PSB Holdings
PSB Holdings is the publicly traded parent of Peoples State Bank, a Wisconsin community bank founded in 1962 operating 12 branches serving consumers, businesses, and municipalities with lending, deposits, and wealth management services. A pending merger with Bank First Corporation is expected to close in Q4 2026.
- Company typePublic
- Founded1962
- HeadquartersPutnam, United States
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What PSB Holdings does
PSB Holdings, Inc. is the publicly traded parent company (OTCQX: PSBQ) of Peoples State Bank, a community bank founded in 1962 and headquartered in Wausau, Wisconsin. The bank operates twelve full-service branches across Marathon, Oneida, Vilas, Portage, Milwaukee, and Waukesha counties, serving individual consumers, small-to-medium businesses, commercial real estate developers, agricultural operations, and municipalities in northcentral and southeastern Wisconsin. As of Q1 2026, the company held approximately $1.50 billion in total assets, $1.12 billion in net loans, and $1.19 billion in deposits.
The company's product portfolio is anchored in core community banking — checking, savings, deposit products, and a diversified lending book spanning commercial real estate (56.7% of gross loans), residential mortgages, commercial and industrial loans, and agricultural loans (~$9.2 million). A wealth management division, Peoples Wealth Management, provides investment, insurance, and retirement planning services as an add-on offering. The underlying technology is a traditional community banking platform with no proprietary features, no mobile app, no public APIs, and no disclosed integrations.
PSB Holdings generates revenue primarily through net interest income (net interest margin of 3.45% in Q1 2026, up from 3.03% in Q1 2025) and secondary noninterest income (~$2.3 million in Q1 2026) from service fees, mortgage banking, and investment/insurance commissions. The company employs between 101 and 250 people, has paid cash dividends for 61 consecutive years with 33 years of increases, and is transitioning from semi-annual to quarterly dividend payments. In May 2026, PSB Holdings entered into a definitive agreement to be acquired by Bank First Corporation in an all-stock transaction valued at approximately $202.9 million, with closing expected in Q4 2026 and a combined post-deal entity exceeding $7.6 billion in assets.
PSB Holdings firmographics
Firmographics- Name
- PSB Holdings
- Legal name
- PSB Holdings, Inc.
- Website
- https://psbholdingsinc.com
- Company type
- Public
- Founded year
- 1962
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- PSB Holdings is the publicly traded parent of Peoples State Bank, a Wisconsin community bank founded in 1962 operating 12 branches serving consumers, businesses, and municipalities with lending, deposits, and wealth management services. A pending merger with Bank First Corporation is expected to close in Q4 2026.
- Ownership category
- akta.pro rank
PSB Holdings industry classification
Industry- Product category
- Community Banking
- NAICS
- Savings Institutions and Other Depository Credit Intermediation (52218), Portfolio Management and Investment Advice (523940), Management of Companies and Enterprises (551)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Public Sector Retail Banks (State-Owned Commercial Banks) (FSABAKAL)
- akta.pro secondary industry
- Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ)
Keywords
Where PSB Holdings is headquartered
LocationHeadquarters
- HQ city
- Putnam
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
PSB Holdings business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Net Interest Income: Primary revenue source from interest earned on loans (commercial real estate, residential, commercial & industrial, agricultural) and investment securities, offset by interest paid on deposits and borrowings. Net interest margin was 3.45% in Q1 2026.
- Non-interest Income: Secondary revenue from service fees, mortgage banking income, investment and insurance sales commissions, and other banking services. Total noninterest income was $2.3 million in Q1 2026.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Community banking services including deposits, loans, and wealth management |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
PSB Holdings product offering
Product offeringCore offering
PSB Holdings, Inc. is the parent company of Peoples State Bank, a community bank headquartered in Wausau, Wisconsin, that provides full-service banking — checking, savings, deposit products, and lending (commercial real estate, commercial & industrial, agricultural, residential mortgages, and consumer loans) — through twelve full-service locations in northcentral and southeastern Wisconsin. The company also delivers investment and insurance products and retirement planning services through its Peoples Wealth Management division.
Product overview
PSB Holdings, Inc. operates as a single unified community banking platform through its subsidiary Peoples State Bank. The company offers core banking services including checking, savings, and lending products, complemented by Peoples Wealth Management for investment and retirement planning services. There is no platform-plus-modules architecture; the product portfolio consists of the core banking operations and the affiliated wealth management division.
Differentiator
Problem solved
Functional benefit
Products and services
- Peoples State Bank (community banking services) Full-service community bank offering checking, savings, deposit products, and lending services (commercial real estate, commercial & industrial, agricultural, residential mortgages, and consumer loans) from twelve full-service locations in Marathon, Oneida, Vilas, Portage, Milwaukee, and Waukesha counties in Wisconsin.
- Peoples Wealth Management Division of Peoples State Bank providing investment products, insurance products, and retirement planning services to customers in Wisconsin.
Quantifiable outcome
- 13.4% increase in tangible book value per common share over the past year to $30.55
- +2 more outcomes
Companies that use PSB Holdings
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles5 records
PSB Holdings technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
PSB Holdings partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor and core.
- Monteverde & Associates PCminorMonteverde & Associates PC, a New York-based securities class action law firm, announced legal investigations into the merger transaction between PSB Holdings and Bank First Corporation, reaching out to shareholders ahead of scheduled vote dates for free consultations.
- Bank First CorporationcoreBank First Corporation announced acquisition of PSB Holdings in an all-stock transaction valued at approximately $202.9 million. The merger combines two Wisconsin-based community banks, expanding Bank First's footprint across North Central Wisconsin and the greater Milwaukee area while increasing combined assets to more than $7.6 billion. The deal is expected to close in Q4 2026 pending regulatory and shareholder approvals.
Scale indicators9 records
Recent moves5 records
Expansion highlights4 records
PSB Holdings competitors and assessment
Company assessmentDirect peers
- Lakeland Financial Corporation: Indiana-based community bank holding company (Lake City Bank) with strong net interest margin and similar relationship-driven community banking approach; comparable in scale and operating philosophy.
- Nicolet Bankshares Inc. Green Bay, Wisconsin community bank holding company with a similar footprint across Wisconsin and comparable community banking franchise focused on SMB lending, commercial real estate, and wealth management.
- Stock Yards Bancorp Inc. Kentucky-based community bank holding company with a comparable mix of commercial lending, wealth management, and consumer banking services; similar size and capital allocation discipline.
- Bank First Corporation: Wisconsin-based community bank holding company and the announced acquirer of PSB Holdings. Both serve similar Wisconsin SMB and consumer markets with comparable community banking models, making BFC the most directly comparable peer.
- HBT Financial Inc. Decatur, Illinois-based community bank holding company of similar size with comparable community banking model, CRE lending exposure, and emphasis on relationship banking in Midwestern markets.
- First Merchants Corporation: Indiana-based community bank holding company of similar scale with comparable Midwest commercial banking and wealth management franchise; both pursue in-market M&A and relationship banking.
- Independent Bank Corporation: Michigan-based community bank holding company with similar size, community-focused operating model, and commercial real estate lending exposure across Midwestern markets.
Broad incumbents
- Associated Banc-Corp: Green Bay, Wisconsin-based regional bank with overlapping Wisconsin footprint. Larger and more diversified than PSB, but competes directly for the same Wisconsin SMB and CRE customers.
- Wintrust Financial Corporation: Chicago-based community banking group operating a similar relationship-driven, multi-state community banking model with wealth management; significantly larger scale with broader geographic reach.
- Old National Bancorp: Indiana-based regional bank holding company with significant Midwest community banking presence; competes in adjacent geographies with similar commercial banking and wealth management product mix.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
PSB Holdings social profiles
Digital presencePSB Holdings financial estimates
Financial estimateRevenue estimate
Valuation estimate
PSB Holdings leadership team
Management profileNumber of profiles
Profiles4 records
PSB Holdings subsidiaries and ownership
Company hierarchySubsidiaries2 records
PSB Holdings funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PSB Holdings M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PSB Holdings
What does PSB Holdings do?
PSB Holdings, Inc. is the parent company of Peoples State Bank, a community bank headquartered in Wausau, Wisconsin, that provides full-service banking — checking, savings, deposit products, and lending (commercial real estate, commercial & industrial, agricultural, residential mortgages, and consumer loans) — through twelve full-service locations in northcentral and southeastern Wisconsin. The company also delivers investment and insurance products and retirement planning services through its Peoples Wealth Management division.
Is PSB Holdings a public or private company?
PSB Holdings is a public company. It is classified as public and is currently operating.
When was PSB Holdings founded?
PSB Holdings was founded in 1962. It employs 101 to 250 people.
Where is PSB Holdings based?
PSB Holdings is headquartered in Putnam, United States, in the North America region.
How does PSB Holdings make money?
Two revenue lines are on record. Net Interest Income is the primary driver. The others are non-interest Income.
Who are PSB Holdings's main competitors?
Direct peers on record are Lakeland Financial Corporation, Nicolet Bankshares Inc., Stock Yards Bancorp Inc., Bank First Corporation, HBT Financial Inc., First Merchants Corporation and Independent Bank Corporation. Broad incumbents are Associated Banc-Corp, Wintrust Financial Corporation and Old National Bancorp.
Does PSB Holdings have an API?
No public API is recorded for PSB Holdings.
What industry is PSB Holdings in?
PSB Holdings's product category is Community Banking. Its primary akta.pro industry code is FSABAKAL, Public Sector Retail Banks (State-Owned Commercial Banks), with a secondary code of FSAAAAAJ, Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail). Its NAICS code is 52218 and its SIC code is 6022.