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):  SEPTEMBER 3, 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 5.     OTHER EVENTS AND REGULATION FD DISCLOSURE

      On September 3, 2003, Peoples State Bank, a wholly-owned subsidiary of
PSB Holdings, Inc., announced that it will offer commercial insurance through a
newly formed subsidiary, Peoples Insurance Services, LLC.

ITEM 7.     FINANCIAL STATEMENTS AND EXHIBITS

      (C)   EXHIBITS

            99.1  Press release dated September 3, 2003


                                  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:  September 3, 2003            By:    SCOTT M. CATTANACH
                                           Scott M. Cattanach
                                           Treasurer



                                 EXHIBIT INDEX
                                      TO
                                   FORM 8-K
                                      OF
                              PSB HOLDINGS, INC.
                            DATED SEPTEMBER 3, 2003
                 Pursuant to Section 102(d) of Regulation S-T
                        (17 C.F.R. Section 232.102(d))




99.1  PRESS RELEASE DATED SEPTEMBER 3, 2003

EX-99.1

                                                                   Exhibit 99.1


                 PEOPLES ANNOUNCES NEW INSURANCE DIVISION AND
                   NAMES JEFFREY COLE PRESIDENT OF DIVISION


Wausau, Wisconsin - Peoples announced today the appointment of Jeffrey Cole to
President of Peoples Insurance Services LLC division.

Cole is responsible for the development of insurance solutions for risks faced
by Peoples commercial customers. Peoples Insurance Services LLC will offer
commercial customers a wide array of business insurance including: Property and
general liability insurance, auto insurance and workers' compensation
insurance. Other specialty insurance services for business will include:
Employee dishonesty and fidelity bonds, surety bonds, mobile property and
inland marine and commercial liability umbrella.

"Mr. Cole comes to us with experience in both pricing and underwriting
insurance as well as, working with businesses to cover risks in a cost
effective manner," said David Kopperud, President of Peoples State Bank.
"Peoples is pleased to extend to our commercial customers this additional
service delivered by an experienced and unique individual."

Cole serves on the advisory boards of the Performing Arts Foundation and
Wausau Child Care.

Peoples is a community bank in excess of $380 million in assets.  The bank has
a network of seven offices throughout Central and Northern Wisconsin providing
financial services to thousands of individuals and business owners.

                                    # # # #