PSB Holdings

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.

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

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

• Community banking services
• Commercial real estate lending
• Residential mortgage loans
• Wealth management services
• Retail deposit products

Headquarters

HQ city

Putnam

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. 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.
2. 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

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core 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

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• Monteverde & Associates PCminorOthers · 8 June 2026Monteverde & 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 CorporationcoreStrategic or Co-development Partner · 19 May 2026Bank 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

Direct 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

• YouTubeyoutube.com/channel/UCH5oMpctBtj96C4cRVFM0-g/featured
• Facebookfacebook.com/PeoplesStateBank
• LinkedInlinkedin.com/company/1213668
• Instagraminstagram.com/peoplesstatebank.wi
• Xx.com/peopleswi

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PSB Holdings