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 12, 2005
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 1 - REGISTRANT'S BUSINESS AND OPERATIONS
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On April 12, 2005, the Company's bank subsidiary (the "Bank") took action
with respect to the employment arrangements and welfare benefits of the
executive officers of the Company.
The Bank entered into amended employment agreements with David K.
Kopperud, President of the Company, and David A. Svacina, Vice President, which
were technical in nature and were made solely to comply with the provisions of
the new Internal Revenue Code Section 409A as it relates to the possible
payment of severance benefits under the agreements in the event of early
termination of the agreements by the Bank.
The Bank also entered into an amendment of the employment agreement with
Scott M. Cattanach, Treasurer of the Company, to comply with the provisions of
Code Section 409A. In addition, the term of Mr. Cattanach's agreement was
revised so that it now provides for an initial term of employment ending on
March 31, 2008, with automatic extensions of one month following the close of
each calendar month until either party notifies the other that the contract
will no longer be extended or Mr. Cattanach reaches age 62. The effect of this
provision is to maintain a continuing three-year agreement which will terminate
at Mr. Cattanach's death, age 65, or three years after notice of nonextension
is given.
The Board of Directors of the Bank also approved the termination of the
Bank's Post Retirement Health Care Benefits Plan which previously covered
approximately 30 current officers of the Bank. Retirees under the plans were
not affected by this action. The Board approved individual arrangements under
which Mr. Kopperud and Mr. Svacina will be entitled to receive 25% of health
insurance premiums following retirement at age 62, with benefits continuing
until the later of age 65 or qualification for Medicare coverage.
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 14, 2005 By: SCOTT M. CATTANACH
Scott M. Cattanach
Treasurer
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EXHIBIT INDEX
TO
FORM 8-K
OF
PSB HOLDINGS, INC.
DATED APRIL 12, 2005
Pursuant to Section 102(d) of Regulation S-T
(17 C.F.R. Section 232.102(d))
10.1* AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT OF DAVID K. KOPPERUD
10.2* AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT OF DAVID A. SVACINA
10.3* AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT OF SCOTT M. CATTANACH
* Denotes Executive Compensation Plans and Arrangements.
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