8-K

                   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 15, 2002



                        PSB HOLDINGS, INC.

      (Exact name of registrant as specified in its charter)



     WISCONSIN                0-26480             39-1804877
     (State or other     (Commission File         (IRS Employer
     jurisdiction of          Number)             Identification
     incorporation)                               Number)


                      1905 W. STEWART AVENUE
                         WAUSAU, WI 54401

   (Address of principal executive offices, including Zip Code)

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



             INFORMATION TO BE INCLUDED IN THE REPORT


 ITEM 5.OTHER EVENTS AND REGULATION FD DISCLOSURE.

     On April 15, 2002, PSB Holdings, Inc. reported net earnings of
 $958,000, or $1.14 per share, for the first quarter ended March 31, 2002,
 as compared to net earnings of $769,000, or $.92 per share, for the first
 quarter ended March 31, 2001.

 ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

     (C) EXHIBITS.

          99.1  Press release dated April 15, 2002


 ITEM 9.  REGULATION FD DISCLOSURE

     On April 15, 2002, PSB Holdings, Inc. issued a press release, a copy
 of which is attached hereto as Exhibit 99.1 and incorporated herein by
 reference.


                                 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.


                              PSB HOLDINGS, INC.



 Date:  April 15, 2002        By:    SCOTT M. CATTANACH
                                     Scott M. Cattanach
                                     Treasurer
                                  -2-
                           EXHIBIT INDEX
                                TO
                             FORM 8-K
                                OF
                        PSB HOLDINGS, INC.
                       DATED APRIL 15, 2002
           Pursuant to Section 102(d) of Regulation S-T
                   (17 C.F.R. section 232.102(d))




 99.1  PRESS RELEASE DATED APRIL 15, 2002
                                  -3-

EX-99.1

                                                        Exhibit 99.1
 Company Press Release

 PSB Holdings, Inc.

 Wausau, WI -April 15, 2002-PSB Holdings, Inc. (OTC BB:PSBQ) today reported
 first quarter March 2002 earnings of $1.14 per share, compared to $.92
 cents per share during the first quarter of 2001.  Book value increased to
 $31.18, compared to $27.96 in the year-earlier quarter.  PSB Holdings,
 Inc. is a one-bank holding company that operates Peoples State Bank
 headquartered in Wausau, Wisconsin with six retail locations serving
 markets in Marathon, Lincoln, Oneida, and Vilas counties Wisconsin.  In
 addition to traditional loan and deposit products, the Bank provides
 investments and retirement planning and long-term fixed rate residential
 mortgages.  Financial performance is expressed in thousands, except per
 share data.

 Net income for the quarter ended March 31, 2002 was $958 compared to $873
 in the fourth quarter of 2001 and $769 in March 2001.  Operating results
 for the first quarter 2002 generated an annualized return on average
 assets (ROA) and return on average equity (ROE) of 1.14 percent and 14.78
 percent, respectively.  Comparable ratios for the same quarter in 2001
 were ROA of .98 percent and ROE of 13.46 percent.  ROA and ROE for the
 year ended December 31, 2001 were 1.05 percent and 13.96 percent,
 respectively.  Total assets increased 3.8% over the prior year from
 $320,762 in March 2001 to $333,061 at March 31, 2002.

 Net interest income

 Net interest income increased $507 from $2,487 for the quarter ended March
 31, 2001 to $2,994 for the current quarter ended March 31, 2002.
 Tax-adjusted net interest margin as a percent of average interest earning
 assets also increased from 3.47 percent in March 2001 to 3.87 percent in
 2002.  Net interest margin was 3.73 percent for the year ended December
 31, 2001.  Since March 2001, the Company has benefited from a falling
 interest rate environment by being able to lower interest rates paid on
 deposits faster than decreasing interest rates on loans.  In addition to
 the increase in tax-adjusted net interest margin percentage, net interest
 income included income earned from additional loans originated since March
 31, 2001.  Since March 2001, average loans receivable increased nearly $14
 million from $224,038 in March 2001 to $238,284 in March 2002.

 Service fee and noninterest income

 The Company continued to earn a significant amount of income from the sale
 of long-term fixed rate mortgage loans to outside investors.  The Bank
 does not retain such fixed rate loans as part of its asset liability
 management strategy.  Gain on sale of such loans was $198 in March 2002
 compared to $29 during March 2001.  The majority of loans sold to outside
 investors continue to be serviced by the Bank directly with the customer.
 At March 31, 2002, the Bank serviced over $44 million of loans for outside
 investors.  The Bank has seen customer demand for fixed rate mortgages
 increase as long-term fixed interest rates in the overall market reached
 the lowest point in 40 years.  Total service fee and noninterest income,
 including gain on sale of loans, was $565 (9.5 percent of gross income)
 during March 2002 compared to $455 (7.0 percent of gross income) during
 March 2001.

 Operating expenses

 Noninterest operating expenses increased $308 to $2,012 in March 2002
 compared to $1,704 during March 2001.  In addition, operating costs as a
 percentage of total assets increased from 2.17 percent in March 2001 to
 2.39 percent in the current quarter.  The majority of the increase in
 operating expenses was from additional salaries, wages, and benefits paid
 to employees.  As part of the Bank's strategic growth plan, additional
 employees have joined the Company since 2001 at Bank locations in Wausau
 and Eagle River, Wisconsin.  In addition, average wages and benefits per
 full time equivalent employee increased approximately 9 percent from March
 2001 to March 2002.

 Safe Harbor Statement under the Private Securities Litigation Reform Act
 of 1995:  Certain matters discussed in this news release, including those
 relating to the growth of the Company and future interest rates, are
 forward-looking statements and are made pursuant to the safe harbor
 provisions of the Securities Reform Act of 1995.  Such statements involve
 risks and uncertainties which may cause results to differ materially from
 those set forth in this release.  Among other things, these risks and
 uncertainties include the strength of the economy, the effects of
 government policies, including, in particular, interest rate policies, and
 other risks and assumptions described under "Cautionary Statement
 Regarding Forward Looking Information" in Item 1 of the company's Form
 10-K for the year ended December 31, 2001.  The Company assumes no
 obligation to update or supplement forward-looking statements that become
 untrue because of subsequent events.