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):  JULY 14, 2003



                              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 7.     FINANCIAL STATEMENTS AND EXHIBITS

      (C)   EXHIBITS

            99.1  Press release dated July 14, 2003


ITEM 9.     REGULATION FD DISCLOSURE

      On July 14, 2003, PSB Holdings, Inc. issued a press release announcing
construction of a new regional financial services office and administrative
headquarters, a copy of which is attached hereto as Exhibit 99.1 and
incorporated in this Item 9 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:  July 14, 2003                By:    SCOTT M. CATTANACH
                                           Scott M. Cattanach
                                           Treasurer




                                 EXHIBIT INDEX
                                      TO
                                   FORM 8-K
                                      OF
                              PSB HOLDINGS, INC.
                              DATED JULY 14, 2003
                 Pursuant to Section 102(d) of Regulation S-T
                        (17 C.F.R. Section 232.102(d))




99.1  PRESS RELEASE DATED JULY 14, 2003

EX-99.1

                                         Exhibit 99.1




Peoples State Bank Announces New Financial Services Office and Headquarters

Wausau, Wisconsin - Peoples State Bank (Peoples), subsidiary of PSB Holdings,
Inc., announced today a new regional financial services office and
administrative headquarters will be constructed on property adjacent to the
existing Wausau main office location.  Construction of the 32,000 square foot
office and drive-through canopy is anticipated to begin in August with
completion by the end of the second quarter 2004.  The existing Wausau main
office which has been used since Peoples opened in 1962 and as most recently
expanded during 1992 will be razed.  Building project costs including necessary
furniture, fixtures, and equipment are estimated to be $4.4 million.   Annual
depreciation expense after this investment in fixed assets and equipment is
estimated to increase $165,000 ($100,000 after income tax benefits).

Peoples is a community bank founded in 1962 holding over $370 million in total
assets.  The bank has a network of 7 offices throughout Central and Northern
Wisconsin providing financial services to thousands of individuals and business
owners.  PSB Holdings, Inc. is publicly owned and traded under stock symbol
PSBQ.OB.

Certain matters discussed in this news release, including those relating to
expansion projects and anticipated future expense 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 risk 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, 2002.  The Company
assumes no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.