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):  June 17, 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 8 – Other Events

Item 8.01.

Other Events

On June 17, 2009, the Company reported that its board of directors, on June 16, 2009, declared a semi-annual cash dividend of $.35 per share, payable on July 31, 2009, to shareholders of record as of July 9, 2009.

A copy of the news 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

News release dated June 17, 2009

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:  June 17, 2009

By:  SCOTT M. CATTANACH

Scott M. Cattanach

Senior Vice President–Finance

2

EXHIBIT INDEX

to

FORM 8-K

of

WAUSAU PAPER CORP.

dated June 17, 2009

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

(17 C.F.R. §232.102(d))

99.1

News release dated June 17, 2009

3

EX-99.1

Exhibit 99.1

PSB Declares $.35 Cash Dividend Per Share

Wausau, Wisconsin [OTCBB:PSBQ.OB] – PSB Holdings, Inc. (PSB) announced that its board of directors on June 16, 2009 declared a semi-annual cash dividend of $.35 per share, payable July 31, 2009 to shareholders of record as of July 9, 2009.  This represents an increase of 2.9% over the semi-annual cash dividend of $.34 per share declared last year on June 17, 2008.  The current dividend continues a 45 year tradition of cash dividends to PSB shareholders and 24 consecutive years of increased dividends declared.

About PSB Holdings, Inc.

PSB Holdings, Inc. is the parent company of Peoples State Bank.  Peoples holds $580 million in total assets and is headquartered in Wausau, Wisconsin, operating eight retail locations serving north central Wisconsin in Marathon, Oneida, and Vilas counties.  In addition to traditional retail and commercial banking products, Peoples provides retail investments and insurance annuities, retirement planning, commercial treasury management services, and long-term fixed rate residential mortgages.  PSB Holdings, Inc. is publicly owned and traded under stock symbol PSBQ.OB.  More information about PSB may be found at http://www.psbholdingsinc.com/.

Forward Looking Statements

Certain matters discussed in this news release, including those relating to the growth of PSB, its profits, and future shareholder dividend levels, are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Reform Act of 1995.  Such statements involve risks and uncertainties which may cause results to differ materially from those set forth in this release.  Among other things, these risks and uncertainties include the strength of the economy, the effects of government policies, including, in particular, interest rate policies and other risks and assumptions referenced under “Forward - Looking Statements” in Item 1 of PSB’s Form 10-K for the year ended December 31, 2008.  PSB assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.