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):  JANUARY 28, 2005


                              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

      Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

   *  Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 23.425)

   *  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)

   *  Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
   *  Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))

                   INFORMATION TO BE INCLUDED IN THE REPORT



ITEM 2 - FINANCIAL INFORMATION

ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

      On January 28, 2005, the Company issued a press release announcing its
earnings for the fourth quarter and fiscal year ended December 31, 2004.  A
copy of the release is furnished as Exhibit 99.1 to this report.*


SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS

      Exhibit 99.1*Press release dated January 28, 2005

* This exhibit is furnished pursuant to Item 2.02 and shall not be deemed to
  have been filed or incorporated by reference into any other filing by the
  Company under the Securities Act of 1933 or Securities Exchange Act of 1934
  unless expressly so provided by specific reference in such filing.



                                  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:  January 28, 2005             By:    SCOTT M. CATTANACH
                                           Scott M. Cattanach
                                           Treasurer
                                       -2-

                                 EXHIBIT INDEX
                                      TO
                                   FORM 8-K
                                      OF
                              PSB HOLDINGS, INC.
                            DATED JANUARY 28, 2005
                 Pursuant to Section 102(d) of Regulation S-T
                        (17 C.F.R. Section 232.102(d))



99.1*  PRESS RELEASE DATED JANUARY 28, 2005


* This exhibit is furnished pursuant to Item 2.02 and shall not be deemed to
  have been filed or incorporated by reference into any other filing by the
  Company under the Securities Act of 1933 or Securities Exchange Act of 1934
  unless expressly so provided by specific reference in such filing.
                                       -3-