0000916480-14-000065.txt : 20140415 0000916480-14-000065.hdr.sgml : 20140415 20140415123855 ACCESSION NUMBER: 0000916480-14-000065 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140411 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140415 DATE AS OF CHANGE: 20140415 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: 14764333 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 psb8k.htm PSB FORM 8-K PSB 8-K  (W0819184.DOC;1)



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 11, 2014

 

 

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 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 2 – Financial Information


Item 2.01.

Completion of Acquisition or Disposition of Assets


On April 15, 2014, PSB Holdings, Inc. issued a news release announcing that, as of the close of business on April 11, 2014, its wholly-owned subsidiary, Peoples State Bank, had completed its acquisition of the Rhinelander, Wisconsin, branch office of The Baraboo National Bank.  The agreement to purchase was originally announced on January 22, 2014.  The purchase added approximately $21 million of performing loans and $41 million of deposits to Peoples State Bank.  Peoples acquired the Northwoods branch for a deposit premium calculated as a percentage of the deposits acquired (as defined by the agreement), resulting in a premium paid of approximately $655,000.  The Company’s news release announcing the completion of the transaction is attached to this Current Report on Form 8-K as Exhibit 99.1.


Section 9 – Financial Statements and Exhibits


Item 9.01

Financial Statements and Exhibits


Exhibit 99.1

News release dated April 15, 2014



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 15, 2014

By:  SCOTT M. CATTANACH

Scott M. Cattanach

Treasurer




-2-


EXHIBIT INDEX

to

FORM 8-K

of

PSB HOLDINGS, INC.

dated April 11, 2014

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

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




99.1*

News release dated April 15, 2014



*

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-


 EX-99.1 3 psbex991.htm PSB NEWS RELEASE PSB Exhibit 99.1  (W0819186.DOC;1)



Exhibit 99.1



Peoples State Bank Completes Purchase of Northwoods National Bank of Rhinelander, a Branch of The Baraboo National Bank


Wausau, WI. – April 15, 2014 – PSB Holdings, Inc. (OTCQB: PSBQ) and Peoples State Bank President and CEO, Peter W. Knitt, announced that Peoples State Bank, Wausau, Wisconsin (Peoples) has completed its purchase of the Northwoods National Bank Rhinelander branch of The Baraboo National Bank, Baraboo, Wisconsin.  The agreement to purchase was originally announced on January 22, 2014.  The purchase added approximately $21 million of performing loans and $41 million of deposits to Peoples, who will continue to operate the former Northwoods Rhinelander branch location as a branch of Peoples State Bank.  Peoples acquired the Northwoods branch for a deposit premium calculated as a percentage of the deposits acquired (as defined by the agreement), resulting in a premium paid of approximately $655,000.  No currently nonperforming loans or foreclosed assets were acquired under the agreement.


Peter Knitt noted, “The purchased Northwoods branch joins our existing Peoples Rhinelander, Wisconsin branch, bringing Peoples to the second highest deposit market share in Oneida County, Wisconsin, representing approximately 17% of the total deposit market share.  This expansion will provide economies of scale over time and includes a portfolio of performing loans.  After recognition of acquisition and conversion costs associated with the branch purchase to be expensed during 2014 (approximately $325,000 after tax benefits), we expect the purchase to be accretive to earnings during 2015.”


About PSB Holdings, Inc.


PSB Holdings, Inc. completed its first acquisition in 2012 with the purchase of Marathon State Bank in Marathon, WI, a community bank having $107 million in assets located within Peoples’ existing market.  

PSB Holdings, Inc. is the parent company of Peoples State Bank, a bank with $735 million in total assets headquartered in Wausau, Wisconsin.  Peoples operates nine full service retail and commercial locations serving central and northern 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. More information concerning the operations and performance of PSB Holdings, Inc. may be found on the PSB investor relations website, www.psbholdingsinc.com. PSB Holdings, Inc stock is traded on the Over the Counter Bulletin Board Exchange and the OTC Markets Exchange under the symbol PSBQ.


Forward Looking Statements


Certain matters discussed in this news release, including those relating to the potential growth of PSB Holdings, Inc., its future profits, changes in income and expenses, proforma impacts to income or assets related to merger and acquisition activities, and future interest rates, 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 outlined under “Forward - Looking Statements” and elsewhere in Item 1A of PSB Holdings, Inc.’s Form 10-K for the year ended December 31, 2013. PSB Holdings, Inc. assumes no obligation to update or supplement forward-looking statements that become untrue because of events subsequent to the release of this filing.


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