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): July 6, 2006
PSB Holdings, Inc.
(Exact name of registrant as specified in its charter)
Federal 000-50970 42-1597948
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(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of incorporation) Identification No.)
40 Main Street, Putnam, Connecticut 06260
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(Address of principal executive offices) (Zip Code)
(860) 382-6501
(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 (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] 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 CRF 240.13e-4(c))
Item 1.01 Entry Into a Material Definitive Agreement
On July 6, 2006, Putnam Savings Bank (the "Bank"), the principal operating
subsidiary of PSB Holdings, Inc. (the "Company"), entered into a Separation
Agreement and General Release (the "Agreement") with its former President, Mr.
Robert G. Cocks, Jr.
The Agreement provides that Mr. Cocks will receive from the Bank as
severance pay the sum of $77,963 (reduced for appropriate taxes and deductions),
payable in thirteen bi-weekly installments. The Agreement also provides for the
continuation for six months of Mr. Cocks' health insurance benefits, provided
that this obligation will cease if Mr. Cocks becomes eligible for health
insurance benefits through another employer. Finally, the Agreement provides for
a mutual release by the Bank and Mr. Cocks from claims against the other, as
well as Mr. Cocks' agreement not to compete with the Bank or solicit employees
or customers of the Bank for six months.
Mr. Cocks' separation from the Company and the Bank was previously
announced by the Company in a Form 8-K filed on June 8, 2006.
The Agreement is attached as Exhibit 10.1 and incorporated herein by
reference.
Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
In conjunction with the execution of the Agreement (described in Item 1.01
of this Form 8-K), Mr. Cocks resigned from the Boards of Directors of the
Company and of the Company's affiliates, including the Bank and Putnam Bancorp,
MHC, the Company's majority stockholder, effective immediately.
Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Not Applicable.
(d) Exhibits: Exhibit 10.1: Separation Agreement and General Release
SIGNATURE
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.
Dated: July 11, 2006 By: /s/ Thomas A. Borner
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Thomas A. Borner
Chairman and Chief Executive Officer