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): JANUARY 17, 2006
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
The following paragraphs describe various matters relating to
compensation of executive officers. Except as disclosed below, there were no
material amendments to the compensation arrangements with executive officers.
SENIOR MANAGEMENT INCENTIVE COMPENSATION PLAN
The department and individual performance criteria under the Senior
Management Incentive Compensation Plan (the "Incentive Compensation Plan")
adopted for the 2005 fiscal year will remain in effect for 2006 and future
fiscal years until revised by the Board.
Department goals vary by officer and consist of various factors relating
to the officer's particular job responsibilities, including achievement of
targeted (a) department budgeted income and operating expenses, (b) management
of past due loans, (c) net loan and deposit growth, (d) investment center
performance, including budgeted amounts of gross commissions, (e) fee income,
(f) referral goals, and (g) commercial customer contacts among current and
prospective customers.
Individual goals also vary by officer and the individual's job
responsibilities and include achievement of targeted goals pertaining to (a)
net loan and deposit growth, (b) management of net charge-offs, (c) bank-wide
banking services, (d) management of holding company requirements for internal
control of financial reporting, and (e) market analysis.
EXECUTIVE DEFERRED COMPENSATION PLAN
On January 17, 2006, the Board of Directors (the "Board") of the
Company's bank subsidiary (the "Bank") set the deferral and matching
contribution percentages for 2006 and subsequent fiscal years under the
Executive Deferred Compensation Plan. The maximum deferral (as a percentage of
base salary) will be 20%, and the Bank's matching contribution will be 20% of
the first 15% of salary deferred.
INCENTIVE DEFERRED BONUS PLAN
The Board set the maximum bonus opportunity under the Incentive Deferred
Bonus Plan for 2006 and subsequent fiscal years at 10% of base salary. Senior
vice president or vice presidents of the Bank, including Mr. Cattanach,
participate in this plan.
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: January 23, 2006 By: SCOTT M. CATTANACH
Scott M. Cattanach
Treasurer