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 18, 2006


                              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


SECTION 8 - OTHER EVENTS

ITEM 8.01   OTHER EVENTS

      On April 20, 2006, PSB Holdings, Inc. issued a news release concerning
the intended early retirement of David K. Kopperud which was announced at the
company's annual meeting on April 18, 2006.  The news release is incorporated
herein by reference.

ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS

      Exhibit 99.1  News release dated April 20, 2006


                                  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 20, 2006               By:    SCOTT M. CATTANACH
                                           Scott M. Cattanach
                                           Treasurer
                                       -2-


                                 EXHIBIT INDEX
                                      TO
                                   FORM 8-K
                                      OF
                              PSB HOLDINGS, INC.
                             DATED APRIL 18, 2006
                 Pursuant to Section 102(d) of Regulation S-T
                        (17 C.F.R. Section 232.102(d))



99.1  NEWS RELEASE DATED APRIL 20, 2006
                                       -3-

EX-99.1

                                                                   Exhibit 99.1


PSB ANNOUNCES SEARCH FOR NEW CEO

Wausau, Wisconsin - PSB Holdings, Inc. (PSB), parent company of Peoples State
Bank ("Peoples"), announced at its April 18, 2006 annual meeting that President
and Chief Executive Officer David K. Kopperud has announced his intention to
step down from executive responsibilities by January 1, 2007 as he targets early
retirement at age 62.  PSB intends Mr. Kopperud to continue with Peoples in a
relationship building role and continue on the PSB Board of Directors.  Mr.
Kopperud has served as President and Chief Executive Officer of PSB and Peoples
since 1999.

Peoples Chairman, Mr. Patrick L. Crooks, indicated that the Board of Directors
has been actively interviewing candidates for the position and expects a
decision by June 1, 2006 for an executive to be in place before January 1, 2007.

Peoples is a community bank founded in 1962 holding $500 million in total
assets.  The bank has a network of 8 offices throughout Central and Northern
Wisconsin providing financial services to families, individuals, and business
owners.  PSB Holdings, Inc. is publicly owned and traded under stock symbol
PSBQ.OB.

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