 

Management has reviewed PSB’s operations for potential disclosure of information or financial statement impacts related to events occurring after March 31, 2014 but prior to the release of these financial statements. On April 11, 2014, PSB completed its acquisition of the Northwoods National Bank Rhinelander, Wisconsin branch of The Baraboo National Bank pursuant to the purchase agreement signed January 22, 2014. The purchase added approximately $21 million of performing loans and $41 million of deposits to PSB who will continue to operate the branch location as a branch of Peoples State Bank. PSB acquired the Northwoods branch for a deposit premium calculated as a percentage of the deposits acquired (as defined by the agreement), resulting in a premium paid of $654. No currently nonperforming loans or foreclosed assets were acquired under the agreement.