Exhibit 10.1
                                AMENDMENT NO. 1
                                      TO
                  EMPLOYMENT AGREEMENT OF DAVID K. KOPPERUD


      This agreement is entered into as of this 13th day of April, 2005 and
constitutes an amendment ("Amendment No. 1") to that certain employment
agreement (the "Agreement") dated January 1, 2003, by and between Peoples State
Bank, Wausau, Wisconsin, a Wisconsin banking corporation (the "Bank"), and
David K. Kopperud, of Wausau, Wisconsin ("Mr. Kopperud").

      WHEREAS, the Bank and Mr. Kopperud wish to amend the Agreement in order
to avoid unintended and adverse income tax consequences to Mr. Kopperud;

      The parties agree as follows:

1.    Defined Terms.  Each term, when used in this Amendment No. 1, shall have
the same meaning as such term in the Agreement.

2.    Term.  Paragraph 2 of the Agreement shall be amended to read as follows:

            2.    Term.  The term of this agreement shall commence on  January
      1, 2003 (the "Commencement Date") and shall end at midnight on the
      Expiration Date.  For purposes of this agreement, the term "Expiration
      Date" shall mean the first to occur of (a) the date of Mr. Kopperud's
      death, or (b) the later of (1) the third anniversary of the Commencement
      Date and (2) the date to which the term of this agreement has most
      recently been extended pursuant to the following sentence.  On the last
      day of each calendar month which commences on or after the Commencement
      Date, the term of this agreement shall automatically be extended for one
      calendar month; provided, however, that automatic extensions of the term
      of this agreement (and, consequently, the Expiration Date) pursuant to
      this sentence shall cease on the first to occur of (x) either the Bank or
      Mr. Kopperud giving to the other, at any time on or after the
      Commencement Date, a written notice that no, or no further, as the case
      may be, automatic extensions of the term of this agreement shall
      thereafter occur, but the giving of such a notice shall not affect any
      previous extensions, or (y) Mr. Kopperud's 62nd birthday.  The term "Term
      of Employment" shall mean the period beginning on the Commencement Date
      and ending on the earlier of the Expiration Date or the date on which Mr.
      Kopperud's employment is terminated pursuant to paragraphs 5 or 8;
      provided, however, that for purposes of Mr. Kopperud's entitlement to any
      severance benefit pursuant to such paragraphs, Mr. Kopperud shall be
      deemed to have incurred a termination of employment with the Bank only on
      such date on which his employment has been terminated by the Bank, each
      other member of the controlled group of corporations of which the Bank is
      a member, and each other entity under common control with the Bank, and
      has thereby incurred a separation from service within the meaning of Code
      Section 409A(a)(2)(A) (a "Separation from Service").
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3.    Definition of "Key Employee".  For purposes of this Amendment No. 1, the
term "Key Employee" means each person who is a "key employee" within the
meaning of Code Section 416(i).

4.    Payment of Severance Benefits.  Notwithstanding any other provision of
the Agreement to the contrary, in no event shall the severance benefit to which
Mr. Kopperud may become entitled under the terms of paragraph 5(b) in the event
of his termination for a reason other than good cause or the severance benefit
to which Mr. Kopperud may become entitled under the terms of paragraph 8 in the
event of his termination of employment for Good Reason be paid to Mr. Kopperud
until the date on which he has incurred a Separation from Service; provided,
however, that in the event Mr. Kopperud was a Key Employee as of the date of
his Separation from Service, no severance benefit shall be paid to him until
the date which is not less than six months after the date of such Separation
from Service.

5.    Ratification of Employment Agreement.  Except as otherwise provided in
paragraphs 2, 3 and 4 of this Amendment No. 1, all terms of the Agreement are
hereby ratified and confirmed and remain in full force and effect.

      IN WITNESS WHEREOF, the Bank and Mr. Kopperud have caused this instrument
to be executed as of the date first written above.


                              PEOPLES STATE BANK



                              By:   DAVID A. SVACINA
                                    David A. Svacina
                                    As its Executive Vice President


                                    DAVID K. KOPPERUD
                                    David K. Kopperud
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