-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A17s4RyCK1wyhhuKN0bdsj52zQGlOpVMYQ4AD0WYbscsiT+ri20s7F6nUSNQg/+N Ut31HxW0JEO/pjZVC6554Q== 0000916480-09-000038.txt : 20090127 0000916480-09-000038.hdr.sgml : 20090127 20090126173910 ACCESSION NUMBER: 0000916480-09-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090120 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20090127 DATE AS OF CHANGE: 20090126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSB HOLDINGS INC /WI/ CENTRAL INDEX KEY: 0000948368 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 391804877 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26480 FILM NUMBER: 09546268 BUSINESS ADDRESS: STREET 1: 1905 WEST STEWART AVE CITY: WAUSAU STATE: WI ZIP: 54401 BUSINESS PHONE: 7158422191 MAIL ADDRESS: STREET 1: P.O. BOX 1686 CITY: WAUSAU STATE: WI ZIP: 54402-1686 FORMER COMPANY: FORMER CONFORMED NAME: PEOPLES STATE BANK /WI/ DATE OF NAME CHANGE: 19950721 8-K 1 psb8k126.htm PSB FORM 8-K Form 8-K (W0197545).DOC



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 20, 2009



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 5 – Corporate Governance and Management


Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Amendment of Incentive Compensation Plan


On January 20, 2009, the Board of Directors (the “Board”) of PSB’s bank subsidiary (the “Bank”) amended the Focus Rewards Plan for Executive Officers, which provides an annual cash incentive opportunity for executive officers of PSB in their capacities as Bank officers.  Incentive compensation is determined under a formula that derives 20% of the incentive compensation amount from achievement of certain specific Bank-wide financial and non-financial goals, 40% of the incentive compensation amount from the achievement of the Bank’s net income target, and 40% of the incentive compensation amount from the Bank’s return on equity when compared against a peer group of publicly reporting banks.  The potential incentive compensation at various levels of net income and selected levels of achievement of specific Bank-wide goals are set forth in Exhibit 10.1 to this report.  Incentive compensatio n is paid in cash following the determination of results under the plan for the preceding fiscal year.  



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 26, 2009

By:  SCOTT M. CATTANACH

Scott M. Cattanach

Treasurer



-2-





EXHIBIT INDEX

to

FORM 8-K

of

PSB HOLDINGS, INC.

dated January 20, 2009

Pursuant to Section 102(d) of Regulation S-T

(17 C.F.R. Section 232.102(d))



Exhibit 10.1

Peoples State Bank Focus Rewards Plan for Executive Officers






-3-



 EX-10.1 3 psbex101.htm PSB EXHIBIT 10.1 Exhibit10.1 (W0197546).DOC



Exhibit 10.1


Peoples State Bank

Focus Rewards Plan for Executive Officers


The Focus Rewards Plan for Executive Officers provides an annual cash incentive opportunity for executive officers of PSB Holdings, Inc. in their capacities as Bank officers.  Incentive compensation is determined under a formula that derives 20% of the incentive compensation amount from achievement of certain specific Bank-wide financial and non-financial goals, 40% of the incentive compensation amount from the achievement of the Bank’s net income target, and 40% of the incentive compensation amount from the Bank’s return on equity when compared against a peer group of publicly reporting banks.  The peer group is made up of publicly reporting banks and thrifts in the United States with assets between $500 million and $1 billion, as reported by SNL Securities.


The following table illustrates the potential incentive compensation under various scenarios.  Incentive compensation is paid in cash following the determination of results under the plan for the preceding fiscal year.  


Percentile Rank of

All Specific Bank-wide Goals Achieved

PSB ROE compared

% of Bank Budgeted Pre-incentive Net Income Achieved

to Peer Group

<95%

95%

98%

100%

 

Incentive Compensation as a Percentage of Base Salary

 

 

 

 

 

Less than 50th percentile

2.0%

 

2.8%

 

4.4%

 

6.0%

 

50th to 55th percentile

6.0%

 

6.8%

 

8.4%

 

10.0%

 

55th to 60th percentile

7.5%

 

8.5%

 

10.5%

 

12.5%

 

60th to 65th percentile

9.6%

 

10.9%

 

13.4%

 

16.0%

 

65th to 70th percentile

12.0%

 

13.6%

 

16.8%

 

20.0%

 

70th to 75th percentile

15.0%

 

17.0%

 

21.0%

 

25.0%

 

> 75th percentile

18.0%

 

20.4%

 

25.2%

 

30.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentile Rank of

No Specific Bank-wide Goals Achieved

PSB ROE compared

% of Bank Budgeted Pre-incentive Net Income Achieved

to Peer Group

<95%

95%

98%

100%

 

Incentive Compensation as a Percentage of Base Salary

 

 

 

 

 

Less than 50th percentile

0.0%

 

0.8%

 

2.4%

 

4.0%

 

50th to 55th percentile

4.0%

 

4.8%

 

6.4%

 

8.0%

 

55th to 60th percentile

5.0%

 

6.0%

 

8.0%

 

10.0%

 

60th to 65th percentile

6.4%

 

7.7%

 

10.2%

 

12.8%

 

65th to 70th percentile

8.0%

 

9.6%

 

12.8%

 

16.0%

 

70th to 75th percentile

10.0%

 

12.0%

 

16.0%

 

20.0%

 

> 75th percentile

12.0%

 

14.4%

 

19.2%

 

24.0%

 






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